Argentina's New President Announces Shock Economic Measures

In a bid to tackle the economic crisis, the government devalues the peso by 50%, cuts subsidies, and reduces the size of the government.

Argentina's new President, Javier Milei, has announced a series of shock economic measures to address the country's economic crisis. These include a sharp devaluation of the Argentine peso by 50% to 800 to the U.S. dollar from 400 pesos to the dollar.
The measures also include cuts to energy and transportation subsidies, a reduction in the number of ministries from 18 to 9, and the cancellation of public works projects and some state jobs to reduce the size of the government.
Argentina is currently facing 143% annual inflation, a plunging currency, and widespread poverty with four in 10 Argentines impoverished. The country also has a significant fiscal deficit, a trade deficit of $43 billion, and a $45 billion debt to the International Monetary Fund.
The IMF has welcomed the measures, stating that they provide a good foundation for further discussions with Argentina about its debt. However, some critics, such as social leader Juan Grabois, have voiced strong opposition, accusing the government of committing 'social murder'.
Milei, a self-declared 'anarcho-capitalist', won the presidential election's second round decisively, promising to remedy Argentina's economic woes and transform the nation. However, he is likely to face fierce opposition from the Peronist movement's lawmakers and the unions it controls.