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Sean K said:
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BUENOS AIRES, Nov 19 (Reuters) - Argentina elected libertarian outsider Javier Milei as its new president on Sunday, rolling the dice on an outsider with radical views to fix an economy battered by triple-digit inflation, a looming recession and rising poverty.

Official results have not been released, but his rival, Peronist Economy Minister Sergio Massa, conceded in a speech. His candidacy was hampered by the country's worst economic crisis in two decades while he has been at the helm.

Milei is pledging economic shock therapy. His plans include shutting the central bank, ditching the peso, and slashing spending, potentially painful reforms that resonated with voters angry at the economic malaise, but sparked fears of austerity in others.

"Milei is the new thing, he's a bit of an unknown and it is a little scary, but it's time to turn over a new page," said 31-year-old restaurant worker Cristian as he voted on Sunday.
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A year is a long time in politics, sounds as though a lot can be learned.

From the article:
Inflation, Argentina's perpetual scourge and Milei's top priority upon coming to office, slowed from a monthly rate of 25.5% in December 2023 to just 2.7% in October — its lowest level in three years.

“Inflation has gone down faster than what everyone has expected," said Ignacio Labaqui, a Buenos Aires-based senior analyst at risk consultancy Medley Global Advisors. “That’s something that validates his narrative and sustains his popularity

In a sign of Milei's long way to go — and the unmitigated shambles he inherited — Argentina's annual inflation rate remains at 193%.

But Argentines are paying closer attention to month-to-month inflation, taking the sharp decline as a sign that Milei’s fiscal shock therapy is paying off.

“Last year, it was brutal, like a shock to the system, I couldn’t keep up with the prices,” said 34-year-old deli worker Jazmin Quintana. “I’m not saying I like the guy, I find his personality very weird and aggressive, but I admit — if he continues on this route I’ll be very happy.”


A stronger peso is also boosting confidence. The black market dollar price has dropped since July, narrowing its gap with the official rate of 980.

Chileans, once accustomed to bargain-hunting in Argentina, are now surprised to see the traffic reversed. Shoppers unable to afford iPhones, imported perfumes and kitchen appliances in Argentina arrive at Chielan border towns by the busload to get the most bang from their buck. The customs office shut down briefly last month because officials were overwhelmed.

Underpinning the currency appreciation is a new tax amnesty to lure Argentines to declare their hidden U.S. dollar savings — longs squirreled away in offshore bank accounts and under mattresses. Ahead of the first-phase deadline on Oct. 31, the scheme drew some $19 billion into Argentina’s banks, the tax agency reported, boosting scarce foreign exchange reserves.
 
A Brit's rant par excellence, pointing out the great things Millei is doing in Argentina compared to Britain. Applies similarly to what is happening here in Australia.

 
Dona Ferentes said:
choose your poison.

the fake western tilt from the the Islamist apologists is the toxicity, btw

www.aljazeera.com

A year into Javier Milei’s presidency, Argentina’s poverty hits a new high

In Argentina, the poverty rate has surpassed 50 percent in the wake of wide-ranging austerity measures and deregulation.
www.aljazeera.com www.aljazeera.com
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It will be interesting to see how it pans out, it was a basket case before, if it is a basket case afterwards, will it will always be a basket case?
 
Dona Ferentes said:
choose your poison.

the fake western tilt from the the Islamist apologists is the toxicity, btw

www.aljazeera.com

A year into Javier Milei’s presidency, Argentina’s poverty hits a new high

In Argentina, the poverty rate has surpassed 50 percent in the wake of wide-ranging austerity measures and deregulation.
www.aljazeera.com www.aljazeera.com
Click to expand...
Financial leaches will always struggle in such a radical change. The solution is for such people to become productive in some way.

Productivity/becoming of tangible value to others = $$$
 
Rio Tinto to invest $2.5 billion to expand Rincon lithium project capacity to 60,000 tonnes per year

12 December 2024

Rio Tinto has approved $2.5 billion to expand the Rincon project in Argentina, the company’s first commercial scale lithium operation, demonstrating its commitment to building a world-class battery materials portfolio. ....

....This investment supports Argentina’s ongoing ambitions to become a world-leading lithium producer. Argentina's economic reforms and the new Incentive Regime for Large Investments provide a favourable environment for investment, offering benefits such as lower tax rates, accelerated depreciation, and regulatory stability for 30 years, protecting the project from future policy changes, as well as enhanced investor protections.
 
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