Milei vs Massa: HyperInflation Grabs Spotlight In Argentina Election

 

It doesn’t take much effort in Argentina to recognize the devastation that one of the world’s highest inflation rates is having on daily living. According to the most recent government numbers, it is close to 140%.

Javier Milei, a self-described anarcho-capitalist who admires Trump and Bolsonaro, is on the verge of winning the presidential runoff election on Sunday.

His unconventional plans have proven appealing to supporters who feel Milei’s opponent, Economy Minister Sergio Massa, is to blame for Argentina’s economic woes.

Milei has suggested the closure of Argentina’s central bank, the dollarization of the economy, the reduction of government spending, and the privatization of the pension system.

His critics, however, fear that his measures risk inflicting even more suffering on regular individuals. Earlier this month, dozens of economists wrote an open letter in which they warned that his ideas would cause “devastation.”

Meanwhile, Massa has promised to restructure Argentina’s IMF debt, decrease taxes for small firms, and support an increase in exports.

Whoever wins the runoff election on Sunday, however, will face enormous pressure to offer a viable solution to Argentina’s serious economic problems.

Although the Argentine peso is still the official currency, the economy is strongly reliant on the US dollar. Argentina has 15 currency rates that vary greatly.