The Economic Crisis Javier Milei Inherited

When Javier Milei took office as president of Argentina, he faced an unprecedented economic crisis. The previous administration’s reckless money printing led to a staggering inflation rate that was accumulating at approximately 3,700% annually, alongside a 5% budget deficit. Argentina's economy was in severe recession, evidenced by negative reserves of $12 billion, which left the country with more debts than foreign reserves. This dire situation set the stage for Milei's efforts to implement radical economic reforms to stabilize the nation.