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Argentina’s Milei Devalues Peso by 54% in First Batch of Shock Measures
Argentina devalued the peso by 54% and announced a swath of spending cuts as the first steps of President Javier Milei’s shock-therapy program to revive the nation’s troubled economy. The newly inaugurated administration weakened the official exchange rate to 800 pesos per dollar, Economy Minister Luis Caputo said in a televised address after the close of local markets on Tuesday. “There is no more money,” Caputo said repeatedly in the recorded video, adding that Argentina needs to solve its “addiction” to fiscal deficits. Other measures announced including halving the number of ministries, cutting ... (full story)