Read

/send

<div class="protos">
 <div>
  <div>
   <div>
    <p>When fiery Argentinian president Javier Milei took office this month, he closed half the government ministries during his first day at work. The move gave some citizens hope that he would fulfill his campaign promises — including stabilizing the economy, currency, and even hinting at crypto-forward policies in the future.</p>
    <p>Unfortunately, he has already <a rel="noopener noreferrer nofollow" title="reneged" href="https://thebittimes.com/tag/reneged.html">reneged</a> on a major campaign <a rel="noopener noreferrer nofollow" title="promise" href="https://thebittimes.com/tag/promise.html">promise</a> to reduce <a rel="noopener noreferrer nofollow" title="inflation" href="https://thebittimes.com/tag/inflation.html">inflation</a>. Instead, <strong><a rel="noopener noreferrer nofollow" title="Javier Milei" href="https://thebittimes.com/tag/javier-milei.html">Javier Milei</a> doubled <a rel="noopener noreferrer nofollow" title="inflation" href="https://thebittimes.com/tag/inflation.html">inflation</a> overnight</strong>.</p>
    <p>Within 24 hours of assuming the presidency, he devalued the Argentine peso’s official exchange rate against the US dollar from 366.5 pesos per dollar to 800 pesos per dollar.</p>
    <p>The country’s economy minister, Luis Caputo, said in a televised statement that Argentina would target a further monthly devaluation of 2%. To be clear, that is an official forecast to inflate.</p>
    <figure class="wp-block-embed is-type-wp-embed is-provider-protos wp-block-embed-protos">
     <div class="wp-block-embed__wrapper">
      <blockquote class="wp-embedded-content" data-secret="bb9c48JxYa">
       Javier Milei is big on decentralization but does he care about bitcoin?
      </blockquote><iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" style="position: absolute; clip: rect(1px, 1px, 1px, 1px);" title="“Javier Milei is big on decentralization but does he care about bitcoin?” — Protos" src="https://protos.com/javier-milei-is-big-on-decentralization-but-does-he-care-about-bitcoin/embed/#?secret=7qBaoZqRq0#?secret=bb9c48JxYa" data-secret="bb9c48JxYa" width="500" height="282" frameborder="0" marginwidth="0" marginheight="0" scrolling="no"></iframe>
     </div>
    </figure>
    <p><em>Read more: <a rel="noopener noreferrer nofollow" title="Argentina" href="https://thebittimes.com/tag/argentina.html">Argentina</a>’s leading <a rel="noopener noreferrer nofollow" title="president" href="https://thebittimes.com/tag/president.html">president</a>ial candidate sued for alleged crypto scam</em></p>
    <h2 class="wp-block-heading" id="h-argentina-praised-by-imf-amid-temporary-inflation-hike">Argentina praised by IMF amid ‘temporary’ inflation hike</h2>
    <p>Over two-thirds of Argentina’s population lives in poverty. The annual rate of inflation is now at 161%, according to November figures shared on Wednesday. The readout is both president Milei’s first since taking office and the highest figure of this year.</p>
    <p>Inflation is set to get worse. However, Caputo said the negative effects are necessary now for prosperity later. “The objective is simply to avoid catastrophe and get the economy back on track,” Caputo said. “There is no more money.”</p>
    <p>The International Monetary Fund, of course, praised the country’s reduction of government spending. IMF’s managing director, Kristalina Georgieva, called it “an important step toward restoring stability and rebuilding the country’s economic potential.”</p>
    <p>Argentina’s central bank was expected to announce a new monetary policy yesterday.</p>
    <p><em>Got a tip? Send us an email or ProtonMail. For more informed news, follow us on X, </em><em>Instagram</em><em>, </em><em>Bluesky</em><em>, and </em><em>Google News</em><em>, or subscribe to our </em><em>YouTube</em><em> channel.</em></p>
   </div>
  </div>
 </div>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/argentina-s-new-president-immediately-reneged-on-inflation-promise-tbt73793.html">https://thebittimes.com/argentina-s-new-president-immediately-reneged-on-inflation-promise-tbt73793.html</a></p>

Argentina’s new president immediately reneged on inflation promise

Table of Contents

TheBitTimes

Other articles published on Dec 15, 2023

P2E Trailblazer Tamadoge Unveils Groundbreaking NFT Breeding Feature After Introducing New Tamado...

Core Introduces A First-of-Its-Kind Experience in Wallet Creation: Seed Abstraction

Ledger ‘Hardware’ Wallet Has Been Hacked, About $484,000 Lost In The Heist

Why is Ripple (XRP) Lagging Behind While Other Altcoins Surge?

Secret’s Out! Here’s Why XRP is the Gem You Need in Your Portfolio

4 cryptocurrencies under $0.10 to buy next week

Join our free newsletter for daily crypto updates!