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Argentine President Javier Milei declared a fiscal victory in his government’s fight against inflation and economic turmoil on Monday. In

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.

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Argentina achieved its rare surplus by slashing three quarters of transfers to provincial governments and halting nearly 90% of public works, Milei said. The government also kept costs low by allowing nearly 300% annual inflation to erode real public spending on wages and pensions.

Javier Milei warns Argentines they will have to endure months of pain while he works to pull country from economic crisis. Read more

Economy chief Luis Caputo spent the better part of his first televised address explaining how Argentina got into such a dire economic situation: an “addiction” to debt, for which the only medicine is a shock treatment. “There is no more money,” Caputo said repeatedly in the recorded video published Tuesday…

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And investors are happy.

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