With their currency plummeting and inflation soaring to nearly 140 percent, voters are demanding a solution to the country’s worst economic crisis in decades.
on Sunday in a presidential election that could put a right-wing, Donald Trump-admiring populist in charge ofAre you on Telegram? Subscribe to our channel for the latest updates on Russia’s war in Ukraine.
dollarizing the economy and taking a “chain saw” to government spending. He pledges to cut down the number of government ministries from 18 to eight and let radically free markets rule.With viral TikTok videos and rock concert-style arena rallies, he has galvanized a generation of young people who are struggling to enter the workforce.
To win Sunday, a candidate must receive 45 percent of the vote, or 40 percent with a 10-point lead over the runner-up by at least 10 percent. If no candidate meets that threshold, which is considered the most likely scenario, the top two finishers will face off in a runoff election in four weeks.“Argentina, in political terms, enters an unknown territory.” In 40 years of uninterrupted democracy, he said, the country has never had a president who was “so clearly an outsider.
The question is whether voters will take a gamble on the Milei experiment, one that is already upending the country.Milei’s calls for dollarization and attacks on the peso — he has dismissed Argentina’s currency as “excrement” — have sent shock waves through the economy. Days after his primary win, the peso collapsed and inflation leaped. Argentinesand hoard nonperishable food before prices rose. Looters ransacked supermarkets.
In the widely traded unofficial market in Argentina, which drives consumer prices, the cost of $1 surpassed 1,000 Argentine pesos last week for the first time. Before the primaries, $1 cost about 600 pesos. Before the pandemic, it cost 80 pesos.
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