Convertibility Plan News Today

Experts have poked holes in Javier Milei's radical plans, which could lead to more economic hardship

The upcoming general election in Argentina would pass moderately unnoticed in the rest of the world, as it normally does, except for an unexpected fly in the ointment that is making headlines internationally: libertarian candidate Javier Milei is leading the polls to become the next president of Argentina. Colorful character Milei has shaken the consciences of a country which,

If Javier Milei, the front-runner in the campaign for the presidency, wins the election scheduled for later this year in Argentina, the country's own currency, the Argentine peso could be retired and replaced with the US dollar, joining various nations like Ecuador, the British Virgin Islands, Turks and Caicos, El Salvador, and others which have currencies pegged to the US dollar like Bermuda or the seven island nations that use the Eastern Caribbean dollar.

Stuffing your greenbacks into the "mattress bank" is a way of life for many Argentines.

Argentina’s economic freedom score in the 2016 Index of Economic Freedom—43.8 out of 100, its lowest score ever—placed it in 169th place of 178 countries measured.[1] Argentina also ranks near the bottom (27th) of the 29 countries in the South and Central America/Caribbean region. That is a stunning decline from its highest score of 74.7, which was recorded in the second edition of the Index in 1996.[2]

Fast forward to today from 2001 and Argentina’s massive debt pile is still front and centre of the political discussion, as is the IMF and the possibility of default.