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14 Dec 2023

Argentina Implements 'Shock Therapy' by Devaluing Peso

Argentina's currency [devalued by over 50%](https://www.bbc.com/news/business-67688727) against the US dollar as part of President Javier Milei's 'shock therapy'. Economy Minister Luis Caputo introduces significant public spending cuts, reducing subsidies and freezing government expenditures to combat the country's severe financial crisis.