Argentina's reform falters, chief resigns. Can privatization continue?


The Chief Cabinet of Argentina announced their resignation on Monday night. Can Argentina's economic reform crisis be resolved in time?

In the first cabinet reshuffle of his five-month-old government, Argentine President Javier Milei accepted the resignation of Cabinet Chief Nicolás Pose on Monday evening, amid tensions as the government pushes for significant economic reforms.

According to a government statement, Pose will be replaced by the current Interior Minister, Guillermo Francos.

The cabinet reshuffle comes at a particularly sensitive time. Milei, a far-right libertarian economist, faces new obstacles in Congress for his landmark reform bills, and the recovery of government bonds and the local currency market seems to be stalling.

The statement also mentioned that the outgoing Cabinet Chief's next government position will be announced in the coming days.

Pose was an important member of the team negotiating debt with the International Monetary Fund (IMF), alongside Economy Minister Luis Caputo.

Milei's economic reforms include plans to privatize state-owned enterprises and other austerity measures aimed at reversing a long-term economic crisis characterized by an inflation rate close to 300%.



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Economic Recovery

Economic recovery refers to the phase where, following an economic downturn or crisis, there's a gradual increase in production and employment, businesses see improved profits, and consumer and investment activities rebound, leading to a gradual return to a normal economic state.

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