CNN —Libertarian Javier Milei’s victory Sunday in Argentina’s presidential run-off contest has far-reaching consequences for the country’s struggling economy, including the fate of the peso.
A political outsider who ran on a promise to “break the status quo,” Milei’s economic platform rested on a desire to dollarize the Argentinian economy.
Dollarization means the country would give up the Argentine peso and use the US dollar as its currency.
Milei’s proposal to switch Argentina’s currency from the peso to the US dollar rests on the argument that the dollar is stronger than the peso and, unlike the peso, cannot be printed at will.
Sergio Massa, the country’s current economy minister and Milei’s run-off opponent, had criticized the plan for dollarization as a surrender of national sovereignty.
Persons:
Javier Milei’s, Sergio Massa, CNN’s Abel Alvarado
Organizations:
CNN, Argentine, Cato Institute
Locations:
Washington decisionmakers, Ecuador, El Salvador, Argentina, Washington , DC