Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
Last Call for Cyber Monday! Save Now on Claim 60% OFF
Milei secures Argentine presidency with bold economic agenda
Published Nov 19, 2023 09:10PM ET
Updated Nov 20, 2023 08:49AM ET
BUENOS AIRES - Argentina's political landscape has undergone a significant transformation with the election of Javier Milei, a staunch Bitcoin supporter, as the new president. Milei's victory, which saw him secure a commanding 55.7% of the vote on Sunday, comes amidst a backdrop of triple-digit inflation, escalating poverty, and looming recession fears in Argentina. His triumph triggered a substantial $13 million short liquidation in Bitcoin, highlighting the market's response to his proposed financial strategies.
Milei, who has been vocal about his support for various digital assets, including Ethereum, has faced scrutiny over his promotion of the CoinX scheme on Instagram. Despite this controversy, his economic blueprint has resonated with voters seeking change. His opponent, Sergio Massa, acknowledged Milei's victory in an election that unfolded against the canvas of a severe economic downturn and a stark poverty rate of 40%.
The president-elect is preparing to inherit an economy plagued by nearly 150% inflation and a currency that has plummeted approximately 90% in five years. He has laid out an aggressive plan aimed at overhauling the country's economy. Key to Milei's strategy is the abolition of the central bank and the removal of the Argentine peso to pave the way for full dollarization.
In addition to these radical changes, Milei intends to introduce austere measures as part of his administration's efforts to stabilize the economy. These include drastically cutting state expenditure and scrapping key ministries such as health and education. The previous interventionist government’s tactics of financing spending through printing money are seen as ineffective by analysts like SA analyst Shareholders Unite.
As Argentina braces for a new era under Milei's leadership Today, investors and citizens alike are watching closely to see how these ambitious reforms will unfold in a nation craving economic stability. Financial markets remain closed for National Sovereignty Day amidst these transitions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Related Articles
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.