By Javier Milei, President of Argentina

Band the closure In 2023, Argentina stood on the brink of a precipice, beset by a confluence of economic problems reminiscent of its most wrenching crises. The monetary surplus had reached twice the 1975 level, triggering the infamous Rodrigazoan inflationary spiral that marked the start of five decades of stagnation. The central bank’s interest-bearing liabilities had become four times the monetary base, even surpassing the 1989 ratio that precipitated hyperinflation. At the end of the year GDP was in free fall after 15 years of stagnation. Prices increased by 211% in 2023.