Official announcements from the Argentine government or financial institutions

Argentina's President Milei Rings NYSE Bell, Plans to Eliminate Budget Deficit, $8 Billion Surge

Sep 23, 2024, 05:10 PM

Argentina's libertarian President Javier Milei has announced plans to eliminate the country's budget deficit entirely by next year. Since taking office in December, Argentina's foreign currency deposits have surged by around $8 billion, driven by pro-market austerity measures and incentives. Milei's visit to New York included ringing the Opening Bell at the New York Stock Exchange, visiting the Lubavitcher Rebbe’s grave, and meeting with Elon Musk, who recommended investing in Argentina. During his speech at the NYSE, Milei emphasized his commitment to fiscal balance and outlined a detailed path out of currency controls. He also mentioned that inflation needs to be zero before lifting foreign exchange restrictions. Milei is set to speak at the 79th Session of the UN General Assembly. He noted that Argentina was on the verge of the worst crisis in its history when he took office.