Argentina’s Milei Wants to Close Central Bank and Switch to Dollars
Javier Milei, the new president of Argentina, has big plans for the country’s economy. One of his major promises is to implement Economic Shock Therapy in response to triple-digit inflation. This includes closing the Central Bank and replacing the country’s currency, the peso, with the American dollar. With the country’s government and Central Bank coffers empty, Milei faces a challenging financial situation, including a $44 billion debt program with the International Monetary Fund (IMF).
Milei has also expressed a desire to allow the sale of weapons and organs in the country, sparking comparisons to former United States President Donald Trump and Brazil’s populist President Jair Bolsonaro. In fact, both Trump and Bolsonaro have congratulated Milei on his election victory. However, not all international leaders are supportive of Milei’s economic and political agenda. Colombian President Gustavo Petro described Milei’s election as “sad for Latin America.”
As Argentina prepares for a new era under President Milei, all eyes are on his plans and whether he can deliver on his bold economic proposals.
