{"id":2123419,"date":"2023-12-12T21:13:02","date_gmt":"2023-12-13T02:13:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/argentina-announces-50-devaluation-of-their-peso-as-part-of-shock-economic-measures\/"},"modified":"2023-12-12T21:14:53","modified_gmt":"2023-12-13T02:14:53","slug":"argentina-announces-50-devaluation-of-their-peso-as-part-of-shock-economic-measures","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/argentina-announces-50-devaluation-of-their-peso-as-part-of-shock-economic-measures\/","title":{"rendered":"Argentina devalues peso by 50% in shock economic move"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fargentina-announces-50-devaluation-of-their-peso-as-part-of-shock-economic-measures%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2123419&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p><!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\"><br \/>\n<?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><html><body><\/p>\n<div class=\"entry-content\">\n<figure class=\"wp-block-image size-full\"><figcaption class=\"wp-element-caption\">  A Javier\u2062 Milei \u2063picture is \u200dseen \u200con a campaign sign on November 30, 2023 in Buenos\u200b Aires, Argentina. (Photo by \u2062Tomas Cuesta\/Getty Images)<\/figcaption><\/figure>\n<h2>OAN\u2019s <a href=\"https:\/\/www.oann.com\/tag\/abril-elfi\" target=\"_blank\" rel=\"noreferrer noopener\">Abril Elfi<\/a><br \/>6:02 PM \u2013 Tuesday, December 12, 2023<\/h2>\n<p>Argentina\u2064 has announced the devaluation of their currency due to an economic shock measure. <\/p>\n<div id=\"div-gpt-ad-1663871513696-art-3\" style=\"min-width: 320px; min-height: 50px; text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-3'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>Argentina has made a bold \u200cmove by significantly devaluing \u200cits \u200ccurrency and implementing cuts \u2062in subsidies for energy \u200cand transportation. According \u200cto President Javier Milei, these shock adjustments\u2064 are\u2063 necessary \u200bto address \u2063the country&#8217;s economic &#8220;emergency.&#8221;<\/p>\n<p>In a\u200d broadcast \u200cspeech, Minister of Economy Luis \u200cCaputo declared that the value of the Argentine peso will \u200bdecrease by 50%, \u2063from 400 pesos\u2063 to 800 pesos \u200bto the U.S. dollar.<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>&#8220;For a few months, \u2063we&#8217;re going to be worse than before,&#8221; Caputo warned. <\/p>\n<\/blockquote>\n<p>Milei\u200b emphasized\u2062 that there was \u200cno \u2063time to\u200b consider alternative solutions. <\/p>\n<p>With four out of\u200d ten Argentines living in poverty and an annual inflation\u2064 rate of 143%, the \u200ccountry\u2062 is facing\u2063 significant economic challenges. Additionally,\u200b Argentina owes the \u2062International Monetary Fund\u200c (IMF) \u200c$45\u200b billion, \u2063along with $43 billion in trade deficits and\u200d $10.6 billion to \u200bmultilateral and \u200cprivate creditors \u2062by April.<\/p>\n<p>To \u200ctackle these issues, Caputo announced the reduction of state\u2064 employment\u200d and the cancellation of public \u2064works project \u200btenders. \u2064He also mentioned cuts in energy and transportation\u2064 subsidies, although specific details were not provided.<\/p>\n<p>Caputo stated that\u2063 these measures \u200cwere necessary to\u200d address\u200c the fiscal deficit, which he\u200d believes is the root cause of the\u2063 nation&#8217;s economic problems, including the \u200brising inflation\u200c rate.<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>&#8220;If \u200cwe\u2063 continue\u2062 as we are, we are inevitably \u2062heading towards hyperinflation,&#8221; Caputo said. &#8220;Our\u200d mission is to avoid \u2063a \u200dcatastrophe.&#8221;<\/p>\n<\/blockquote>\n<p>Since taking office just two\u200b days ago, Milei has already engaged with high-ranking U.S. officials and \u200ccollaborated with the IMF to\u200d reshape \u2064Argentina&#8217;s foreign policy \u200dand boost its \u200beconomy.<\/p>\n<p>Stay informed! Subscribe here to \u2062<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/xi-jinping-and-vladimir-putin-meet-in-kremlin\/\" title=\"Xi Jinping and Vladimir Putin meet in Kremlin\">receive breaking news blasts directly<\/a> to your inbox\u200b for\u2063 free: <a href=\"https:\/\/www.oann.com\/alerts\">https:\/\/www.oann.com\/alerts<\/a><\/p>\n<\/p>\n<div id=\"rc-widget-10bad2\" data-rc-widget data-widget-host=\"habitat\" data-endpoint=\"\/\/trends.revcontent.com\" data-widget-id=\"278641\"><\/div>\n<p class=\"dpsp-share-text\" style=\"margin-bottom:10px\"> \t\t \t\tShare this post!\t<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Harvard University keeps Claudine Gay as President, \u200bZelenskyy asks for an early Christmas present and House\u200b Republicans move towards an impeachment inquiry.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Republicans aim to\u2062 bring a resolution to the House floor to \u200cformalize their\u200b impeachment inquiry against President Biden. <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>New Annual Inflation Report out today reveals inflation rate at 3.1%, a decrease from last October&#8217;s 3.2%,\u2063 but up\u200b by 0.1% on\u2063 a month-to-month basis. <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>The Chairman of the House Oversight Committee James Comer says \u200cthat the House Resolution approving an impeachment\u2064 inquiry of Joe Biden will give Republicans the upper hand when it comes \u200bto\u2063 uncovering evidence in the investigation of corruption. <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Netflix is set to\u2063 pull ahead \u2063of Disney+ in the race for \u200bU.S. advertising dollars next year as price hikes and a password-sharing crackdown pull more viewers to its ad-supported plan.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Microsoft and \u200cthe AFL-CIO union federation said\u2063 they\u200b had struck a deal whereby the software giant will remain neutral in efforts by unions to encourage workers to become members.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Amazon.com asked a federal court to dismiss a U.S. government antitrust lawsuit which accuses the company \u200bof using illegal strategies to boost profits at its online retail empire.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>More than 10 million people have signed up for X in December, X CEO Linda Yaccarino said in a post on\u2062 the social media platform.<\/p>\n<\/p><\/div>\n<p> rnrn  <\/p>\n<h2> \u200d What are the \u200dspecific economic measures \u2064that Argentina has\u2064 implemented to address its crisis, including the devaluation of its currency and subsidy cuts?<\/h2>\n<p><span>  Argentina\u2062 Implements Bold Economic\u2064 Measures to Address Crisis<\/p>\n<p>Argentina has recently announced a significant devaluation of\u200b its currency \u200band the implementation of cuts in subsidies \u2062for energy \u200cand transportation as \u200bpart of an economic\u200c shock measure. President Javier Milei believes that these\u2064 adjustments are necessary \u2064to address the country&#8217;s economic &#8220;emergency.&#8221;<\/p>\n<p>In \u200ba broadcast speech, Minister of\u2064 Economy \u200dLuis Caputo \u2063declared that\u2063 the value of \u2063the Argentine \u2062peso will\u2062 decrease\u200c by 50%, from\u200b 400 pesos to 800 pesos to the \u2063U.S. dollar.\u200b Caputo warned\u200b that this move would lead to some difficult months ahead for the country.<\/p>\n<p>Milei emphasized the urgency\u2064 of the \u200csituation \u200cand\u2064 the need\u2064 for prompt action. With four out of ten Argentines living in poverty and an annual \u2062inflation rate of 143%, Argentina is facing significant economic challenges. The country also owes a staggering amount to various creditors, including $45\u200d billion to \u2063the International Monetary Fund (IMF), $43\u2064 billion \u200cin\u2063 trade deficits, and\u200b $10.6 billion to \u200dmultilateral and\u2064 private creditors by \u200dApril.<\/p>\n<p>To tackle \u200cthese issues, Caputo announced the reduction \u200cof state employment and\u2062 the cancellation of public works projects. He also mentioned cuts in energy\u2063 and transportation subsidies, although specific\u200b details were not provided.<\/p>\n<p>Caputo stated that these measures were necessary to\u2064 address the fiscal deficit,\u2064 which he\u2064 believes is the root cause\u2064 of the nation&#8217;s economic problems, including the rising inflation\u200c rate. His goal is to avoid\u200d a\u200b catastrophe \u200band prevent the country from heading towards hyperinflation.<\/p>\n<p>Since taking office just two \u2064days ago,\u2064 Milei has\u2063 already engaged with high-ranking U.S. officials and collaborated\u200b with the IMF to reshape\u2062 Argentina&#8217;s\u200d foreign policy and boost its economy. These efforts\u200d indicate\u2063 a proactive approach to address the\u200b economic crisis.<\/p>\n<p>It is evident \u200dthat\u2062 Argentina \u2064is facing \u2064a severe economic situation, and these bold measures are \u2062seen as necessary \u200dsteps towards stabilizing the economy. However, the success \u200bof these measures\u200d will only \u2063be determined in the \u2064coming months as the \u200dcountry\u200d navigates\u200d its way out of the crisis.<\/p>\n<p>Stay informed! Subscribe here to\u2062 <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/coast-guard-seizes-158m-worth-of-drugs-in-san-diego\/\" title=\"Coast Guard confiscates 8M drugs in San Diego.\">receive breaking news\u2064 blasts directly<\/a> to your inbox for free: [insert link to subscribe].<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On November 30, 2023. The campaign sign featuring Javier Milei&#8217;s picture in Buenos Aires, Argentina, captures the political landscape. As of Tuesday, December 12, 2023, OAN&#8217;s Abril Elfi reports that the devaluation is a response to an economic shock measure<\/p>\n","protected":false},"author":2196,"featured_media":2123420,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-2123419","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2123419","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2196"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2123419"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2123419\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2123420"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2123419"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2123419"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2123419"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}