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Argentina to devalue peso, slash public spending as part of Milei's economic "shock therapy"

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Argentinians braced for President Javier Milei’s new economic policies to kick in as the new government seeks to control raging inflation and bring down debt.

Milei's economy chief laid out the new government's initial policy push on Tuesday, targeting deep cuts to public spending and a sharp currency devaluation that will stoke short-term inflation as it hopes to staunch the bleeding in the country's worst economic crisis in decades.

"In other words, we are going to be worse off than before for a few months, particularly in terms of inflation, and I say that because, as the president says, it is better to tell an uncomfortable truth than a comfortable lie," Economy minister Luis Caputo said plainly.

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Category
U.S. & Canada
Tags
global news, NO HAY PLATA, MILEI
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