Argentina devalues its currency, cuts subsidies as part of shock economic measures

Argentina's new President Javier Milei announces sharp devaluation of currency and cuts to energy and transportation subsidies in response to economic "emergency." The Argentine peso will be devalued by 50% to 800 to the US dollar. Milei warns that the country will be worse off for a few months. The government also plans to cancel tenders of public works projects and cut state jobs to reduce the fiscal deficit. Milei believes the fiscal deficit is the cause of the country's economic problems.