February 29, 2024 7:51 pm

Milei picks ex-JPMorgan trader to dollarize Argentina’s economy — RT Business News

Facebook
Twitter
LinkedIn
Pinterest
WhatsApp
Telegram

URGENT: JUST 11 DAYS REMAIN TO HELP SAVE INDEPENDENT MEDIA & ANR, TO ENSURE WE ARE FULLY FUNDED FOR NEXT MONTH,SO LET'S CUT THE BS & GET TO THE POINT - WE WILL BE FORCED LAY OFF STAFF & REDUCE OPERATIONS UNLESS WE ARE FULLY FUNDED WITHIN THE NEXT 2 WEEKS - Sadly, less than 0.5% of readers currently donate or subscribe to us But YOU can easily change that. Imagine the impact we'd make if 3 in 10 readers supported us today. To start with we’d remove this annoying banner as we could fight for a full year...

Argentina’s president-elect, Javier Milei, announced on Wednesday that he has chosen former Wall Street stock trader Luis Caputo to be the country’s economy minister.

Milei made the announcement on Radio La Red after a two-day trip to Washington in which he met US Treasury and the International Monetary Fund (IMF) officials. 

Caputo, who worked at JPMorgan and Deutsche Bank, ran Argentina’s Finance Ministry and then briefly its central bank from 2017 to 2018. He is known for his close ties with Wall Street and Buenos Aires banking sectors.

Last week, Caputo, whose appointment is yet to be officially confirmed, met local and international bank officials to lay out Milei’s proposed “shock therapy” for Argentina’s beleaguered economy, which includes ditching the peso for the US dollar, erasing the fiscal deficit, and closing the central bank.

Caputo’s economics consultancy firm Anker Latinoamerica earlier this year released a report saying that dollarizing Argentina would be “difficult,” though “not impossible,” and would require “complex legal and financial architecture.”

Many economists in the country have repeatedly warned that dollarization is risky and that the government should prioritize other reforms to fix the economy.

“It’s crucial to solve problems with a lot of expertise, because if we make a mistake we could end up with hyperinflation,” Milei said in the interview, referring to a pile of more than 23.8 trillion pesos ($66.2 billion) of the central bank’s short-term liabilities held by local creditors.

The new economy minister, Caputo, will also be tasked with renegotiating Argentina’s troubled $43 billion loan from the IMF, on which the country has missed almost all of its targets this year.

For more stories on economy & finance visit RT’s business section

You can share this story on social media:

Source link

Opinion pieces don’t necessarily reflect the position of our news site but of our Opinion writers.

Original Source: Milei picks ex-JPMorgan trader to dollarize Argentina’s economy — RT Business News

Support the ANR from as little as $8 – it only takes a minute. If you can, please consider supporting us with a regular amount each month. Thank you.

Related News

Let’s not lose touch…Your Government and Big Tech are actively trying to censor the information reported by The ANR to serve their own needs. Subscribe now to make sure you receive the latest uncensored news in your inbox…

Australian National Review is Australia’s first real free and independent press, one with no editorial control by the elite, but a publication that can generate critical thinkers and critical debate and hold those spreading mistruths and deliberate propaganda in mainstream media to account.

News with a difference that will be educational, compelling and create a platform for political and social change in this country and address the real issues facing this country and the world.

Discover more from ANR

Subscribe now to keep reading and get access to the full archive.

Watch Full Documentary

URGENT: JUST 3 DAYS REMAIN TO HELP SAVE INDEPENDENT MEDIA & ANR, SO LET'S CUT THE BS & GET TO THE POINT - WE WILL BE FORCED TO LAY OFF STAFF & REDUCE OPERATIONS UNLESS WE ARE FULLY FUNDED WITHIN THE NEXT 2 WEEKS

Sadly, less than 0.5% of readers currently donate or subscribe to us But YOU can easily change that. Imagine the impact we'd make if 3 in 10 readers supported us today. To start with we’d remove this annoying banner as we could fight for a full year...

Get access to TruthMed- how to save your family and friends that have been vaxx with vaccine detox, & how the Unvaxxed can prevent spike protein infection from the jabbed.

Free with ANR Subscription from $8