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Milei's dollar plans, however, put pressure on the embattled peso currency, which is held in check by strict capital controls. The official exchange rate is near 350 per dollar, but dollars trade well over twice that in popular parallel markets. Milei said in the run-up to the election he wanted to ditch the peso altogether in favour of the dollar. Milei had also heavily criticised China and Brazil in the runup to the elections, two of Argentina's main trading partners. China said on Tuesday it would be a "serious mistake" if Milei opted to cut ties between the two countries.

Persons: dollarization, Javier Milei, Miel, Milei, Morgan Stanley's, Viktor Szabo, Banks, Banks Grupo Supervielle, Marc Jones, Elizabeth Howcroft, Mayur Kamdar, Karin Strohecker, Bernadette Baum, Emelia Organizations: Argentina, Abrdn, U.S ., Banks Grupo, Banco, Banco BBVA Argentina, Grupo Financiero, Thomson Locations: BUENOS AIRES, MERV, London, Argentina, U.S, Grupo Financiero Galicia, China, Brazil

☆ China says would be 'serious mistake' if Argentina cuts ties
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Nov 21 (Reuters) - The Chinese foreign ministry said on Tuesday that it would be a "serious mistake" in Argentina's diplomacy if the South American nation were to cut ties with major countries like China or Brazil. China is an important trading partner for Argentina, and its elected government attaches great importance to relations with China, Chinese foreign ministry spokesperson Mao Ning said at a regular news conference. The right-wing libertarian has criticised China and Brazil, saying he won't deal with "communists," and favours stronger U.S. ties. Mondino also told RIA Novosti that Argentina would "stop interacting" with the governments of China and Brazil, when asked whether Argentina would encourage exports and imports with those countries. "China is willing to continue to work together with Argentina to promote the stability and long-term development of bilateral relations."

Persons: Mao Ning, Javier Milei, Diana Mondino, Mondino, Mao, Ethan Wang, Ryan Woo, Christopher Cushing, Edwina Gibbs Organizations: Argentina, RIA Novosti, Thomson Locations: BEIJING, China, Brazil, Argentina, Russia, India, South Africa

☆ Argentina President-Elect Milei Meets Outgoing Fernandez After Election Win
▼ + stars: | 2023-11-21 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +1 min

BUENOS AIRES (Reuters) - Argentinian President-elect Javier Milei arrived on Tuesday morning at the presidential residence in the suburbs of Buenos Aires to meet outgoing Peronist leader Alberto Fernandez, to begin a transition that looks likely to be complex. Local television showed the arrival of Milei, a libertarian who has pledged to privatize public firms, eliminate the central bank and dollarize the economy, at the presidential residence in Olivos. Fernandez failed to tame inflation heading towards 150%. Spokespeople for Milei and for Fernandez declined to give further details about the meeting. Milei, an outsider libertarian who has rattled the South American country's political landscape with his abrupt rise, beat Peronist Sergio Massa in a run-off election on Sunday.

Persons: Javier Milei, Alberto Fernandez, Fernandez, Peronist Sergio Massa, Nicolas Misculin, Nick Macfie Organizations: BUENOS AIRES, Reuters, Peronist Locations: BUENOS, Buenos Aires, Olivos, China, Brazil

☆ Argentina Gambles on Milei
▼ + stars: | 2023-11-20 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Journal Editorial Report: The week’s best and worst from Kim Strassel, Kyle Peterson, Mary O'Grady and Dan Henninger. Images: AP/AFP/Getty Images/Reuters/Zuma Press Composite: Mark KellyWhen there’s no real alternative, there’s no problem, as the saying goes. And that may be the logic of Argentina voters on Sunday who rejected the catastrophe of Peronist rule in favor of impulsive and charismatic outsider Javier Milei , who promised what for Argentina is the radical change of free-market economics. Mr. Milei, a Congressman and self-described libertarian, won the Presidency in a rout with 56% of the vote to 44%. He defeated Sergio Massa , the incumbent economic minister and architect of the policies that have produced runaway inflation, declining living standards, a government shedding foreign reserves, and the worst economic crisis in decades.

Persons: Kim Strassel, Kyle Peterson, Mary O'Grady, Dan Henninger, Mark Kelly, Javier Milei, Milei, Sergio Massa Organizations: Getty, Zuma, Sunday Locations: Argentina

☆ Libertarian Javier Milei Is Elected President of Argentina
▼ + stars: | 2023-11-20 | by ( Wall Street Journal | ) www.wsj.com time to read: 1 min

Libertarian Javier Milei Is Elected President of ArgentinaJavier Milei, a political outsider who pledged to flatten Argentina’s political establishment, won the presidency on Sunday. Milei, a self-described anarcho-capitalist, defeated ruling party candidate Sergio Massa. Photo: Tomas Cuesta/Getty Images

Persons: Javier Milei, Argentina Javier Milei, Sergio Massa, Tomas Cuesta Organizations: Getty Locations: Argentina

☆ Argentina’s Economic Turmoil Is Getting Worse. These Charts Explain Why.
▼ + stars: | 2023-11-20 | by ( Santiago Pérez | Roque Ruiz | ) www.wsj.com time to read: 1 min

Argentine president-elect Javier Milei will take office in early December. Photo: agustin marcarian/ReutersArgentina has long been trapped in recurring cycles of deep and destructive economic contractions brought on by policies that force governments to routinely spend more than they collect through taxes and other income, economists say. President-elect Javier Milei will take office in early December with the task of reversing unsustainable spending policies that have depleted government coffers and caused inflation and interest rates to soar.

Persons: Javier Milei, agustin marcarian Organizations: Reuters Locations: Reuters Argentina

☆ Argentina’s New President Wants to Adopt the U.S. Dollar as the National Currency
▼ + stars: | 2023-11-20 | by ( Ryan Dubé | Santiago Pérez | ) www.wsj.com time to read: 1 min

After weakening earlier this year, the U.S. dollar is pushing higher and could be headed back toward the 20-year high it touched in 2022. WSJ’s Dion Rabouin explains why this could be bad news for investors. Photo illustration: Noah FriedmanBUENOS AIRES—The self-styled anarcho-capitalist who won Argentina’s presidency on Sunday plans to ditch his nation’s peso and adopt the U.S. dollar as the national currency. President-elect Javier Milei ’s top campaign proposal was aimed at eradicating rampant inflation that has for decades ravaged Latin America’s third-biggest economy by removing the battered national currency from circulation and stripping the central bank of its power to print money. Uncontrolled money-printing to cover public expenditures, economists say, has fueled 143% inflation, one of the world’s highest.

Persons: WSJ’s Dion Rabouin, Noah Friedman BUENOS, Argentina’s, Javier Milei ’ Organizations: U.S ., Noah Friedman BUENOS AIRES, U.S

The South American country's markets are closed on Monday for a local holiday, so will only fully trade on Tuesday. Overseas-listed sovereign bonds and some equities will trade, mainly in Europe and the United States. In his first speech Milei pledged speedy reforms to fix an economy mired in crisis. If Milei can convince the market that the chainsaw (fiscal discipline) is the heart and soul of his presidency then bonds rally," he said. But he still faces a divided Congress where his Liberty Advances bloc only has a small share of seats.

Persons: Javier Milei's, Sergio Massa, Juan Manuel Pazos, Milei, Mauricio Macri, Patricia Bullrich, Martin Castellano, Walter Stoeppelwerth, Gletir, Gustavo Ber, Jorgelina, Walter Bianchi, Jorge Otaola, Christopher Cushing Organizations: Peronist, FX, Institute of International Finance, Liberty, Thomson Locations: BUENOS AIRES, Argentine, American, Europe, United States, Buenos Aires, Rosario

☆ Argentine farmers: Milei victory an opportunity for 'radical change' for grains sector
▼ + stars: | 2023-11-20 | by ( Maximilian Heath | ) www.reuters.com time to read: +1 min

[1/2] Soy plants are seen in a farm near Pergamino, on the outskirts of Buenos Aires in Argentina April 27, 2021. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsBUENOS AIRES, Nov 20 (Reuters) - Javier Milei's election as Argentine president offers an opportunity for "radical change" in policy for the grains sector, the country's main rural associations said late on Sunday, offering to work "side by side" with the libertarian. He also wants to eventually close the central bank and dollarize the economy - more radical ideas that he may struggle to implement. "A great opportunity has opened up to work together to make radical change to the current policies," the Argentine Rural Society (SRA) said in a statement. Meanwhile, the Argentine Rural Confederations (CRA) called for Milei to work with the farm sector and demanded tax deregulation.

Persons: Agustin Marcarian, Javier Milei's, Milei, Maximilian Heath, Adam Jourdan, Christopher Cushing Organizations: REUTERS, Argentine Rural Society, Argentine Rural Confederations, Thomson Locations: Pergamino, Buenos Aires, Argentina, BUENOS AIRES

☆ China reaffirms support for new nations joining BRICS as Argentina signals rejection
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +2 min

[1/2] South African delegates sit behind a glass with BRICS logo as the BRICS summit is held in Johannesburg, South Africa August 23, 2023. "BRICS is also an open platform and we welcome any interested country to become a member of the BRICS family." Milei, a right-wing libertarian who has sharply criticised China and the China-led BRICS group, was elected Argentina's new president on Sunday. Milei and Mondino had both opposed Argentina joining the bloc, which also includes Brazil, Russia, India and South Africa. "We don't understand what the benefit (of joining BRICS) is for Argentina at the moment.

Persons: Alet Pretorius, Diana Mondino, Javier Milei, Mao Ning, Mondino's, Mao, Mondino, Liz Lee, Ethan Wang, Gareth Jones Organizations: REUTERS, Rights, United, Thomson Locations: Johannesburg, South Africa, Rights BEIJING, China, Argentina, Argentina's, Brazil, Russia, India, BRICS, Saudi Arabia, Iran, Ethiopia, Egypt, United Arab Emirates

☆ Can Argentina really move from the peso to the dollar?
▼ + stars: | 2023-11-20 | by ( Hanna Ziady | ) edition.cnn.com time to read: +7 min

2 economy and ditch its peso currency in favor of the US dollar. Milei must tackle inflation above 140%, a shortfall in foreign currency reserves and the prospect of another painful recession. Argentina’s financial markets are closed Monday for a local holiday, but the peso weakened slightly in partial trade to stand at around 353.58 to the US dollar. Bruno Gennari, Argentina expert at fixed income broker dealer KNG Securities, said the peso was trading at $1,009 versus the dollar on crypto exchanges Monday, considerably weaker than the $869 and $975 rates seen on Friday. Dollarization means Argentina would give up the peso and use the US dollar as its currency, effectively wresting control of monetary policy from the country’s central bank and handing it to the US Federal Reserve.

Persons: London CNN — Javier Milei, Sergio Massa, Milei, ” —, —, ” Milei, ”, “, Bruno Gennari, Javier Milei, Natacha, dollarization, ” William Jackson, “ It’s, Thierry Larose, ” Larose, Kristalina Georgieva, Jackson, — Valentina Gonzalez, Stefano Pozzebon, Olesya Dmitracova Organizations: London CNN, Libertad Avanza, Peronist, “, ” Financial, Argentine, State, Banco, Grupo Financiero Galicia, KNG Securities, US Federal Reserve, AP, Capital Economics, Vontobel, Management, CNN, Monetary Fund, Bank, IMF, Reuters Locations: Argentina, New York, Brazil, Mexico, Dollarization, Argentina’s, Zurich, dollarization, Washington, DC, Argentine

☆ OpenAI Upheaval in Focus, Microsoft Stock Edges Higher: Stock Market News Today
▼ + stars: | 2023-11-20 | by ( ) www.wsj.com time to read: +1 min

Microsoft stock was gaining after the software giant said Sam Altman—OpenAI's fired chief executive—would lead its new advanced AI research team . Now more than 500 OpenAI employees have threatened to leave the company if the current board doesn't resign and reinstate Altman. The chip maker’s stock—which has been a big contributor to the S&P 500's gains this year—was also higher in recent trading. All three major stock indexes are coming off their third straight weekly advance, including a 2.2% gain for the S&P 500. Benchmarks in Asia mostly rose, with consumer and tech stocks helping push Hong Kong’s Hang Seng Index up 1.9%.

Persons: Sam Altman — OpenAI's, —, Altman, Javier Milei Organizations: Microsoft, Nvidia, Nasdaq, Bayer, Bristol Myers Squibb, U.S, Treasury, greenback, Global Locations: OpenAI, U.S, Europe, Asia

☆ Shares in Argentina's YPF soar as Milei hints at privatization
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsCompanies Ypf Sa FollowRepsol SA FollowBUENOS AIRES, Nov 20 (Reuters) - New York-traded shares in Argentine state-run oil company YPF soared more than 40% on Monday after President-elect Javier Milei said he would seek to privatize the firm. The South American country nationalized 51% of the oil company more than a decade ago from Spain's Repsol (REP.MC). YPF is Argentina's largest oil firm and oversees development of Vaca Muerta, the world's second-largest shale gas reserve and fourth-largest shale oil reserve. Shares of YPF jumped more than 40% early in the session, before paring some gains to trade up 35.2%. Global X analyst Trevor Yates said the YPF gains were related to the increasing likelihood of it being privatized and implementing an international price parity policy.

Persons: Alberto Fernandez, Cristina Fernandez de Kirchner, Agustin Marcarian, Javier Milei, Sergio Massa, YPF, Milei, Spain's, Vaca Muerta, Trevor Yates, Yates, Eliana Raszewski, Bansari Mayu, Grant McCool Organizations: Argentine, REUTERS, Global, Thomson Locations: Buenos Aires, Argentina, BUENOS AIRES, New York, Argentine, American

☆ Argentine ETF trading surges after election, led by small investors
▼ + stars: | 2023-11-20 | by ( Suzanne Mcgee | ) www.reuters.com time to read: +2 min

The Global X MSCI Argentina ETF , which offers exposure to a basket of the country's most liquid stocks, soared more than 13% on Monday and hit its highest level since September. While the South American country's markets are closed on Monday for a local holiday, U.S.-listed shares of Argentinian companies also surged in U.S. trading. The gains for the ETF came through large amounts of small trades, Todd Sohn, an ETF analyst at Strategas in New York, said. By mid-morning, the value of trading in the ETF had topped $11 million, compared with average of about $1 million a day throughout 2023. "These small country funds are ideal vehicles for small day traders who jump on events" like Sunday's presidential election in Argentina, Sohn said.

Persons: Agustin Marcarian, Argentina's Javier Milei, Todd Sohn, Sohn, Suzanne McGee, Megan Davies, Andrew Heavens Organizations: REUTERS, Argentina ETF, Management, Inc, U.S, Banco, Grupo Financiero, Thomson Locations: Buenos Aires, Argentina, American, New York, ARGT, Grupo Financiero Galicia

☆ Argentina's New Far-Right President Javier Milei Takes Cues From Trump
▼ + stars: | 2023-11-20 | by ( Lilian Manansala | Tamara Lindstrom | ) www.businessinsider.com time to read: 1 min

Link icon An image of a chain link. It symobilizes a website link url. Link icon An image of a chain link. LinkedIn Fliboard icon A stylized letter F. Flipboard Link icon An image of a chain link. LinkedIn Fliboard icon A stylized letter F. Flipboard Link icon An image of a chain link.

☆ How do Argentines feel about their new president-elect?
▼ + stars: | 2023-11-20 | by ( Reuters Editorial | ) www.reuters.com time to read: 1 min

PoliticsHow do Argentines feel about their new president-elect? PostedArgentinians hoped for positive change in the inflation-ravaged nation following the election of right-wing libertarian Javier Milei.

Persons: Javier Milei

☆ Libertarian Milei elected president of Argentina
▼ + stars: | 2023-11-20 | by ( Reuters Editorial | ) www.reuters.com time to read: 1 min

PoliticsLibertarian Milei elected president of ArgentinaPostedArgentina elected right-wing libertarian Javier Milei as its new president on Sunday, rolling the dice on an outsider with radical views to fix an economy battered by triple-digit inflation, a looming recession and rising poverty.

Persons: Libertarian Milei, Javier Milei Organizations: Libertarian Locations: Argentina

☆ Trump-admiring populist Milei wins in Argentina, edging the country closer to a dollarized economy
▼ + stars: | 2023-11-20 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Newly elected President of Argentina Javier Milei of La Libertad Avanza speaks after the polls closed in the presidential runoff on November 19, 2023 in Buenos Aires, Argentina. Argentina's Javier Milei, a far-right political outsider often compared to former U.S. President Donald Trump, vowed to deliver on his radical economic policies shortly after winning the country's presidential run-off. Among some of his proposed policies, Milei has pledged to dollarize the economy, abolish the country's central bank and privatize the pension system. We have the determination to put Argentina on its feet and move forward," Milei said shortly after his victory, according to a translation. The challenges facing Milei's presidency are significant, however — particularly given that the country is once again in the grip of a profound economic crisis.

Persons: Argentina Javier Milei, La Libertad Avanza, Argentina's Javier Milei, Donald Trump, Sergio Massa, Milei Organizations: La Libertad, Peronist Economy Locations: Argentina, Buenos Aires

☆ Argentina: Steve Hanke says many arguments against dollarization are 'absolute rubbish'
▼ + stars: | 2023-11-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailArgentina: Steve Hanke says many arguments against dollarization are 'absolute rubbish'Steve Hanke, professor of applied economics at John Hopkins University, discusses the possible implications that libertarian Javier Milei's victory in Argentina's presidential runoff contest may have for the peso.

Persons: Steve Hanke, dollarization, Javier Milei's Organizations: Argentina, John Hopkins University

☆ Radical Argentine president-elect Milei hails new era
▼ + stars: | 2023-11-20 | by ( Reuters Editorial | ) www.reuters.com time to read: 1 min

PoliticsRadical Argentine president-elect Milei hails new eraPostedArgentine libertarian Javier Milei promised a new era for the country, after a strong win in Sunday's (November 19) presidential run-off election, as voters placed their hopes in the political outsider to fix an economy battered by triple-digit inflation, a looming recession and rising poverty. Diane To reports.

Persons: Milei, Javier Milei, Diane Organizations: Radical Argentine Locations: Argentine, Sunday's

☆ Trump congratulates Argentine libertarian Milei on election win
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: 1 min

Republican presidential candidate and former U.S. President Donald Trump visits the southern border with Texas Governor Greg Abbott in Edinburg, Texas, U.S. November 19, 2023. REUTERS/Go Nakamura/File Photo Acquire Licensing RightsNov 19 (Reuters) - Former U.S. President Donald Trump congratulated libertarian Javier Milei, an outsider with radical views to fix the economy, on being elected president in Argentina on Sunday. "The whole world was watching! You will turn your Country around and truly Make Argentina Great Again!" Trump wrote on his Truth Social platformReporting by Costas Pitas; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Donald Trump, Greg Abbott, Go Nakamura, Javier Milei, Trump, Costas Pitas, Muralikumar Organizations: Texas, REUTERS, Former U.S, Thomson Locations: Edinburg , Texas, U.S, Former, Argentina

☆ Argentina oil company YPF spikes 40% as investors cheer president-elect Milei's promises to revamp the economy
▼ + stars: | 2023-11-20 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Shares of state-oil firm YPF soared 40% on Monday after Javier Milei's presidential victory. Milei has promised to revamp the Argentine economy, and also said he would seek to privatize YPF. Milei won the Argentine presidential election Sunday against Economy Minister Sergio Massa. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementArgentine state energy company YPF saw its New York-listed shares spike more than 40% on Monday, following Javier Milei's presidential election victory on Sunday.

Persons: Javier Milei's, Milei, Sergio Massa, —, Spain's Repsol, YPF Organizations: Argentine, Economy, Service, Reuters, Grupo Financiero Galicia, Banco Locations: Argentine, YPF, York, Spain's, Argentina, New York

☆ Argentina's new far-right president Javier Milei winning is a triumph for Tucker Carlson
▼ + stars: | 2023-11-20 | by ( Tom Porter | ) www.businessinsider.com time to read: +4 min

Tucker Carlson interviewed Javier Milei in September, boosting his candidacy. Milei is a far-right firebrand and showman, compared by some to Donald Trump. AdvertisementAfter the election of far-right outsider Javier Milei as Argentina's president Sunday, former Fox News host Tucker Carlson took a victory lap. Carlson posted a picture of himself posing with Milei, whose candidacy he boosted by interviewing him for his show on X in September. In the interview, Milei echoed the rhetoric of former US President Donald Trump, questioning the climate crisis, urging right-wingers to wage culture wars with liberals, and pledging to cut government spending to reduce Argentina's spiking inflation.

Persons: Tucker Carlson, Javier Milei, Milei, Donald Trump, Carlson's, —, Carlson, Bauer, Trump, Hungary's Viktor Orbán, Jair, he's, soulmates Trump, Benjamin Gedan Organizations: Service, Fox News, University of Alabama, Reuters Institute, Fox, Trump, Latin America, Wilson Center, Associated Press Locations: Argentina, Washington

Javier Milei was first introduced to the Argentine public as a combative television personality with an unruly hairdo and a tendency to insult his critics. So when he entered Argentina’s presidential race last year, he was viewed by many as a sideshow. On Sunday, he was elected Argentina’s next president, and is now tasked with guiding one of Latin America’s largest economies out of one of its worst economic crises. Many Argentines awoke on Monday anxious, others hopeful, but just about everyone was uncertain about what lay ahead. Perhaps the only certainty about the country’s political and economic future was that, in three weeks, a far-right political outsider with little governing experience was set to take the reins of a government that he has vowed to upend.

Persons: Javier Milei, Argentina’s Organizations: Argentine

☆ Argentina's new president Javier Milei thinks adopting the US dollar can rescue its screwed economy
▼ + stars: | 2023-11-20 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

He thinks replacing the peso with the dollar can tame hyperinflation and revive the battered economy. Prominent economist Steve Hanke — a champion of Milei's dollarization drive — posted on X after the results were announced that the candidate's proposal was "clearly a vote-getter." REBUILDING ARG'S ECONOMY = DOLLARIZATION. AdvertisementDespite its economic woes, Argentina's economy was worth $633 billion in 2022, making it the world's 23rd-largest economy. Critics of Milei's dollarization plans cite major challenges for Argentina against its backdrop of hyperinflation, economic crises, and political instability.

Persons: Javier Milei, —, Javier Milei's, Milei, Milei's, dollarize, Steve Hanke —, Milei’s, Steve Hanke, Milei's dollarization, There's, Markus Jaeger, Jaeger Organizations: Service, Johns Hopkins University, Argentine, Argentina, International Monetary Fund, Business Locations: Argentina, Argentine

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