Prolonged uncertainty or radical experiments with the currency could spell disaster
, Javier Milei, cut an eccentric figure when he donned his leather jacket and belted out rock songs to a stadium last month. And when he insults his country’s Congress , the governor of the province of Buenos Aires and the prime minister of Spain , he comes across as just another boorish populist. Both characterisations have a grain of truth. Even so, by most economic measures
When he took office in December Argentina’s economy was a tangle of rampant inflation and unsustainable price controls. To clean up, Mr Milei slashed spending. The central bank stopped printing money to finance the deficit. As a result, Argentina has had fiscal surpluses for five months in a row. Inflation spiked after a sharp devaluation, but has since fallen to a monthly rate of 4.2% in May, the lowest in over two years.
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