YPF - Milei Shakes Up Argentina: Plans To Drop Peso Faces $16.1B Oil Fine Stakes Falklands Claim | Benzinga
Just three days after winning an unexpected election run off result, Argentina‘s far-right president-elect Javier Milei is already making international waves.
At home, he plans a wave of privatizations of national companies and has pledged to put a halt to public works, curb benefits and close down several ministries in order to cut public spending.
He also wants to abandon the country’s domestic peso currency in favor of the U.S. dollar. He even — whether in jest or not — suggested “blowing up” the central bank, which he blames for printing currency and driving the country’s triple-digit inflation: currently running above 140%.
Markets appeared pleased with the result. The day following the election result, the Global X MSCI Argentina ETF (NYSE:ARGT), an exchange-traded fund that tracks Argentine equities, gained 10%.
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