Argentina announces a sharp devaluation of its currency, slashing it by 50% to 800 pesos to the U.S. dollar. The government also cuts energy and transportation subsidies as part of shock measures to address the economic emergency. Economy Minister Luis Caputo states that these measures are necessary to reduce the fiscal deficit and combat surging inflation. The International Monetary Fund welcomes the actions, stating that they provide a good foundation for further discussions on Argentina’s debt.
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