Posted 12/15/2023, 6:52:41 PM
Milei Launches Radical Reform to Tackle Argentina's Crippling Inflation and Debt
- Exorbitant inflation, debt, and economic struggles prompting Argentina's new president, Javier Milei, to launch "shock therapy" policies including devaluing the peso over 50%
- Inflation hit 12.8% month-over-month in November; 160% year-over-year
- Decades of overspending and money printing by the government has fueled high inflation and devalued the currency
- Short-term pain for Argentinians from spending cuts, higher costs, but potentially necessary medicine
- Experiment to watch as a model for fiscal reform in the region; risks to Argentina and beyond if Milei fails