Argentina devalues its currency and cuts subsidies as part of shock economic measures

DÉBORA REY

BUENOS AIRES, Argentina (AP) — Argentina has announced a sharp devaluation of its currency and cuts to energy and transportation subsidies as part of shock adjustments new President Javier Milei says are needed to deal with an economic “emergency.” Economy Minister Luis Caputo said in a televised message the Argentine peso will be devalued by 50% from 400 to the U.S. dollar to 800 pesos to the dollar. “For few months, we’re going to be worse than before,” he said, two days after the libertarian Milei was sworn in as president of the second largest economy in South America and immediately warned of tough measures.