2023-11-18 20:37:39
Amid a severe economic crisis, Argentines are electing a new president. In the runoff election on Sunday, Economy Minister Sergio Massa from the ruling Peronists will face the libertarian populist Javier Milei. In the most recent polls, both were almost evenly matched.
The self-proclaimed “anarcho-capitalist” Milei promises a radical turnaround: He wants to introduce the US dollar as legal tender, abolish the central bank and many ministries and radically cut social spending. Government candidate Massa, on the other hand, is likely to continue the current policy with massive state intervention in the economy and extensive social programs.
South America’s second largest economy is in a deep economic crisis. The inflation rate is over 140 percent, and around 40 percent of people in the once rich country live below the poverty line. Argentina suffers from a bloated state apparatus, low industrial productivity and a large shadow economy that deprives the state of much tax revenue. The national currency, the peso, continues to lose value against the US dollar and the mountain of debt is constantly growing.
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