Argentina’s libertarian president wants to rip up the rule book. He shouldn’t
office in December Javier Milei, Argentina’s new libertarian president, has wasted little time in trying to implement sweeping reforms. He has had one setback: earlier this month an “omnibus” bill of 664 articles was withdrawn after Mr Milei’s party failed to get enough support from Congress. However, Mr Milei has taken the “chainsaw” he promised to Argentina’s bloated state: the peso was devalued by 50% and annual subsidies worth 0.7% ofhave started to be phased out.
In this century, Peru has enjoyed the lowest inflation among Latin American countries with their own currency, points out Julio Velarde, the governor of the central bank. Peruvians have gradually come to trust the sol. Only 34% of bank deposits, 23% of bank loans and 8% of mortgages are now in dollars.
In much of this Argentina could profitably copy Peru. Two things are at the root of Argentines’ longstanding mistrust of the peso. One is persistent fiscal deficits that governments have financed by forcing the central bank to print money. Mr Milei is stopping that. The second is protectionism. Even with a bumper agricultural harvest in 2022, Argentina’s exports that year were only 14% of, compared with 26% in Peru. And Argentina’s nationalist economic policies deterred foreign investment.
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