Argentina’s new government devalues peso by more than 50%

Package of spending cuts introduced in attempt to tackle country’s worst economic crisis in decades

Argentina has devalued its currency, the peso, by more than 50% as part of a package of large-scale spending cuts intended to address the country’s worst economic crisis in decades.

The plans, introduced under the newly inaugurated administration of Javier Milei, include cutting energy subsidies and cancelling tenders for public works.