Argentina will weaken its official peso exchange rate over 50% to 800 per dollar, cut energy subsidies, cancel tenders of public works and slash the size of government, the country’s new economy minister Luis Caputo said on Tuesday, economic ‘shock’ therapy aimed at fixing its worst crisis in decades. Caputo, in a much-awaited package of measures after the government of libertarian President Javier Milei took office on Sunday, said the plan would likely be painful in the short-term but was needed to cut the fiscal deficit and bring down inflation.
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