Argentina’s poverty rate spikes in first 6 months of President Milei’s shock therapy

Associated Press

BUENOS AIRES, Argentina (AP) — The Argentinian government statistics agency says the official poverty rate in Argentina jumped to about 53% during the first six months of Javier Milei’s presidency. The rise from about 42% previously reflects the pain of the most intense austerity program in Argentina’s modern history. The report marks a setback for the far-right economist even as foreign investors and the International Monetary Fund — to which Argentina owes a staggering $43 billion — cheer his fiscal shock therapy after decades of reckless spending that brought the country infamy for defaulting on its debts.