Amid an annual inflation rate of 287%, Argentina has introduced a 10,000 peso note, five times the value of the previous biggest bill, to ease transactions for citizens who face the challenge of carrying large amounts of cash for simple purchases. President Javier Milei's austerity measures have pushed prices up, leading to protests, with plans for a massive nationwide strike. The new banknote features portraits of Manuel Belgrano and Maria Remedios del Valle, with plans for a 20,000-peso note later this year.
The economy of Argentina is the second-largest national economy in South America, behind Brazil. Argentina is a developing country with a highly literate population, an export-oriented agricultural sector, and a diversified industrial base.Argentina benefits from rich natural resources. Argentina's economic performance has historically been very uneven, with high economic growth alternating with severe recessions, particularly since the late twentieth century. Income maldistribution and poverty have increased since this period. Early in the twentieth century, Argentina had one of the ten highest per capita GDP levels globally. It was on par with Canada and Australia, and had surpassed both France and Italy.Argentina's currency declined by about 50% in 2018 to more than 38 Argentine pesos per U.S. Dollar. As of that year, it is under a stand-by program from the International Monetary Fund. In 2019, the currency fell further by 25%. In 2020, it fell by 90%, in 2021, 68%, and a further 52% in 2022 (until July 20).Argentina is considered an emerging market by the FTSE Global Equity Index (2018), and one of the G-20 major economies. In 2021, MCSI re-classified Argentina as a standalone market due to prolonged severe capital controls.
Protesters in Argentina clashed with authorities over President Javier Milei's spending cuts, leading to arrests and the use of water cannons to disperse demonstrators. The protests were in defiance of new laws banning roadblocks, with Argentines demanding more food for soup kitchens amid austerity measures and soaring inflation. Milei's government passed measures allowing for the arrest of protesters blocking roads, with threats to withdraw social assistance. Eight protesters were charged with vandalism as clashes intensified in Buenos Aires.
By Jorge Otaola BUENOS AIRES (Reuters) - Argentina's libertarian President Javier Milei is revving up his attack on the country's deep fiscal deficit, doubling down on "chainsaw" spending cuts and "blender" austerity that squeezes purchasing power - and he hopes brings down rampant inflation. The embattled country, facing drained central bank reserves and annual inflation nearing 300%, posted a third straight monthly fiscal surplus in March, a reflection of Milei's laser focus on cost-cutting since taking office in mid-December. "Zero deficit isn't just a marketing slogan for this government, it is a commandment," Milei said in a speech on Monday night, touting a rare first-quarter surplus that he said was last achieved in 2008. Argentina, once a global economic power, has had 113 annual deficits in the last 123 years, he added. "The fiscal surplus is the cornerstone from which we will build the new era of prosperity in Argentina.
In a significant victory, Argentina's lower house has approved President Javier Milei's omnibus bill granting expanded executive powers and allowing privatization of state-owned firms. The bill now faces a tough battle in the senate, where Milei's libertarian party has limited seats. If successful, Milei aims to cut expenses, balance the budget, and attract investors. The package includes provisions on administrative, financial, economic, and energy matters, as well as labor reforms to boost employment in the country.
Javier Gerardo Milei (born 22 October 1970) is an Argentine politician and economist who is serving as the President of Argentina since December 2023. Milei has taught university courses and written on various aspects of economics and politics, and also hosted radio programs on the subject. Milei's views distinguish him in the Argentine political landscape and have garnered significant public attention and polarizing reactions.In November 2021, Milei was elected to the Argentine Chamber of Deputies, representing the City of Buenos Aires for La Libertad Avanza. As a national deputy, he limited his legislative activities to voting, focusing instead on critiquing what he sees as Argentina's political elite and its propensity for high government spending. Milei pledged not to raise taxes and donated his national deputy salary through a monthly raffle. He defeated economy minister Sergio Massa in the second round of the 2023 Argentine presidential election on a platform that held the ideological dominance of Peronism responsible for the still ongoing 2018 Argentine monetary crisis.Milei is known for his flamboyant personality, distinctive personal style, and strong media presence. He has been described politically as a right-wing populist and right-wing libertarian, and supports laissez-faire economics, aligning specifically with minarchist and anarcho-capitalist principles. Milei has proposed a comprehensive overhaul of the country's fiscal and structural policies. He supports freedom of choice on drug policy, firearms, prostitution and same-sex marriage, while opposing abortion and euthanasia. In foreign policy, he advocates closer relations with the United States and Israel, supporting Ukraine in response to the Russian invasion of the country, and distancing Argentina from geopolitical ties with China.
The presidency of Javier Milei began on 10 December 2023, when Javier Milei was sworn into office to a four-year term as the president of Argentina. Milei took office alongside vice president Victoria Villarruel following the La Libertad Avanza victory in the 2023 Argentine general election, with 55.65% of the vote in the second round against former economy minister Sergio Massa's 44.35%. Milei was elected with the highest total vote ever in Argentina and the highest percentage since 1973, amid the still ongoing 2018 Argentine monetary crisis.
A diplomatic spat between Argentina and Spain escalated after Spain's transport minister accused President Javier Milei of using drugs during his election campaign, leading to a public condemnation from Milei's office. Milei retaliated by criticizing Spain's Prime Minister Pedro Sanchez's policies, accusing him of causing death and poverty in Spain. This conflict underscores the strained relations between the two countries since Milei, a far-right leader, took office in Argentina. Milei is scheduled to visit Spain to support the far-right Vox party, further intensifying the tensions between the two nations.
Argentina's yerba mate tea industry, vital to social gatherings and cultural heritage, faces uncertainty due to President Javier Milei's plans to scrap price controls and regulations. The libertarian government's measures aim to fix the economy but could harm small producers, leading to fears of mass layoffs and economic crisis in the region.
Argentina, officially the Argentine Republic, is a country in the southern half of South America. Argentina covers an area of 2,780,400 km2 (1,073,500 sq mi), making it the second-largest country in South America after Brazil, the fourth-largest country in the Americas, and the eighth-largest country in the world. It shares the bulk of the Southern Cone with Chile to the west, and is also bordered by Bolivia and Paraguay to the north, Brazil to the northeast, Uruguay and the South Atlantic Ocean to the east, and the Drake Passage to the south. Argentina is a federal state subdivided into twenty-three provinces, and one autonomous city, which is the federal capital and largest city of the nation, Buenos Aires. The provinces and the capital have their own constitutions, but exist under a federal system. Argentina claims sovereignty over the Falkland Islands, South Georgia and the South Sandwich Islands, the Southern Patagonian Ice Field, and a part of Antarctica.The earliest recorded human presence in modern-day Argentina dates back to the Paleolithic period. The Inca Empire expanded to the northwest of the country in Pre-Columbian times. The country has its roots in Spanish colonization of the region during the 16th century. Argentina rose as the successor state of the Viceroyalty of the Río de la Plata, a Spanish overseas viceroyalty founded in 1776. The declaration and fight for independence (1810–1818) was followed by an extended civil war that lasted until 1861, culminating in the country's reorganization as a federation. The country thereafter enjoyed relative peace and stability, with several waves of European immigration, mainly Italians and Spaniards, influencing its culture and demography.Following the death of President Juan Perón in 1974, his widow and vice president, Isabel Perón, ascended to the presidency, before being overthrown in 1976. The following military junta, which was supported by the United States, persecuted and murdered thousands of political critics, activists, and leftists in the Dirty War, a period of state terrorism and civil unrest that lasted until the election of Raúl Alfonsín as president in 1983.Argentina is a regional power, and retains its historic status as a middle power in international affairs. A major non-NATO ally of the United States, Argentina is a developing country with the second-highest HDI (human development index) in Latin America after Chile. It maintains the second-largest economy in South America, and is a member of G-15 and G20. Argentina is also a founding member of the United Nations, World Bank, World Trade Organization, Mercosur, Community of Latin American and Caribbean States and the Organization of Ibero-American States.
Argentina has requested Interpol to issue a red notice for Iranian interior minister Ahmad Vahidi, who is believed to be involved in the 1994 attack on a Jewish community centre in Buenos Aires that killed 85 people. Interpol's red notice does not constitute an arrest warrant, and it's up to member countries to decide on enforcement. Iran denies involvement, but a court in Argentina held Iran responsible for planning the attack, carried out by Hezbollah. Argentina has a history of accusing Iran and Hezbollah of attacks on its Jewish community.
A paper napkin signed by those responsible for Lionel Messi's move from Argentina to Barcelona in 2000 is up for auction, with a starting bid of 300,000. The napkin marks the inception of Messi's career and confirms Barcelona's commitment to sign him as a young academy player, leading to his legendary football career at Barcelona and international success with Argentina. Potential bidders have until May 17 to make an offer for this significant football artefact, which is being sold on behalf of the Argentine agent Horacio Gaggioli.
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