‘There Is No Money’: Argentina Begins Economic Shock Remedy
- Measures include 54% peso devaluation, additional 2% a month
- Plan seen as step in the right direction, perhaps insufficient
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Economy chief Luis Caputo spent the better part of his first televised address explaining how Argentina got into such a dire economic situation: An “addiction” to debt, for which the only medicine is a shock treatment.
“There is no more money,” Caputo said repeatedly in the recorded video published Tuesday night, echoing President Javier Milei’s words during his inaugural speech on Sunday.