Argentina has reduced its benchmark interest rate for the sixth time under President Javier Milei, reflecting confidence in the country's slowing inflation and a strategy to shrink the central bank’s debt-laden balance sheet. <o:p></o:p>

According to Bloomberg News, the central bank announced on Tuesday that the key rate was lowered from 50 per cent to 40 per cent, continuing a downward trend from a peak of 133 per cent last December.<o:p></o:p>

Since Milei took office on December 10, Argentina’s monthly inflation has shown signs of easing, dropping to 8.8 per cent in April from a 26 per cent in December. <o:p></o:p>

Milei's economic team projects that consumer price increases will further decline to 3.8 per cent by September, a forecast more optimistic than the 5.8 per cent anticipated by analysts in a central bank survey.<o:p></o:p>

Despite these monthly improvements, Argentina’s annual inflation rate remains alarmingly high at 289.4 per cent as of April, marking the highest level in nearly three decades. <o:p></o:p>

This persistent inflationary pressure underscores the complexity of the economic challenges facing Milei’s administration.<o:p></o:p>

The latest rate cut follows the International Monetary Fund’s (IMF) staff approval of the eighth review of Argentina’s $44 billion financial program. <o:p></o:p>

If endorsed by the IMF’s executive board, this approval would provide Argentina with approximately $800 million to help meet its debt obligations to the IMF.<o:p></o:p>

Milei’s approach to monetary policy contrasts with the IMF’s typical advice, which generally advocates for maintaining real positive interest rates. <o:p></o:p>

However, Argentine officials argue that reducing borrowing costs will enable the central bank to manage its balance sheet more effectively by absorbing excess liquidity. <o:p></o:p>

This step is seen as crucial before the eventual lifting of capital controls.<o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

Argentina has reduced its benchmark interest rate for the sixth time under President Javier Milei, reflecting confidence in the country's slowing inflation and a strategy to shrink the central bank’s debt-laden balance sheet.

Argentina has reduced its benchmark interest rate for the sixth time under President Javier Milei, reflecting confidence in the country's slowing inflation and a strategy to shrink the central bank’s debt-laden balance sheet. According to Bloomberg News, the central bank announced on Tuesday that the key rate was lowered from 50 per cent to 40 per cent, continuing a downward trend from a peak of 133 per cent last December. Since Milei took office on December 10, Argentina’s monthly inflation has shown signs of easing, dropping to 8.8 per cent in April from a 26 per cent in December. Milei's economic team projects that consumer price increases will further decline to 3.8 per cent by September, a forecast more optimistic than the 5.8 per cent anticipated by analysts in a central bank survey. Despite these monthly improvements, Argentina’s annual inflation rate remains alarmingly high at 289.4 per cent as of April, marking the highest level in nearly three decades. This persistent inflationary pressure underscores the complexity of the economic challenges facing Milei’s administration. The latest rate cut follows the International Monetary Fund’s (IMF) staff approval of the eighth review of Argentina’s $44 billion financial program. If endorsed by the IMF’s executive board, this approval would provide Argentina with approximately $800 million to help meet its debt obligations to the IMF. Milei’s approach to monetary policy contrasts with the IMF’s typical advice, which generally advocates for maintaining real positive interest rates. However, Argentine officials argue that reducing borrowing costs will enable the central bank to manage its balance sheet more effectively by absorbing excess liquidity. This step is seen as crucial before the eventual lifting of capital controls. (With inputs from Bloomberg)

Argentina slashes interest rates to 40 per cent amid slowing inflation

A passenger train crashed into a maintenance train in Buenos Aires on Friday, leaving at least 30 people hospitalised, two of whom were in serious condition, emergency officials said.

The SAME emergency service said that firefighters had evacuated everyone on the passenger train after the accident in the suburb of Palermo.

"There are no fatalities. Dogs have combed through the wagons. We assisted 90 passengers, 30 of whom were transferred to hospitals, two of them with head trauma who were evacuated by helicopter," said SAME official Alberto Crescenti, speaking at the scene.

The accident took place at 10.30 am local time, when the urban train crashed into a maintenance train that, for unknown reasons, was stopped on the tracks.

"For now there is not enough information about the mechanics of the accident," said Buenos Aires Mayor Jorge Macri, also on the scene.

A passenger train crashed into a maintenance train in Buenos Aires on Friday, leaving at least 30 people hospitalised, two of whom were in serious condition, emergency officials said.

A passenger train crashed into a maintenance train in Buenos Aires on Friday, leaving at least 30 people hospitalised, two of whom were in serious condition, emergency officials said. The SAME emergency service said that firefighters had evacuated everyone on the passenger train after the accident in the suburb of Palermo. "There are no fatalities. Dogs have combed through the wagons. We assisted 90 passengers, 30 of whom were transferred to hospitals, two of them with head trauma who were evacuated by helicopter," said SAME official Alberto Crescenti, speaking at the scene. The accident took place at 10.30 am local time, when the urban train crashed into a maintenance train that, for unknown reasons, was stopped on the tracks. "For now there is not enough information about the mechanics of the accident," said Buenos Aires Mayor Jorge Macri, also on the scene.

Train crash in Argentine capital leaves 30 injured

Argentina is grappling with the world's highest inflation rate. To cope, the country's central bank just launched its biggest banknote ever – the 10,000 Peso bill. This is five times larger than the previous top denomination.

Argentina issues 10,000 Peso bill to combat world's highest inflation

The napkin upon which Lionel Messi signed his first-ever unofficial Barcelona contract is up for sale and the bidding has started at a whopping price of $275,000.

The napkin upon which Lionel Messi signed his first-ever unofficial Barcelona contract is up for sale and the bidding has started at a whopping price of $275,000. The world-famous napkin and its lore has been shared numerous times throughout the years but collectors now have the opportunity to get their hands on the extraordinary piece of history. London-based auction house Bonhams has started the bidding which will run until May 17. Experts are of the view that the napkin might fetch anywhere between $375,000 to $625,000. What is the story behind the napkin? Lionel Messi was born in 1987 into a working-class family in Rosario, about 300 kilometres north of Buenos Aires. Barcelona spotted Messi when he was just 13 and recognised that he had the qualities to become an all-timer. However, not everyone in the upper hierarchy of the club was convinced of signing an unknown South American kid. They kept dragging the deal, which made Messi's father impatient. On 14 December 2000, a fateful meeting occurred between Carles Rexach, Barca's sporting director, and agents Josep Minguella and Horacio Gaggioli at the Barcelona tennis club. Also read | Lionel Messi magic hits MLS as Inter Miami crush New York Red Bulls in marathon win Rexach confirmed the club's interest by reaching out for the napkin and writing on it with blue ink, what would become an iconic piece of football memorabilia. "In Barcelona, on December 14, 2000, and in the presence of the gentleman (the agent, Josep Maria) Minguella and Horacio (Gaggioli), Carles Rexach, technical secretary of FCB, commits under his responsibility, despite the opinion of others who are against signing Lionel Messi, as long as the agreed fees are maintained." Gaggioli held on the piece for almost 25 years until deciding to sell it. Messi's formal contract was drawn up later, but this napkin was the springboard to greatness for FC Barcelona. The signing of the contract changed not only the fortunes of Barcelona Football Club but also the footballing landscape as Messi would go on to sweep as many as eight Ballon d'Or's and win one of most memorable World Cups in recent memory. Also read | Lionel Messi called ‘possessed dwarf’ with the face of ‘devil’ by Monterrey coach Where is Messi currently? Messi is currently plying his trade in the Major League Soccer (MLS) where he is enjoying his football, away from the rigours of European football. However, the Argentine will be gearing up for the Copa America, scheduled to start next month where he will be defending his crown. Argentina won 2021 Copa America by beating Brazil at the Maracana, which would propel Messi to do the unthinkable on the world stage, two years later in Qatar. (With inputs from agencies)

Napkin on which Lionel Messi signed his Barcelona contract goes under the hammer. To be sold for...

Argentina has a new largest banknote, the 10,000 peso, which is five times the size of the previous top bill but still only worth around $10 as the South American country grapples with the world's highest inflation rate that is nearing 300 per cent.

The embattled country's central bank launched the new note on Tuesday, which it said will be rolled out gradually and features independence icons Manuel Belgrano and Maria Remedios del Valle, who were featured on previous smaller bills.

The bank said that the 10,000 peso note, along with an even larger 20,000 peso bill that would come into circulation near the end of the year, would "facilitate transactions between users", simplify financial system logistics and cut costs.

Argentina's triple-digit inflation and steadily depreciating peso currency has over years drained the value of the local tender, leading to a situation where people often carry huge stacks of cash with them to cover costs.

The current top 2,000 peso bill is worth just over $2 at the official exchange rate, far less valuable than the largest note in countries around the region and beyond. The 10,000 note is worth $11 at the official rate but just $9 at freely-accessible parallel rates used to get around strict capital controls.

New libertarian President Javier Milei, who took office in December, is trying to clean up an economic crisis he inherited after years of failure by governments on the left and right to stabilize the grains producing country's financial position.

His tough austerity measures and cost-cutting have helped lower monthly price rises faster than anticipated, even as annual inflation remains sky-high. That's let the central bank cut interest rates significantly over recent months.

Argentina has a new largest banknote, the 10,000 peso, which is five times the size of the previous top bill but still only worth around $10 as the South American country grapples with the world's highest inflation rate that is nearing 300 per cent.

Argentina has a new largest banknote, the 10,000 peso, which is five times the size of the previous top bill but still only worth around $10 as the South American country grapples with the world's highest inflation rate that is nearing 300 per cent. The embattled country's central bank launched the new note on Tuesday, which it said will be rolled out gradually and features independence icons Manuel Belgrano and Maria Remedios del Valle, who were featured on previous smaller bills. The bank said that the 10,000 peso note, along with an even larger 20,000 peso bill that would come into circulation near the end of the year, would "facilitate transactions between users", simplify financial system logistics and cut costs. Argentina's triple-digit inflation and steadily depreciating peso currency has over years drained the value of the local tender, leading to a situation where people often carry huge stacks of cash with them to cover costs. The current top 2,000 peso bill is worth just over $2 at the official exchange rate, far less valuable than the largest note in countries around the region and beyond. The 10,000 note is worth $11 at the official rate but just $9 at freely-accessible parallel rates used to get around strict capital controls. New libertarian President Javier Milei, who took office in December, is trying to clean up an economic crisis he inherited after years of failure by governments on the left and right to stabilize the grains producing country's financial position. His tough austerity measures and cost-cutting have helped lower monthly price rises faster than anticipated, even as annual inflation remains sky-high. That's let the central bank cut interest rates significantly over recent months.

Argentina launches biggest banknote of 10,000 peso worth only $10

Argentina corn farmers had high hopes for this season’s harvest after the end of years of drought. A record crop would also bode well for president Javier Milei’s plan to turn around the nation’s embattled economy. But the corn farmers now have a new enemy- leafhoppers. And the culprit for the growth of these leafhoppers is global warming...

Argentina: Leafhopper bug plagues corn fields in country

Thousands of Argentines took to the streets of Buenos Aires. It was an anti-government march against budget cuts to public universities.

Argentina: Thousands on streets after anger over budget cuts in public education

Iran on Wednesday (Apr 24) rejected Argentina's request to arrest Iranian Interior Minister Ahmad Vahidi over his alleged involvement in the 1994 bombing of a Jewish community centre in Buenos Aires that killed 85 people and injured over 300 others.

Iran on Wednesday (Apr 24) rejected Argentina's request to arrest Iranian Interior Minister Ahmad Vahidi over his alleged involvement in the 1994 bombing of a Jewish community centre in Buenos Aires that killed 85 people and injured over 300 others. Argentina had sought Vahidi's arrest in recent weeks and it escalated efforts to condemn Iran and its overseas militant network for the alleged involvement in the bombing, a report by the news agency Associated Press said. Without mentioning Vahidi's name, Iran's foreign ministry on Wednesday warned Argentina against making baseless accusations against citizens of other countries. On Tuesday, Argentina demanded that Pakistan should act on an Interpol red notice to arrest Vahidi during an official visit to Islamabad. Also read | Argentina's new President Milei to dismiss 70,000 government employees On Wednesday, the Iranian interior minister cut short his government trip to Southeast Asia, making an unexpected return to Tehran. Vahidi is wanted by the Interpol. Iran plotted the 1994 bombing: Argentina court Till now, no one has been convicted for the 1994 bombing. However, earlier this month, Argentina's highest criminal court ruled that Iran plotted the bombing. Judges had singled out three former Iranian officials for their involvement in the Jewish community centre attack, including Vahidi who at the time led the Revolutionary Guard’s expeditionary Quds Force. The court also said Tehran was behind the 1992 bombing of the Israeli embassy in Buenos Aires that killed 29 people. Also watch | Argentina: Thousands on streets after anger over budget cuts in public education × Both these decisions were hailed by Israel. Iranian Foreign Ministry spokesperson Nasser Kanani urged Argentina “not to be influenced by those who are enemies of our bilateral relations.” Iran has repeatedly denied any connection to the 1994 bombing. Argentina requests Vahidi's extradition On Tuesday, Argentina said it had coordinated with diplomats in Pakistan and India to request Vahidi’s detention and extradition to Buenos Aires. “They continue to hold positions of power with total impunity,” a government statement said. Hitting back, Kanani accused Argentina of making “illegal and false requests” to defame Iran. (With inputs from agencies)

1994 Jewish centre bombing: Iran rejects Argentina's request to arrest minister Ahmad Vahidi

Argentina’s President Javier Milei in a televised address from the presidential palace in Buenos Aires, announced the country’s first quarterly fiscal surplus since 2008, Bloomberg News reported.<o:p></o:p>

While economic challenges continue, Milei said that he would continue to maintain fiscal discipline, saying that the surplus marks a crucial moment in Argentina's pursuit of prosperity. <o:p></o:p>

"The fiscal surplus is the cornerstone from which we are building a new era of prosperity in Argentina," Bloomberg quoted Milei as saying.<o:p></o:p>

According to him, Argentina recorded a quarterly fiscal surplus equivalent to 0.2 per cent of gross domestic product (GDP) at the outset of the year, accompanied by a third consecutive monthly surplus in March. <o:p></o:p>

The announcement sparked optimism among investors, with Argentina bonds seeing a surge in value, driving gains across emerging markets. <o:p></o:p>

According to Bloomberg, Diego Ferro, the founder of M2M Capital in New York, lauded Argentina as a favourable investment opportunity following Milei's address, attributing the positive market response to the country's fiscal achievements. <o:p></o:p>

However, Ferro cautioned that continued structural reforms are essential to ensure the permanence of Argentina's fiscal stability, warning against reliance on short-term measures. <o:p></o:p>

Milei attributed Argentina's rare fiscal surplus to strict measures implemented by his administration, including heavy cuts to transfers to provincial governments and a major reduction in public works expenditure. <o:p></o:p>

The government also adopted cost-cutting measures while inflation rates increased, allowing nearly 300 per cent annual inflation to erode real public spending on wages and pensions. <o:p></o:p>

While Milei's approach has yielded positive fiscal outcomes, Adriana Dupita, deputy chief emerging markets economist with Bloomberg Economics, raised concerns about the sustainability of the strategy. <o:p></o:p>

Dupita highlighted the adverse impact of inflation on public sector salaries and pensions, cautioning against the prolonged erosion of purchasing power.<o:p></o:p>

Since assuming office, Milei has embarked on a series of bold economic reforms to revive&nbsp;Argentina's economy. <o:p></o:p>

These reforms include currency devaluation, restructuring of government ministries, deregulation of prices, and gradual reduction of energy and transport subsidies. <o:p></o:p>

These measures have contributed to a gradual slowdown in monthly inflation rates, marking initial progress towards stabilising the economy. <o:p></o:p>

In his televised address, Milei assured Argentines that their sacrifices would yield tangible benefits, promising a future characterised by reduced tax burdens and enhanced economic prosperity.<o:p></o:p>

As Argentina celebrates its first quarterly fiscal surplus in over a decade, Milei's administration faces mounting pressure to sustain momentum and implement long-term structural reforms. <o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

Argentina’s President Javier Milei in a televised address from the presidential palace in Buenos Aires, announced the country’s first quarterly fiscal surplus since 2008, Bloomberg News reported.

Argentina’s President Javier Milei in a televised address from the presidential palace in Buenos Aires, announced the country’s first quarterly fiscal surplus since 2008, Bloomberg News reported. While economic challenges continue, Milei said that he would continue to maintain fiscal discipline, saying that the surplus marks a crucial moment in Argentina's pursuit of prosperity. "The fiscal surplus is the cornerstone from which we are building a new era of prosperity in Argentina," Bloomberg quoted Milei as saying. According to him, Argentina recorded a quarterly fiscal surplus equivalent to 0.2 per cent of gross domestic product (GDP) at the outset of the year, accompanied by a third consecutive monthly surplus in March. The announcement sparked optimism among investors, with Argentina bonds seeing a surge in value, driving gains across emerging markets. According to Bloomberg, Diego Ferro, the founder of M2M Capital in New York, lauded Argentina as a favourable investment opportunity following Milei's address, attributing the positive market response to the country's fiscal achievements. However, Ferro cautioned that continued structural reforms are essential to ensure the permanence of Argentina's fiscal stability, warning against reliance on short-term measures. Milei attributed Argentina's rare fiscal surplus to strict measures implemented by his administration, including heavy cuts to transfers to provincial governments and a major reduction in public works expenditure. The government also adopted cost-cutting measures while inflation rates increased, allowing nearly 300 per cent annual inflation to erode real public spending on wages and pensions. While Milei's approach has yielded positive fiscal outcomes, Adriana Dupita, deputy chief emerging markets economist with Bloomberg Economics, raised concerns about the sustainability of the strategy. Dupita highlighted the adverse impact of inflation on public sector salaries and pensions, cautioning against the prolonged erosion of purchasing power. Since assuming office, Milei has embarked on a series of bold economic reforms to revive Argentina's economy. These reforms include currency devaluation, restructuring of government ministries, deregulation of prices, and gradual reduction of energy and transport subsidies. These measures have contributed to a gradual slowdown in monthly inflation rates, marking initial progress towards stabilising the economy. In his televised address, Milei assured Argentines that their sacrifices would yield tangible benefits, promising a future characterised by reduced tax burdens and enhanced economic prosperity. As Argentina celebrates its first quarterly fiscal surplus in over a decade, Milei's administration faces mounting pressure to sustain momentum and implement long-term structural reforms. (With inputs from Bloomberg)

Argentina celebrates its first quarterly budget surplus, President Milei promises continued fiscal discipline

Hindu deity Shiva 'the destroyer' has inspired the name of a titan dinosaur that roamed Argentina more than 90 million years ago. A fossil of the colossal creature named Bustingorrytitan Shiva was discovered late last year in western Argentina.

This newly discovered dinosaur, B. Shiva, is among the largest sauropods, and as per a study published December 18, 2023, in the journal Acta Palaeontologica Polonica, stretched an impressive 98 feet (29.87 metres) in length and is thought to have weighed about 74 tonnes.

This is what it looked like:

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<h2>Mega-Titanosaurs</h2>

Found in the North Patagonia region of southern South America, the discovery of B. shiva adds to the family of "megatitanosaurs"– enormous titanosaurs that exceeded 55 tonnes (50 metric tons). This finding indicates that such giant sauropods evolved separately within their lineage titanosaurs, said the study lead author María Edith Simón, a palaeontologist who ran the B. shiva excavation.

Also read |&nbsp;<a href="https://www.wionews.com/science/scientists-believe-uranus-and-neptune-are-ice-giants-but-a-new-study-hints-at-something-else-712635">Scientists believe Uranus and Neptune are 'ice giants,' but a new study hints at something else</a>

The remains of B. shiva were initially unearthed by a local farmer named Manuel Bustingorry in 2000, and subsequent excavations led by palaeontologist María Edith Simón have revealed at least four individual dinosaurs from this species.&nbsp;

These include a relatively complete skeleton alongside three other partial specimens, all dating back to the Huincul Formation, the same geological formation where the famous Argentinosaurus was discovered.

<h2>Bustingorrytitan Shiva</h2>

Unlike other known sauropods, B. shiva exhibits unique characteristics such as distinctively shaped crests on the humerus and femur, reports Live Science.&nbsp;

This differentiation suggests the presence of at least two gigantic titanosaur lineages — B. Shiva's saltasauroids and Argentinosaurus' lognkosaurs — coexisting in North Patagonia during the middle of the Cretaceous period(145 million to 66 million years ago).

Also read |&nbsp;<a href="https://www.wionews.com/science/when-small-dinosaurs-roamed-earth-scientists-discover-smallest-ever-titanosaur-species-712164">A 6-foot-tall dinosaur? Smallest-ever Titanosaurs to have walked the Earth discovered in Argentina</a>

"Ecologically, each of the sauropods were distinct from one another, with different teeth, heads and bodies," Simón told Live Science.&nbsp;

"This shows that they were all able to find a form where they could live without competing with one another."

The name "Bustingorrytitan" combines the surname of the farmer who found the fossils with "titan," a nod to the giants of Greek mythology.&nbsp;The species name "Shiva" as per&nbsp;Simón, references the supreme deity of Shaivism, who destroys and transforms the universe. &nbsp;

The cretaceous period, as per the study, saw the extinction of certain dinosaur groups such as early diplodocoid sauropods and certain titanosaurs and the rise of others, with B. Shiva's lineage surviving until the end of the Cretaceous period.

(With inputs from agencies)

Hindu deity Shiva 'the destroyer' has inspired the name of a titan dinosaur that roamed Argentina more than 90 million years ago. A fossil of the colossal creature named Bustingorrytitan Shiva was discovered late last year in western Argentina.

Hindu deity Shiva 'the destroyer' has inspired the name of a titan dinosaur that roamed Argentina more than 90 million years ago. A fossil of the colossal creature named Bustingorrytitan Shiva was discovered late last year in western Argentina. This newly discovered dinosaur, B. Shiva, is among the largest sauropods, and as per a study published December 18, 2023, in the journal Acta Palaeontologica Polonica, stretched an impressive 98 feet (29.87 metres) in length and is thought to have weighed about 74 tonnes. This is what it looked like: × Mega-Titanosaurs Found in the North Patagonia region of southern South America, the discovery of B. shiva adds to the family of "megatitanosaurs"– enormous titanosaurs that exceeded 55 tonnes (50 metric tons). This finding indicates that such giant sauropods evolved separately within their lineage titanosaurs, said the study lead author María Edith Simón, a palaeontologist who ran the B. shiva excavation. Also read | Scientists believe Uranus and Neptune are 'ice giants,' but a new study hints at something else The remains of B. shiva were initially unearthed by a local farmer named Manuel Bustingorry in 2000, and subsequent excavations led by palaeontologist María Edith Simón have revealed at least four individual dinosaurs from this species. These include a relatively complete skeleton alongside three other partial specimens, all dating back to the Huincul Formation, the same geological formation where the famous Argentinosaurus was discovered. Bustingorrytitan Shiva Unlike other known sauropods, B. shiva exhibits unique characteristics such as distinctively shaped crests on the humerus and femur, reports Live Science. This differentiation suggests the presence of at least two gigantic titanosaur lineages — B. Shiva's saltasauroids and Argentinosaurus' lognkosaurs — coexisting in North Patagonia during the middle of the Cretaceous period(145 million to 66 million years ago). Also read | A 6-foot-tall dinosaur? Smallest-ever Titanosaurs to have walked the Earth discovered in Argentina "Ecologically, each of the sauropods were distinct from one another, with different teeth, heads and bodies," Simón told Live Science. "This shows that they were all able to find a form where they could live without competing with one another." The name "Bustingorrytitan" combines the surname of the farmer who found the fossils with "titan," a nod to the giants of Greek mythology. The species name "Shiva" as per Simón, references the supreme deity of Shaivism, who destroys and transforms the universe. The cretaceous period, as per the study, saw the extinction of certain dinosaur groups such as early diplodocoid sauropods and certain titanosaurs and the rise of others, with B. Shiva's lineage surviving until the end of the Cretaceous period. (With inputs from agencies)

Megatitanosaur 'Shiva the destroyer' discovered in Argentina. This is what it looked like. Watch!

Argentina's libertarian president Javier Milei met billionaire Elon Musk on Friday. Visuals of their meeting has taken over the internet. The two men, often considered likeminded, met in Texas, home to the tycoon's Tesla electric car company.

Argentina president Javier Milei meets Elon Musk in Texas

Argentina’s central bank has cut its interest rate for the third time since president Javier Milei took office. Policymakers have lowered rates to 70% from 80%. Borrowing costs have fallen from 133% in December last year, when Milei took office.

Argentina's central bank lowers rates from 80% to 70%

Argentine President Javier Milei announced plans to dismiss 70,000 government employees in the coming months, showcasing his chainsaw-style approach to radically reduce the size of the state, according to&nbsp;Bloomberg report.

Milei boasted at an event that he's frozen public works, cut off some funding to regional governments and terminated more than 200,000 social welfare plans, which he labeled as corrupt.

It is all part of his planning to reach a fiscal balance at any cost this year, as per reports.

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"There's a lot of blender," Milei said in an speech at the IEFA Latam Forum in Buenos Aires, referring to the wearing down of wages and pensions by 276 per cent annual inflation. "There's a lot more chainsaw."

Milei's job cuts may put his high support ratings in jeopardy, even if they only affect a small portion of Argentina's 3.5 million public sector workers. The country's strong labour unions will undoubtedly oppose them.&nbsp;

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A government investigation revealed that after he took office in December, workers in the private sector had the biggest one-month wage reduction in at least three decades. Meanwhile, one union that represents certain government employees went on strike on Tuesday.

The leader of the state workers union ATE quickly shot back on X, announcing a national strike without providing further details.

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Milei cited polls showing Argentines are more optimistic about the economy's future, while a recent indicator of the public confidence in the government rose despite his austerity measures.

"People have hope, they're seeing the light at the end of the tunnel," said Milei.

(With inputs from agencies)

Argentine President Javier Milei announced plans to dismiss 70,000 government employees in the coming months, showcasing his chainsaw-style approach to radically reduce the size of the state, according to Bloomberg report.

Argentine President Javier Milei announced plans to dismiss 70,000 government employees in the coming months, showcasing his chainsaw-style approach to radically reduce the size of the state, according to Bloomberg report. Milei boasted at an event that he's frozen public works, cut off some funding to regional governments and terminated more than 200,000 social welfare plans, which he labeled as corrupt. It is all part of his planning to reach a fiscal balance at any cost this year, as per reports. Also read: Sam Bankman-Fried jailed for 25 years for $8bn theft from FTX customers "There's a lot of blender," Milei said in an speech at the IEFA Latam Forum in Buenos Aires, referring to the wearing down of wages and pensions by 276 per cent annual inflation. "There's a lot more chainsaw." Milei's job cuts may put his high support ratings in jeopardy, even if they only affect a small portion of Argentina's 3.5 million public sector workers. The country's strong labour unions will undoubtedly oppose them. Also read: Biden fundraiser with Obama and Clinton could 'set a record' by raising $25 million A government investigation revealed that after he took office in December, workers in the private sector had the biggest one-month wage reduction in at least three decades. Meanwhile, one union that represents certain government employees went on strike on Tuesday. The leader of the state workers union ATE quickly shot back on X, announcing a national strike without providing further details. Also read: Moscow concert hall attack: Two suspects reportedly appeal pre-trial detention Milei cited polls showing Argentines are more optimistic about the economy's future, while a recent indicator of the public confidence in the government rose despite his austerity measures. "People have hope, they're seeing the light at the end of the tunnel," said Milei. (With inputs from agencies)

Argentina's new President Milei to dismiss 70,000 government employees

Colombia has ordered the expulsion of Argentine diplomats from their embassy in Bogota over “denigrating” comments and “offending the dignity” of their President Gustavo Petro, said the Andean nation’s foreign ministry, on Wednesday (Mar 27).&nbsp;

<h2>‘Denigrating’ comments</h2>

The statement by the Colombian foreign ministry came after Argentine President Javier Milei called his Colombian counterpart&nbsp;Petro a “terrorist,” “murderer,” and “communist,” in an interview with CNN, which has not yet been aired in full.

“Mr Petro, well, you can’t expect much from someone who was a terrorist killer, a Communist,” said Milei during the interview.&nbsp;

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“The Argentine president’s comments have deteriorated the trust of our nation, in addition to offending the dignity of President Petro, who was democratically elected,” said the Colombian foreign ministry.

During the interview, Milei also took a swipe at other leaders in the region including his Mexican counterpart Andres Manuel Lopez Obrador.

Colombia’s foreign ministry did not specify the number of diplomats that will be expelled or how many are currently present in the country, but said that the expulsion would be communicated to Argentina through “diplomatic channels”.

<h2>Milei-Petro Row</h2>

This is not the first time that the Argentine president’s remarks have sparked a row between the two countries. In January, Colombia recalled its ambassador to Argentina after Milei called Petro a “murderous communist who is sinking Colombia.”

At the time, Petro taking a shot at Milei said that those attacking him had “no idea what is communism and what is socialism.”&nbsp;

“We believe and want the means of production to be in the hands of the people and not the state,” said the Colombian president.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/world/nonsense-putin-rubbishes-idea-of-russia-attacking-nato-countries-but-warns-that-f-16s-705166">'Nonsense': Putin rubbishes idea of Russia attacking NATO countries but warns that F-16s...</a>

Petro is the country’s first leftist president who was a member of the long-demobilised M-19 guerrilla movement. It is believed that Milei’s remarks were referring to Petro’s armed group past in a recent interview with CNN.&nbsp;

The incumbent Colombian president, a former urban guerrilla, took office in August 2022. Petro said the goal is “total peace” in a country which has been ravaged by decades of fighting between multiple groups, including leftist guerillas, right-wing paramilitaries, and drug gangs.&nbsp;

(With inputs from agencies)

Colombia has ordered the expulsion of Argentine diplomats from their embassy in Bogota over “denigrating” comments and “offending the dignity” of their President Gustavo Petro, said the Andean nation’s foreign ministry, on Wednesday (Mar 27).

Colombia has ordered the expulsion of Argentine diplomats from their embassy in Bogota over “denigrating” comments and “offending the dignity” of their President Gustavo Petro, said the Andean nation’s foreign ministry, on Wednesday (Mar 27). ‘Denigrating’ comments The statement by the Colombian foreign ministry came after Argentine President Javier Milei called his Colombian counterpart Petro a “terrorist,” “murderer,” and “communist,” in an interview with CNN, which has not yet been aired in full. “Mr Petro, well, you can’t expect much from someone who was a terrorist killer, a Communist,” said Milei during the interview. Also Read | Canada school boards file $4.5 billion lawsuit against Snapchat, TikTok, Meta for 'deliberately' harming kids “The Argentine president’s comments have deteriorated the trust of our nation, in addition to offending the dignity of President Petro, who was democratically elected,” said the Colombian foreign ministry. During the interview, Milei also took a swipe at other leaders in the region including his Mexican counterpart Andres Manuel Lopez Obrador. Colombia’s foreign ministry did not specify the number of diplomats that will be expelled or how many are currently present in the country, but said that the expulsion would be communicated to Argentina through “diplomatic channels”. Milei-Petro Row This is not the first time that the Argentine president’s remarks have sparked a row between the two countries. In January, Colombia recalled its ambassador to Argentina after Milei called Petro a “murderous communist who is sinking Colombia.” At the time, Petro taking a shot at Milei said that those attacking him had “no idea what is communism and what is socialism.” “We believe and want the means of production to be in the hands of the people and not the state,” said the Colombian president. Also Read | 'Nonsense': Putin rubbishes idea of Russia attacking NATO countries but warns that F-16s... Petro is the country’s first leftist president who was a member of the long-demobilised M-19 guerrilla movement. It is believed that Milei’s remarks were referring to Petro’s armed group past in a recent interview with CNN. The incumbent Colombian president, a former urban guerrilla, took office in August 2022. Petro said the goal is “total peace” in a country which has been ravaged by decades of fighting between multiple groups, including leftist guerillas, right-wing paramilitaries, and drug gangs. (With inputs from agencies)

Colombia orders expulsion of Argentine diplomats after Milei calls President Gustavo Petro ‘terrorist’

Lionel Messi helped rescue an Argentine grandmother from Hamas abductors, sounds fake right? But it's true. After Hamas took 250 Israelis and soldiers were taken as hostages, a 90-year-old was among them. Watch the video to know her story.

How Messi saved a 90-year-old Grandma from Hamas abductors

Argentina meanwhile is battling a surge in Dengue cases which is surpassed last year's records. It also reflects a wider worry around South America where warmer and wetter weather has led to an uptake in the number of cases.

Dengue outbreak in Argentina, over 120,000 cases recorded in 2023-24

Dengue outbreak in Argentina to break previous records

Argentina captain Lionel Messi is out of this month's friendlies in the United States due to a hamstring injury, the country's FA (AFA) said on Monday (March 18).

The 36-year-old forward missed Inter Miami's Major League Soccer game at DC United on Saturday after coming off injured in their midweek CONCACAF Champions League win against Nashville.

Also Read:&nbsp;<a href="https://www.wionews.com/sports/fa-cup-one-arrested-for-tragedy-chanting-during-liverpool-vs-manchester-united-match-701541">FA Cup: One arrested for ‘tragedy chanting’ during Liverpool vs Manchester United match</a>

Messi is the latest absence for Lionel Scaloni's side following injuries to AS Roma forward Paulo Dybala, Bayer Leverkusen midfielder Exequiel Palacios and Bournemouth defender Marcos Senesi.

Argentina face El Salvador on Friday at Lincoln Financial Field in Philadelphia before playing Costa Rica four days later at the Los Angeles Coliseum.

Gabriel out of Brazil friendlies

Brazil centre back Gabriel Magalhaes will miss their upcoming friendly matches against England and Spain due to an injury, with Gleison Bremer named as his replacement, coach Dorival Junior said on Monday (March 18).

The 26-year-old Arsenal defender, capped six times for his country, had been included in the 26-man squad announced on Saturday.

Gabriel is the latest absence for Brazil following injuries to Arsenal winger Gabriel Martinelli, Manchester United midfielder Casemiro, Manchester City goalkeeper Ederson and Paris St Germain defender Marquinhos.

Bremer has made three appearances for Brazil.

Brazil travel to Wembley to play England on Saturday (March 23), followed by a visit to the Santiago Bernabeu on March 26 to face Spain.

Argentina captain Lionel Messi is out of this month's friendlies in the United States due to a hamstring injury, the country's FA (AFA) said on Monday (March 18).

Argentina captain Lionel Messi is out of this month's friendlies in the United States due to a hamstring injury, the country's FA (AFA) said on Monday (March 18). The 36-year-old forward missed Inter Miami's Major League Soccer game at DC United on Saturday after coming off injured in their midweek CONCACAF Champions League win against Nashville. Also Read: FA Cup: One arrested for ‘tragedy chanting’ during Liverpool vs Manchester United match Messi is the latest absence for Lionel Scaloni's side following injuries to AS Roma forward Paulo Dybala, Bayer Leverkusen midfielder Exequiel Palacios and Bournemouth defender Marcos Senesi. Argentina face El Salvador on Friday at Lincoln Financial Field in Philadelphia before playing Costa Rica four days later at the Los Angeles Coliseum. Gabriel out of Brazil friendlies Brazil centre back Gabriel Magalhaes will miss their upcoming friendly matches against England and Spain due to an injury, with Gleison Bremer named as his replacement, coach Dorival Junior said on Monday (March 18). The 26-year-old Arsenal defender, capped six times for his country, had been included in the 26-man squad announced on Saturday. Gabriel is the latest absence for Brazil following injuries to Arsenal winger Gabriel Martinelli, Manchester United midfielder Casemiro, Manchester City goalkeeper Ederson and Paris St Germain defender Marquinhos. Bremer has made three appearances for Brazil. Brazil travel to Wembley to play England on Saturday (March 23), followed by a visit to the Santiago Bernabeu on March 26 to face Spain.

Lionel Messi out of Argentina friendlies with injury; Gabriel out for Brazil

Argentina's Senate dealt a significant blow to President Javier Milei's ambitious economic agenda by rejecting his extensive "mega decree" of reforms, signalling a setback for his efforts to address the country's economic challenges. <o:p></o:p>

Despite Milei's minority presence in Congress, his decree, encompassing over 600 articles and spanning from privatisations to labour reforms, failed to secure approval in the Senate, with a vote count of 42 against to 25 in favour, along with four abstentions. <o:p></o:p>

The fate of the decree now hinges on the decision of Argentina's lower house, where Milei's party also holds a minority.<o:p></o:p>

Milei's shock treatment approach, initiated shortly after assuming office in December, sought to tackle Argentina's entrenched economic issues head-on, including a drastic devaluation of the local peso by over 50 per cent. <o:p></o:p>

While these measures aimed to address fiscal and trade imbalances, they also aggravated the hardships faced by the population. <o:p></o:p>

Notably, the country witnessed an annual inflation rate of 276 per cent last month, coupled with poverty levels soaring to 57 per cent of the population, underscoring the profound socio-economic impact of Milei's policies.<o:p></o:p>

Thursday's legislative defeat marks the second setback for Milei, following the previous month's rejection of a broader reform package. <o:p></o:p>

Despite attempts to garner support through a trimmed-down version of the decree, which excludes the privatisation of YPF SA and introduces alterations to emergency powers and pension calculations, Milei's revised approach faces mounting opposition. <o:p></o:p>

According to Bloomberg, the Senate's decision reflects a growing apprehension among lawmakers and investors regarding Milei's legislative strategy amid escalating economic turmoil.<o:p></o:p>

Opposition lawmakers, particularly from the Peronist party, exerted pressure on Vice President Victoria Villarruel to expedite the vote on the decree since January, culminating in its rejection in the Senate. <o:p></o:p>

Despite the government's condemnation of the rushed proceedings, citing concerns over unilateral decisions by certain political groups, the momentum against Milei's decree proved challenging. <o:p></o:p>

With Milei's party holding a minority presence in both legislative chambers, the path forward for his economic reforms remains uncertain.<o:p></o:p>

The unravelling of Milei's economic decree indicates the complexities of implementing radical reforms in Argentina's volatile political and economic landscape. <o:p></o:p>

While Milei's unorthodox approach garnered attention for its audacity, the resistance from lawmakers and uncertainties surrounding its efficacy have heightened anxieties among investors and citizens alike. <o:p></o:p>

(With inputs from Reuters and Bloomberg)<o:p></o:p>

Argentina's Senate dealt a significant blow to President Javier Milei's ambitious economic agenda by rejecting his extensive "mega decree" of reforms, signalling a setback for his efforts to address the country's economic challenges.

Argentina's Senate dealt a significant blow to President Javier Milei's ambitious economic agenda by rejecting his extensive "mega decree" of reforms, signalling a setback for his efforts to address the country's economic challenges. Despite Milei's minority presence in Congress, his decree, encompassing over 600 articles and spanning from privatisations to labour reforms, failed to secure approval in the Senate, with a vote count of 42 against to 25 in favour, along with four abstentions. The fate of the decree now hinges on the decision of Argentina's lower house, where Milei's party also holds a minority. Milei's shock treatment approach, initiated shortly after assuming office in December, sought to tackle Argentina's entrenched economic issues head-on, including a drastic devaluation of the local peso by over 50 per cent. While these measures aimed to address fiscal and trade imbalances, they also aggravated the hardships faced by the population. Notably, the country witnessed an annual inflation rate of 276 per cent last month, coupled with poverty levels soaring to 57 per cent of the population, underscoring the profound socio-economic impact of Milei's policies. Thursday's legislative defeat marks the second setback for Milei, following the previous month's rejection of a broader reform package. Despite attempts to garner support through a trimmed-down version of the decree, which excludes the privatisation of YPF SA and introduces alterations to emergency powers and pension calculations, Milei's revised approach faces mounting opposition. According to Bloomberg, the Senate's decision reflects a growing apprehension among lawmakers and investors regarding Milei's legislative strategy amid escalating economic turmoil. Opposition lawmakers, particularly from the Peronist party, exerted pressure on Vice President Victoria Villarruel to expedite the vote on the decree since January, culminating in its rejection in the Senate. Despite the government's condemnation of the rushed proceedings, citing concerns over unilateral decisions by certain political groups, the momentum against Milei's decree proved challenging. With Milei's party holding a minority presence in both legislative chambers, the path forward for his economic reforms remains uncertain. The unravelling of Milei's economic decree indicates the complexities of implementing radical reforms in Argentina's volatile political and economic landscape. While Milei's unorthodox approach garnered attention for its audacity, the resistance from lawmakers and uncertainties surrounding its efficacy have heightened anxieties among investors and citizens alike. (With inputs from Reuters and Bloomberg)

Argentina Senate deals blow to Milei's economic decree. Here’s what happened

Heavy rains in Argentina caused flash floods and disrupted air traffic the rains caused cancellation of dozens of flights and power outrages and thousands of homes claiming the life of at least one person. Watch to know more!

Argentina Floods: Orange alert issued in Argentine capital region

UNICEF has issued a stark warning about the dire trajectory of child poverty in Argentina, cautioning that without a change in course, the country's child poverty rate could soar to 70 per cent in the first quarter of this year.

The report, released on Tuesday, highlights the profound impact of high inflation, weakening economic growth, and austerity measures on Argentina's most vulnerable population.

According to UNICEF, the poverty rate has surged rapidly from 57 per cent at the close of last year, with extreme poverty projected to reach 34 per cent, up from 19.4 per cent. This alarming trend highlights the urgent need for increased spending to safeguard the well-being of children.

Sebastian Waisgrais, UNICEF's Social Inclusion and Monitoring Specialist, expressed grave concerns about the potential repercussions of persisting with current policies.

"If current trends continue, the prevalence of poverty in children and adolescents in the first quarter of 2024 would reach values around 70 per cent," he cautioned, emphasising the profound implications for both current and long-term well-being.

The stark figures underscore the urgency of addressing the root causes of poverty and implementing measures to mitigate its devastating effects on Argentina's youth.

Argentina's new right-wing libertarian President, Javier Milei, has advocated for austerity measures to address the country's deep fiscal deficit and stabilise the economy.

However, these policies have come at a steep cost, exacerbating poverty levels and stifling economic growth.

Milei, who assumed office in December, faces the daunting challenge of curbing inflation, which has surged to over 250 per cent, severely eroding the purchasing power of citizens and exacerbating poverty.

Despite the imperative to address fiscal constraints, UNICEF has called for a prioritisation of children's welfare in policymaking.

Waisgrais stressed the importance of safeguarding children and adolescents amidst the country's fiscal challenges.

"Being fully aware of the fiscal restrictions that the country is facing, UNICEF asks that children and adolescents are prioritised," he remarked, urging greater investment in initiatives and welfare programs aimed at protecting vulnerable youth.

The report puts a spotlight on the critical need for targeted interventions to prevent a further escalation of poverty among Argentina's children.

(With input from Reuters)

UNICEF has issued a stark warning about the dire trajectory of child poverty in Argentina, cautioning that without a change in course, the country's child poverty rate could soar to 70 per cent in the first quarter of this year.

UNICEF has issued a stark warning about the dire trajectory of child poverty in Argentina, cautioning that without a change in course, the country's child poverty rate could soar to 70 per cent in the first quarter of this year. The report, released on Tuesday, highlights the profound impact of high inflation, weakening economic growth, and austerity measures on Argentina's most vulnerable population. According to UNICEF, the poverty rate has surged rapidly from 57 per cent at the close of last year, with extreme poverty projected to reach 34 per cent, up from 19.4 per cent. This alarming trend highlights the urgent need for increased spending to safeguard the well-being of children. Sebastian Waisgrais, UNICEF's Social Inclusion and Monitoring Specialist, expressed grave concerns about the potential repercussions of persisting with current policies. "If current trends continue, the prevalence of poverty in children and adolescents in the first quarter of 2024 would reach values around 70 per cent," he cautioned, emphasising the profound implications for both current and long-term well-being. The stark figures underscore the urgency of addressing the root causes of poverty and implementing measures to mitigate its devastating effects on Argentina's youth. Argentina's new right-wing libertarian President, Javier Milei, has advocated for austerity measures to address the country's deep fiscal deficit and stabilise the economy. However, these policies have come at a steep cost, exacerbating poverty levels and stifling economic growth. Milei, who assumed office in December, faces the daunting challenge of curbing inflation, which has surged to over 250 per cent, severely eroding the purchasing power of citizens and exacerbating poverty. Despite the imperative to address fiscal constraints, UNICEF has called for a prioritisation of children's welfare in policymaking. Waisgrais stressed the importance of safeguarding children and adolescents amidst the country's fiscal challenges. "Being fully aware of the fiscal restrictions that the country is facing, UNICEF asks that children and adolescents are prioritised," he remarked, urging greater investment in initiatives and welfare programs aimed at protecting vulnerable youth. The report puts a spotlight on the critical need for targeted interventions to prevent a further escalation of poverty among Argentina's children. (With input from Reuters)

UNICEF warns of alarming rise in child poverty in Argentina

Argentina's main petroleum-producing provinces have threatened to cut supplies to the rest of the country over funding cuts ordered by President Javier Milei.

"Not a drop of oil will come out on Wednesday if they don't respect the provinces once and for all and take their foot off our back," Governor Ignacio Torres of southern Chubut province told television channel C5N on Saturday.

Torres and counterparts from five other Patagonian provinces announced Friday that "if the Economy Ministry does not deliver its (financial) resources to Chubut, then Chubut will not deliver its oil and gas."

The provincial leaders were angered by the austerity-minded Milei's insistence on withholding from Chubut some 13.5 billion pesos ($15.3 million) in monthly transfers of federal tax revenues.&nbsp;

Economy Minister Luis Caputo argued on X that the cut was necessary to collect on unpaid debt from Chubut to the federal government -- and that 10 other provinces also owe money.

In a message on X, the former Twitter, Milei denounced the southern leaders as "fiscal degenerates."&nbsp; 
 
Argentina is the world's 39th largest exporter of crude oil and the 20th largest of gas. It imports refined fuels for internal consumption.

Milei, who was flying Saturday to the United States to attend a conservative gathering to be addressed by Donald Trump, took to X -- in scores of posts -- to blast Torres by his nickname, denouncing "Nacho and his accomplices."

He reminded them of an article in the penal code providing for jail sentences of up to two years for anyone hindering energy supplies.

A statement from the president's office denounced "the waste of the provinces that refuse to reduce unnecessary expenses" and referred to the provinces' opposition as "a Chavista threat."

Hours later, Torres responded: "I hope there is a channel for dialogue. The problem is that you don't know who to talk to."

The dispute arises amid growing protests over price and fee increases as the new president promotes extensive deregulations and drastic fiscal adjustment.

Argentina's main petroleum-producing provinces have threatened to cut supplies to the rest of the country over funding cuts ordered by President Javier Milei. "Not a drop of oil will come out on Wednesday if they don't respect the provinces once and for all and take their foot off our back," Governor Ignacio Torres of southern Chubut province told television channel C5N on Saturday.

Argentina's main petroleum-producing provinces have threatened to cut supplies to the rest of the country over funding cuts ordered by President Javier Milei. "Not a drop of oil will come out on Wednesday if they don't respect the provinces once and for all and take their foot off our back," Governor Ignacio Torres of southern Chubut province told television channel C5N on Saturday. Torres and counterparts from five other Patagonian provinces announced Friday that "if the Economy Ministry does not deliver its (financial) resources to Chubut, then Chubut will not deliver its oil and gas." The provincial leaders were angered by the austerity-minded Milei's insistence on withholding from Chubut some 13.5 billion pesos ($15.3 million) in monthly transfers of federal tax revenues. Economy Minister Luis Caputo argued on X that the cut was necessary to collect on unpaid debt from Chubut to the federal government -- and that 10 other provinces also owe money. In a message on X, the former Twitter, Milei denounced the southern leaders as "fiscal degenerates." Argentina is the world's 39th largest exporter of crude oil and the 20th largest of gas. It imports refined fuels for internal consumption. Milei, who was flying Saturday to the United States to attend a conservative gathering to be addressed by Donald Trump, took to X -- in scores of posts -- to blast Torres by his nickname, denouncing "Nacho and his accomplices." He reminded them of an article in the penal code providing for jail sentences of up to two years for anyone hindering energy supplies. A statement from the president's office denounced "the waste of the provinces that refuse to reduce unnecessary expenses" and referred to the provinces' opposition as "a Chavista threat." Hours later, Torres responded: "I hope there is a channel for dialogue. The problem is that you don't know who to talk to." The dispute arises amid growing protests over price and fee increases as the new president promotes extensive deregulations and drastic fiscal adjustment.

Oil-rich Argentine provinces threaten to cut supply in dispute with Milei

Argentina under its libertarian president Javier Milei achieved a budget surplus in January, the first full month of his presidency.

Argentina achieves first budget surplus since 2012

Troubling news emerges from Argentina as a new study reveals a startling reality under Javier Milei's administration. Poverty levels have surged, marking the highest in two decades. Watch to know more!

Argentina's poverty rate hits 20-year high

A recent study conducted by the Catholic University of Argentina (UCA) has revealed alarming statistics, indicating that poverty levels in Argentina have surged to 57.4 per cent, marking the highest recorded figure in at least two decades. <o:p></o:p>

The report, cited by local media outlets, underscores the economic challenges faced by the South American nation, exacerbated by currency devaluation and subsequent price hikes.<o:p></o:p>

"The true inheritance of the caste model: Six out of every 10 Argentines are poor," remarked President Javier Milei, a libertarian figure, expressing dismay over the grim reality highlighted in the report. <o:p></o:p>

Milei's comments reflect growing discontent among Argentinians grappling with economic hardships and disillusionment with traditional political structures.<o:p></o:p>

President Milei, who assumed office with promises of radical economic reforms, initiated sweeping changes aimed at stabilising the economy, curbing hyperinflation, and addressing fiscal deficits.<o:p></o:p>

However, the implementation of policies including a 54 per cent peso devaluation against the US dollar and cuts to energy and transportation subsidies triggered a sharp increase in prices, significantly impacting the purchasing power of Argentinians.<o:p></o:p>

In response to the economic turmoil, Milei's administration unveiled measures to achieve fiscal balance, including tax hikes and the elimination of benefits for political elites, whom he refers to as "the caste."<o:p></o:p>

These initiatives, while intended to address long-standing economic imbalances, have contributed to widespread social unrest and heightened financial distress among vulnerable segments of the population.<o:p></o:p>

Argentina's economy ministry has disclosed its most recent economic data, which shows a 518.41 billion peso ($620.85 million) budget surplus for January—the first positive amount since August 2012.

While this development signals a potential turnaround, it is juxtaposed against the backdrop of surging poverty levels, highlighting the complexity of Argentina's economic landscape and the challenges facing policymakers in fostering inclusive growth.<o:p></o:p>

Despite the efforts of President Milei's government to stabilise the economy, concerns persist regarding the long-term impact of austerity measures on vulnerable communities and the broader socio-economic picture of Argentine society. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

A recent study conducted by the Catholic University of Argentina (UCA) has revealed alarming statistics, indicating that poverty levels in Argentina have surged to 57.

A recent study conducted by the Catholic University of Argentina (UCA) has revealed alarming statistics, indicating that poverty levels in Argentina have surged to 57.4 per cent, marking the highest recorded figure in at least two decades. The report, cited by local media outlets, underscores the economic challenges faced by the South American nation, exacerbated by currency devaluation and subsequent price hikes. "The true inheritance of the caste model: Six out of every 10 Argentines are poor," remarked President Javier Milei, a libertarian figure, expressing dismay over the grim reality highlighted in the report. Milei's comments reflect growing discontent among Argentinians grappling with economic hardships and disillusionment with traditional political structures. President Milei, who assumed office with promises of radical economic reforms, initiated sweeping changes aimed at stabilising the economy, curbing hyperinflation, and addressing fiscal deficits. However, the implementation of policies including a 54 per cent peso devaluation against the US dollar and cuts to energy and transportation subsidies triggered a sharp increase in prices, significantly impacting the purchasing power of Argentinians. In response to the economic turmoil, Milei's administration unveiled measures to achieve fiscal balance, including tax hikes and the elimination of benefits for political elites, whom he refers to as "the caste." These initiatives, while intended to address long-standing economic imbalances, have contributed to widespread social unrest and heightened financial distress among vulnerable segments of the population. Argentina's economy ministry has disclosed its most recent economic data, which shows a 518.41 billion peso ($620.85 million) budget surplus for January—the first positive amount since August 2012. While this development signals a potential turnaround, it is juxtaposed against the backdrop of surging poverty levels, highlighting the complexity of Argentina's economic landscape and the challenges facing policymakers in fostering inclusive growth. Despite the efforts of President Milei's government to stabilise the economy, concerns persist regarding the long-term impact of austerity measures on vulnerable communities and the broader socio-economic picture of Argentine society. (With inputs from Reuters)

Argentina's poverty reaches 20-year peak during economic crisis, UCA study says

Argentina's push towards the U.S. Dollar will not be completed anytime soon. That's what the country's libertarian present Javier Milei has now hinted.

Argentina's dollarisation in backburner

Javier Milei, the newly elected far-right Argentine president, received a major setback on Tuesday (Feb 6) as his&nbsp;labour reforms package&nbsp;was blocked from advancing in the parliament and sent back for a rewrite.&nbsp;

According to reports, Milei's&nbsp;La Libertad Avanza (LLA) party, which controls only a small number of seats in the Congress, pulled the bill and&nbsp;obtained the adjournment of the session.

The move was necessitated after&nbsp;opposition lawmakers went on a rejection spree, culling several crucial proposals at an article-by-article vote.&nbsp;

After the setback, LLA said it would send the bill back to committees for further debate.&nbsp;Meanwhile, Oscar Zago, leader of the ruling party faction called out the governors for their betrayals.&nbsp;

“Betrayal will be costly and [LLA] will not allow the governors to extort the people to maintain their privileges,” the coalition wrote on X (formerly known as Twitter).&nbsp;

Notably, the opposition towards the bill continued even as the LLA dramatically scaled back on its previous version - removing&nbsp;more than two-thirds of its original 664 articles, to win over centrist lawmakers.

Despite the omissions, the new bill still included measures such as giving the nod to privatise two dozen state companies,&nbsp;strengthening penalties for road-blocking protests and relaxing some environmental protections.

<a href="https://www.wionews.com/videos/gravitas-who-is-javier-milei-argentinas-president-elect-660904">Watch |&nbsp;Gravitas: Who is Javier Milei, Argentina's president-elect?</a>

<iframe allowfullscreen="" autoplay="1" data-gtm-yt-inspected-20="true" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-who-is-javier-milei-argentinas-president-elect-660904/embed" width="560"></iframe>

After the setback, Milei, who is currently on a trip to Israel, issued a fiery response.&nbsp;

"Our government program was voted by 56 per cent of Argentines and we are not willing to negotiate it with those who destroyed the country," Milei posted.

"We know that it will not be easy to change a system in which politicians have enriched themselves at the expense of Argentines,"&nbsp;he added.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
LA CASTA CONTRA EL PUEBLO 
 
La casta se puso en contra del cambio que los argentinos votamos en las urnas. 
 
Sabemos que no va a ser fácil cambiar un sistema donde los políticos se hicieron ricos a costa de los argentinos que se levantan todos los días a trabajar. 
 
Nuestro programa…
— Javier Milei (@JMilei) <a href="https://twitter.com/JMilei/status/1755009359061344268?ref_src=twsrc%5Etfw">February 6, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

The Argentine president had earlier rationalised his decision saying the labour reforms were aimed at deregulating the South American country's&nbsp;economy which has been in a rut.

<h2>Milei's unexpected win</h2>

Milei managed a political upset in November last year by clinching Argentina's presidential run-off elections. Milei's campaign was marked by unconventional tactics, including wielding a chainsaw on the trail.&nbsp;

His economic proposals, notably the bold idea of "detonating" the central bank and endorsing the US dollar as the official currency, struck a chord with voters disillusioned with traditional politics and desperate for a transformative approach.&nbsp;

<a href="https://www.wionews.com/world/argentinas-new-far-right-president-ditches-brics-to-support-us-and-israel-674880" target="_blank">Also read | Argentina’s new far-right President Javier Milei ditches BRICS to ‘support US and Israel’</a>

While Milei's win resonated with a significant portion of the electorate frustrated with economic hardships, critics remain sceptical of his untested leadership and unconventional policy proposals.

After taking office in December, Milei has undertaken some drastic policy changes that include labour reforms as well as pulling out of the BRICS grouping.

(With inputs from agencies)

Javier Milei, the newly elected far-right Argentine president, received a major setback on Tuesday (Feb 6) as his labour reforms package was blocked from advancing in the parliament and sent back for a rewrite.

Javier Milei, the newly elected far-right Argentine president, received a major setback on Tuesday (Feb 6) as his labour reforms package was blocked from advancing in the parliament and sent back for a rewrite. According to reports, Milei's La Libertad Avanza (LLA) party, which controls only a small number of seats in the Congress, pulled the bill and obtained the adjournment of the session. The move was necessitated after opposition lawmakers went on a rejection spree, culling several crucial proposals at an article-by-article vote. After the setback, LLA said it would send the bill back to committees for further debate. Meanwhile, Oscar Zago, leader of the ruling party faction called out the governors for their betrayals. “Betrayal will be costly and [LLA] will not allow the governors to extort the people to maintain their privileges,” the coalition wrote on X (formerly known as Twitter). Notably, the opposition towards the bill continued even as the LLA dramatically scaled back on its previous version - removing more than two-thirds of its original 664 articles, to win over centrist lawmakers. Despite the omissions, the new bill still included measures such as giving the nod to privatise two dozen state companies, strengthening penalties for road-blocking protests and relaxing some environmental protections. Watch | Gravitas: Who is Javier Milei, Argentina's president-elect? After the setback, Milei, who is currently on a trip to Israel, issued a fiery response. "Our government program was voted by 56 per cent of Argentines and we are not willing to negotiate it with those who destroyed the country," Milei posted. "We know that it will not be easy to change a system in which politicians have enriched themselves at the expense of Argentines," he added. LA CASTA CONTRA EL PUEBLO La casta se puso en contra del cambio que los argentinos votamos en las urnas. Sabemos que no va a ser fácil cambiar un sistema donde los políticos se hicieron ricos a costa de los argentinos que se levantan todos los días a trabajar. Nuestro programa… — Javier Milei (@JMilei) February 6, 2024 × The Argentine president had earlier rationalised his decision saying the labour reforms were aimed at deregulating the South American country's economy which has been in a rut. Milei's unexpected win Milei managed a political upset in November last year by clinching Argentina's presidential run-off elections. Milei's campaign was marked by unconventional tactics, including wielding a chainsaw on the trail. His economic proposals, notably the bold idea of "detonating" the central bank and endorsing the US dollar as the official currency, struck a chord with voters disillusioned with traditional politics and desperate for a transformative approach. Also read | Argentina’s new far-right President Javier Milei ditches BRICS to ‘support US and Israel’ While Milei's win resonated with a significant portion of the electorate frustrated with economic hardships, critics remain sceptical of his untested leadership and unconventional policy proposals. After taking office in December, Milei has undertaken some drastic policy changes that include labour reforms as well as pulling out of the BRICS grouping. (With inputs from agencies)

Argentine President Milei's sweeping reform bill stalled in Congress in a major setback

The International Monetary Fund (IMF) has granted Argentina a two-month extension for the final review of its $44 billion loan, offering the government additional time to implement reforms. <o:p></o:p>

Reuters cited three sources with knowledge who revealed that the government and IMF officials mutually agreed to defer the last review, initially slated for September, to November. <o:p></o:p>

The extension aims to "ensure that the program delivers on its objectives," with the source emphasising that it does not imply any fresh financing. <o:p></o:p>

This marks the first alteration to the schedule for a loan agreed upon in 2022.<o:p></o:p>

The agreement between Argentina and the IMF comes amid efforts to address the challenges posed by the country's economic situation. <o:p></o:p>

President Javier Milei, who assumed office on December 10, faced delays in the seventh review of the existing program due to the change in leadership. <o:p></o:p>

The IMF's executive board is anticipated to approve the extension and disburse $4.7 billion in funding during a meeting scheduled for Wednesday. <o:p></o:p>

While an IMF spokesperson did not respond immediately to requests for comment, a spokesperson for Argentina's economy ministry confirmed expectations of an IMF board meeting on January 31 to discuss the program.<o:p></o:p>

The extension of the loan review provides Argentina with additional flexibility in deciding the way forward. <o:p></o:p>

"The country could always negotiate a new program before the current loan ends, but now it has more breathing room until the end of the year to decide what it wants to do," Reuters quoted one source as saying. <o:p></o:p>

The extension does not alter the overall quantity of reviews, and the remaining three reviews from May onwards are poised to trigger disbursements totalling approximately $1.9 billion. <o:p></o:p>

The latest staff report is expected to highlight that the current program went "significantly off track," with missed goals such as international reserves accumulation and a reduction in the primary fiscal deficit.<o:p></o:p>

Argentina's economic challenges, particularly in meeting program goals, have been acknowledged by the new administration. <o:p></o:p>

President Milei's ambitious agenda aims to achieve fiscal balance and accumulate $10 billion in net international reserves by the end of 2024. <o:p></o:p>

The IMF expects the country to address issues such as public hearings for energy prices, buyback of government debt held by the central bank, and resolution of external commercial debt. <o:p></o:p>

Economy Minister Luis Caputo recently withdrew major spending reforms from a comprehensive bill in Congress to facilitate approval, citing insufficient support for measures like tax reforms. <o:p></o:p>

The IMF has stressed the need for Argentina to navigate these challenges and meet the specified program goals.<o:p></o:p>

&nbsp;(With inputs from Reuters)<o:p></o:p>

The International Monetary Fund (IMF) has granted Argentina a two-month extension for the final review of its $44 billion loan, offering the government additional time to implement reforms.

The International Monetary Fund (IMF) has granted Argentina a two-month extension for the final review of its $44 billion loan, offering the government additional time to implement reforms. Reuters cited three sources with knowledge who revealed that the government and IMF officials mutually agreed to defer the last review, initially slated for September, to November. The extension aims to "ensure that the program delivers on its objectives," with the source emphasising that it does not imply any fresh financing. This marks the first alteration to the schedule for a loan agreed upon in 2022. The agreement between Argentina and the IMF comes amid efforts to address the challenges posed by the country's economic situation. President Javier Milei, who assumed office on December 10, faced delays in the seventh review of the existing program due to the change in leadership. The IMF's executive board is anticipated to approve the extension and disburse $4.7 billion in funding during a meeting scheduled for Wednesday. While an IMF spokesperson did not respond immediately to requests for comment, a spokesperson for Argentina's economy ministry confirmed expectations of an IMF board meeting on January 31 to discuss the program. The extension of the loan review provides Argentina with additional flexibility in deciding the way forward. "The country could always negotiate a new program before the current loan ends, but now it has more breathing room until the end of the year to decide what it wants to do," Reuters quoted one source as saying. The extension does not alter the overall quantity of reviews, and the remaining three reviews from May onwards are poised to trigger disbursements totalling approximately $1.9 billion. The latest staff report is expected to highlight that the current program went "significantly off track," with missed goals such as international reserves accumulation and a reduction in the primary fiscal deficit. Argentina's economic challenges, particularly in meeting program goals, have been acknowledged by the new administration. President Milei's ambitious agenda aims to achieve fiscal balance and accumulate $10 billion in net international reserves by the end of 2024. The IMF expects the country to address issues such as public hearings for energy prices, buyback of government debt held by the central bank, and resolution of external commercial debt. Economy Minister Luis Caputo recently withdrew major spending reforms from a comprehensive bill in Congress to facilitate approval, citing insufficient support for measures like tax reforms. The IMF has stressed the need for Argentina to navigate these challenges and meet the specified program goals. (With inputs from Reuters)

IMF grants Argentina extension on $44 bn loan review, allowing for further reforms

In an unprecedented move, the Argentina government has withdrawn major spending reforms, even as President Javier Milei tries to push through structural reforms for the economy.

Javier Milei's government withdraws controversial tax & pension reforms

Argentina witnessed a major upheaval on Wednesday as the country's largest union initiated a 12-hour strike, accompanied by tens of thousands of workers protesting in Buenos Aires against the tough economic austerity measures and reforms implemented by President Javier Milei.<o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

The General Confederation of Labour (CGT), a powerful umbrella union, led the strike, affecting various sectors, including transport, banks, and public services. This represents the most significant opposition to Milei's economic agenda since he assumed office, promising to address an economy grappling with 211 per cent inflation and substantial debt.<o:p></o:p>

CGT's coordinated strike and protest were fuelled by discontent over Milei's ambitious reform plans, which include spending cuts and privatisation efforts. The demonstration took aim at two key initiatives by Milei: an "omnibus" bill currently in Congress and a "mega-decree" aimed at deregulating the economy. <o:p></o:p>

Pablo Moyano, leader of the influential truckers union, voiced the sentiment at the main union event in Buenos Aires, stating, "The first cut this government is making is to the workers. Their labour reform aims to take away workers' rights."<o:p></o:p>

The strike, which commenced at noon local time, had a significant impact on essential services, with disruptions reported in transport, banks, hospitals, and public services. Local airlines were compelled to cancel hundreds of flights, reflecting the widespread influence of the labour action. <o:p></o:p>

Despite the challenges posed by the strike, Milei's government remains resolute in adhering to its reform plans. The CGT had previously used legal means to temporarily suspend certain labour-related measures in Milei's decree.<o:p></o:p>

The focal points of discontent, the "omnibus" bill and the "mega-decree," are integral parts of Milei's strategy to stabilize Argentina's economy, grappling with triple-digit inflation and a substantial fiscal deficit. <o:p></o:p>

The omnibus bill, recently approved by a committee in the lower chamber of deputies, faces opposition from the powerful Peronist bloc. Milei, an economist and former TV pundit, secured a surprising election victory last year, promising a delicate balancing act to rescue Argentina's economy while addressing deep-seated issues of poverty and debt.<o:p></o:p>

Milei's government argues that the austerity measures are indispensable after years of excessive spending, resulting in substantial debts to both local and international creditors. A precarious $44 billion deal with the International Monetary Fund further underscores the economic challenges facing Argentina. In response to the strike, Milei's security minister, Patricia Bullrich, and former presidential election rival expressed determination, stating, "There is no strike that stops us, there is no threat that intimidates us."<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Argentina witnessed a major upheaval on Wednesday as the country's largest union initiated a 12-hour strike, accompanied by tens of thousands of workers protesting in Buenos Aires against the tough economic austerity measures and reforms implemented by President Javier Milei.

Argentina witnessed a major upheaval on Wednesday as the country's largest union initiated a 12-hour strike, accompanied by tens of thousands of workers protesting in Buenos Aires against the tough economic austerity measures and reforms implemented by President Javier Milei. This is based on a Reuters report. The General Confederation of Labour (CGT), a powerful umbrella union, led the strike, affecting various sectors, including transport, banks, and public services. This represents the most significant opposition to Milei's economic agenda since he assumed office, promising to address an economy grappling with 211 per cent inflation and substantial debt. CGT's coordinated strike and protest were fuelled by discontent over Milei's ambitious reform plans, which include spending cuts and privatisation efforts. The demonstration took aim at two key initiatives by Milei: an "omnibus" bill currently in Congress and a "mega-decree" aimed at deregulating the economy. Pablo Moyano, leader of the influential truckers union, voiced the sentiment at the main union event in Buenos Aires, stating, "The first cut this government is making is to the workers. Their labour reform aims to take away workers' rights." The strike, which commenced at noon local time, had a significant impact on essential services, with disruptions reported in transport, banks, hospitals, and public services. Local airlines were compelled to cancel hundreds of flights, reflecting the widespread influence of the labour action. Despite the challenges posed by the strike, Milei's government remains resolute in adhering to its reform plans. The CGT had previously used legal means to temporarily suspend certain labour-related measures in Milei's decree. The focal points of discontent, the "omnibus" bill and the "mega-decree," are integral parts of Milei's strategy to stabilize Argentina's economy, grappling with triple-digit inflation and a substantial fiscal deficit. The omnibus bill, recently approved by a committee in the lower chamber of deputies, faces opposition from the powerful Peronist bloc. Milei, an economist and former TV pundit, secured a surprising election victory last year, promising a delicate balancing act to rescue Argentina's economy while addressing deep-seated issues of poverty and debt. Milei's government argues that the austerity measures are indispensable after years of excessive spending, resulting in substantial debts to both local and international creditors. A precarious $44 billion deal with the International Monetary Fund further underscores the economic challenges facing Argentina. In response to the strike, Milei's security minister, Patricia Bullrich, and former presidential election rival expressed determination, stating, "There is no strike that stops us, there is no threat that intimidates us." (With inputs from Reuters)

Argentina's largest union launches massive strike against Milei's Economic reforms

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