Cry for Milei’s Argentina
With its GDP shrinking and inflation exceeding 140%, Argentina’s economic outlook appears bleak, and libertarian President-elect Javier Milei has promised to prevent the crisis from spiraling out of control. But his plan to dollarize the economy and forfeit monetary independence will most likely lead to disaster.
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LONDON – Argentina’s President-elect Javier Milei, a libertarian economist and self-proclaimed “anarcho-capitalist,” has pledged to rejuvenate his country’s ailing domestic economy and tame runaway inflation. This is a daunting task, given Argentina’s dismal economic track record over the past few decades and history as a serial defaulter – the latest episode being the 2020 restructuring of $65 billion in sovereign debt.