Argentina's New President Implements Shock Economic Plan, Devalues Peso by Over 50%

Argentina's newly elected president, Javier Milei, has initiated "shock therapy" by devaluing the peso by over 50% against the US dollar in an effort to address the country's economic challenges. The devaluation is accompanied by cuts to energy and transportation subsidies. Milei, a libertarian candidate, aims to reduce the size of the state and tackle the country's high inflation rate and rising poverty levels. Argentina is also burdened with a trade deficit, significant debt, and a deep recession. The government is canceling public works projects and reducing state jobs to shrink the government. Milei emphasized the need for immediate action to address the nation's economic emergency.