US EditionArgentina devalues its currency and cuts subsidies as part of shock economic measures
- Argentina is implementing shock measures including a 50% devaluation of its currency, announced by Economy Minister Luis Caputo, to address an economic emergency.
- The peso will be devalued to 800 from 400 pesos per U.S. dollar, amid concerns of hyperinflation according to Caputo.
- The IMF supports these measures, stating they create 'a good foundation' for debt discussions with Argentina.
209 Articles
209 Articles
Argentina’s new president devalues peso, cuts spending
A worker counts money at a grocery store in Buenos Aires, Argentina, on Nov. 21, 2023. In the past five years, Argentina’s currency has lost about 90% of its value against the U.S. dollar.Natacha Pisarenko, Associated Press New Argentine President Javier Milei’s government has devalued the country’s currency and cut energy and transportation subsidies to deal with an economic emergency. The announcement came after Milei’s weekend inauguration. …
The Argentine authorities made the decision to weaken the value of the national currency peso against the US dollar by more than 50 percent.
Argentina's economy has been sick for decades, and the symptoms are getting worse in 2023. The latest shock figure to date, inflation estimated in November at 161% over one year. The new ultra-liberal president Javier Milei, inaugurated on Sunday, has
Argentina Devalues Currency by 50% as Part of Shock Economic Measures
In a televised message on Dec. 12, Argentina's economy minister, Luis Caputo, said that the country's peso will lose its value by 50%. Instead of 400 pesos amounting to one U.S. dollar, 800 pesos will now compare to one American dollar.
Argentina’s Milei announces first batch of class war measures dictated by the IMF
On Tuesday, Argentine Economy Minister Luis Caputo announced the first set of economic shock measures, which are supposed to set a new bar for attacks against living standards of workers everywhere.
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