The radical liberal Javier Mailly won the Argentine Presidency, which will have repercussions for the country’s economy, which is suffering from triple-digit inflation, high poverty and unemployment rates, and sharp devaluations of the Argentine peso.
Before his election, ”Miley ” pledged to carry out harsh economic reforms to re-discipline the Argentine economy to get out of the current crisis, consisting in closing the central bank and abandoning its currency in favor of the dollar after the spread of State Operations and the sharp fall in the value of the Argentine peso.
In the first reaction to makayli’s victory, the Argentine peso fell 0.35% to 353.7 pesos per dollar.
Miley will have to deal with empty government and central bank coffers, a crumbling USD 44 billion debt program with the International Monetary Fund, inflation approaching 150%, and a dizzying array of capital controls.
In his presidential program, Miley stated before his victory that the nation should adopt the US dollar as an official currency after the peso lost half its value against the dollar only last year.
If Argentina adopts the dollar as the official currency, it will become the largest economy around the world that depends on the dollar, and Argentine citizens are opposed to nationalization, as opinion polls have shown that every About 1000 Argentines, more than 60% of them oppose dollarization.
