Argentina Devalues Currency by 50% , as Part of Shock <br />Economic Measures.<br />In a televised message on Dec. 12, Argentina's <br />economy minister, Luis Caputo, said that the <br />country's peso will lose its value by 50%. .<br />Instead of 400 pesos amounting to one U.S. dollar, <br />800 pesos will now compare to one American dollar.<br />For few months, we're going <br />to be worse than before, Luis Caputo, Argentina's economy minister, via statement.<br />If we continue as we are, <br />we are inevitably heading <br />towards hyperinflation. Our <br />mission is to avoid a catastrophe, Luis Caputo, Argentina's economy minister, via statement.<br />News of the devalued currency comes two days <br />after Javier Milei was sworn in as president.<br />Other measures that will be taken include <br />"cuts to energy and transportation subsidies," <br />the cancellation of public works projects and "cutting some state jobs," CBS News reports. .<br />In addition to suffering 143% yearly inflation, <br />Argentina has a $43 billion trade deficit and owes <br />the International Monetary Fund (IMF) $45 billion.<br />Four out of 10 Argentines are <br />impoverished, CBS News reports.<br />Four out of 10 Argentines are <br />impoverished, CBS News reports.<br />The IMF commented about Argentina's plan.<br />These bold initial actions aim to significantly <br />improve public finances in a manner that <br />protects the most vulnerable in society and <br />strengthen the foreign exchange regime, IMF spokesperson Julie Kozack, via statement.<br />Their decisive implementation will <br />help stabilize the economy and set <br />the basis for more sustainable and <br />private-sector led growth, IMF spokesperson Julie Kozack, via statement
