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Argentina opposition calls for impeachment of Javier Milei after cryptocurrency collapse (www.theguardian.com)

submitted 4 days ago by Powderhorn to c/news

12 comments fedilink hide all child comments

It's almost like crypto is in general a scam.

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[–] chicken@lemmy.dbzer0.com 1 points 3 days ago (1 children)

Yeah I mean I did read the translated version, but translations are imperfect. Looks like this confirms that there is a recent spike though

[–] jarfil 2 points 3 days ago* (last edited 3 days ago) (1 children)

Yes, there is a spike... and Milei has masked the most recent one with a devaluation by decree

2023: 211% inflation
2024: 117% inflation / 54% by decree = 216% effective

Argentina has a serious case of stagflation, with public spending slashed, international investors capped in their ROI, and a poverty level going back to 2005 numbers.

[–] Powderhorn 1 points 3 days ago (1 children)

I'm generally not a fan of dollar pegs, but refloating the peso led to all sorts of problems. This is of course IMF related, but that might start getting a bit too wonky.

[–] jarfil 1 points 3 days ago

To be fair, I haven't been following Argentina too closely. Still, remembered how during the campaign, he promised to "reduce inflation to 150% and devalue by 50%"... which was like "what? so 300%?". Not sure how they managed to close the year at 117% (and 54%), in October it was at 193% (and 54%). I haven't checked the full "inflation & devaluation" series.