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President Milei Unveils Broad Reforms

ARGENTINA
  • President Javier Milei announced sweeping reforms to reduce the hand of the state in Argentina’s economy, including steps to privatize companies, facilitate exports and end price controls. The libertarian leader listed 30 initial points of his plan in a televised address Wednesday night, adding they’re part of a broader package containing over 300 measures.
    • “I’m signing an urgent decree that will kick-start the process of economic deregulation that Argentina needs so much,” he said in the speech delivered from the presidential palace, flanked by his entire cabinet. (BBG)
  • Separately, the government continued its series of bold policy steps with the largest-ever auction of local-currency notes. The Treasury sold 2.96 trillion pesos of debt in an auction on Wednesday, considerably more than the 2 trillion initial offer that was already the rough equivalent of one third of all banknotes currently circulating in the South American country.
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