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Information and articles of importance from around the World.
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New president of Argentina Javier Milei takes drastic action against HyperInflation |
| Speculators expect the Bitcoin price to be affected |
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| He declared the measures as indispensable,
aiming to slash the fiscal deficit, which he attributes to the root
cause of the nation's economic challenges, including the surge in inflation. Caputo expressed a sense of urgency, emphasizing that the current trajectory could inevitably lead to hyperinflation. He stressed the mission to avert a catastrophe, underlining the critical nature of the situation. The IMF enthusiastically embraced these actions, hailing them as a robust foundation for further discussions on Argentina's debt. IMF spokesperson Julie Kozack lauded the bold initiatives, noting their potential to significantly enhance public finances, safeguard vulnerable segments of society, and fortify the foreign exchange regime. Milei, known for his outspoken and profanity-laden criticisms of the political establishment, has consistently underscored the financial constraints, asserting that a gradualist approach is untenable. Promising that the adjustments will predominantly impact the state rather than the private sector, he positions them as the initial stride toward regaining prosperity. Bitcoin speculators expect the price of BTCUSD to fall back over the next few months as the sudden panic demand for a safe haven will have passed. Javier Milei a 53-year-old economist, who gained fame through his television appearances, leveraged his popularity into a congressional seat and later launched a successful presidential bid. His landslide victory in the August primaries caused a seismic shift in Argentine politics, challenging the long- standing dominance of the Peronist political force. Amid widespread disillusionment with the economic status quo, Milei's unconventional solutions resonated with voters seeking transformative change. His decisive triumph in the November 19 second round upended traditional political dynamics, displacing the Peronist force that had held sway for decades. However, Milei is anticipated to face formidable opposition from Peronist lawmakers and affiliated unions, who adamantly resist wage losses. |
Rather an amazing story, lets hope Argentina recovers and becomes a booming econony once again. |
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| Admin notes |
| Page modernized on December 14th 2023 to replace old page from 2010 - New responsive page GA4 added canonical this. 5/5 html sm links added - responsive- Argentina hyperinflation news |