Argentina's Economy Chief Frontrunner Proposes Milei's 'Shock' Therapy to Banks

Argentine former central banker Luis Caputo, the frontrunner to be the new economy minister under President-elect Javier Milei, met with local and international bank officials to discuss the economic plans of Milei's administration. Caputo emphasized the need for an abrupt economic adjustment, including fiscal and monetary shock, to address issues such as high inflation and negative net reserves. While Caputo did not confirm his appointment as economy minister, signs of Milei leaning towards more orthodox economic policies have boosted markets. Caputo also mentioned the rapid lifting of currency controls and the importance of addressing inflation as top priorities.