Argentina's President Milei Implements Shock Therapy: Peso Devalued by 50%

Argentina's new far-right president, Javier Milei, has announced a shock therapy approach to fix the country's economic crisis, including devaluing the peso by over 50% against the US dollar, cutting subsidies, canceling public works tenders, and reducing government ministries. The government plans to double social spending for the poorest to help them cope with the economic shock. While the International Monetary Fund supports the measures, progressive activists criticize the austerity measures, warning of social unrest. Milei argues that harsh austerity is necessary to tackle the fiscal deficit and put Argentina on the path to prosperity, but faces opposition from left-leaning lawmakers and unions.