Argentina's top presidential contender, Javier Milei, known as an anarcho-capitalist, created turmoil in local financial markets and caused currency devaluation after his surprising victory in the Sunday primary.
Adding to the astonishment, he declared his intention on Wednesday to shut down the country's central bank. Despite this, he emphasized his commitment to preventing a default on the national debt if he becomes the winner in the October election.
Milei, a staunch libertarian, informed Bloomberg News that his audacious fiscal plan would improve Argentina's reputation and credit standing, removing the need for a default.
His strategy involves reducing spending by a minimum of 13% of the GDP before mid-2025. This involves significant cutbacks in public projects, streamlining ministries, eliminating subsidies, and lifting currency restrictions for businesses to conduct transactions in US dollars. Additionally, he aims to close the central bank, which he views as unnec...
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