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“Make Argentina Great Again!”
Today, Explained
The Impact of Shock Therapy on Argentina's Economy
Argentina had severe inflation when Javier Malay took office, promising that things would worsen before improving through a strategy he called shock therapy. Malay immediately implemented austerity measures such as cutting government spending, laying off employees, and devaluing the peso. This led to a significant increase in inflation, reaching 250%, and pushed more than half of the population below the poverty line. The short-term impact of Malay's shock therapy was detrimental, causing widespread economic hardship.
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