"Argentina's Shock Currency Devaluation Sparks Investor Demand for More"
Argentina's new President Javier Milei has announced a 50% devaluation of the country's currency, along with cuts to energy and transportation subsidies, as part of shock economic measures to address the ongoing economic crisis. The Argentine peso will be devalued from 400 pesos to the U.S. dollar to 800 pesos to the dollar. The country is facing high inflation, a plunging currency, widespread poverty, a fiscal deficit, a trade deficit, and a significant debt to the International Monetary Fund. The government aims to stabilize the economy and promote sustainable growth through these measures.