When Javier Milei assumed the presidency of Argentina on Sunday, he promised to shock the country's economy to end its economic crisis. In his first acts as president, the self-described anarcho-capitalist devalued the peso, halved government ministries, and announced a series of spending cuts.
On Tuesday, Milei's new administration announced a sharp currency devaluation, weakening the peso by more than 50 percent. As a result, the official exchange rate increased from 366.5 per dollar to over 800.
