Argentina devalued its currency by more than 50 percent Tuesday in a set of “shock” measures aimed at reviving a crumbling economy and tackling triple-digit inflation.
by News Wires
France24
The government of President Javier Milei, a libertarian who swept from obscurity to the top office vowing to chainsaw spending, also announced cuts to generous state subsidies and a halt to all new public construction projects.
In a pre-recorded video message, Economy Minister Luis Caputo took pains to explain to Argentines the causes of their decades of recurrent economic crises, debt, inflation and fiscal deficits.
Annual inflation is currently at 140 percent and poverty levels at 40 percent in Latin America’s third-biggest economy.
The government coffers are also empty, and Milei has repeatedly said: “There is no money.”