Milei called on his ministers to take “urgent” economic measures. Photo: LR/EFE composition
20:20How much is the crypto dollar worth TODAY in Argentina?
Bitcoin (BTC) is trading at today $41,774.28. It is now the main cryptocurrency and is increasingly accepted worldwide to purchase products and services.
20:17Milei takes part in a Hanukkah ceremony
Argentine President Javier Milei arrived in Palermo to attend a Hanukkah ceremony. The president will join his sister Karina and Patricia Bullrich at an event organized by Chabad Lubavitch to light the sixth candle of the holiday.
Photo: TN
19:06Minister Caputo: “If we continue like this, we are heading towards hyperinflation”
Economy Minister Luis Caputo makes it clear: “If we continue as before, we are heading towards hyperinflation.”
The Minister of Economy in the government of Javier Milei, Luis Caputoannounced this Tuesday, December 12, from 7:00 p.m., a first “emergency economic package” to prevent the economic “catastrophe” that Argentina is currently experiencing, as announced by the presidential spokesman. Manuel Adorni.
“It will contain a package of measures that takes into account the urgency or covers the economic emergency in which we find ourselves.” To avoid a major catastrophe, which we are all already experiencing, if we understand that the situation is serious and we “Aware that the situation could be even worse, President Milei and all of us will do everything possible and impossible to try to avoid it,” he added.
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Javier Milei, President of Argentina, LIVE: Economic measures Luis Caputo
The “crypto dollar” is skyrocketing with the first announcements from the Milei government
As a result of Minister Luis Caputo's announcement of measures to improve the economy in Argentina, the price of stablecoins (or “crypto dollars” as they are popularly called) began to rise on Argentine cryptocurrency exchanges and brokers:
Bitcoin (BTC) marks a new all-time high in Argentina at over 45 million pesos.
Who is Luis Caputo, Milei's Economy Minister, who announced a “shock” to stop inflation in Argentina?
Luis “Toto” Caputo is Minister of Economy in the government of Javier Milei, who took office as Argentine president on December 10th. The economist has experience in this position since 2015, the year in which he joined Mauricio Macri and was known as the “Messi” of finance. Currently, this agency has a difficult task: stopping inflation at 142%. He also announced ten economic stimulus measures for this Tuesday, December 12th.
Read the full note HERE.
Photo: Composition by Fabrizio Oviedo/La República/El País
The Milei government will seek to reverse the decline in profits, bring forward personal assets and increase retentions to rural areas
In addition to the ten economic measures announced by the Minister of Economy, Luis Caputo, the government will present to Congress a package of measures that it intends to transpose into law. These include repealing the worker income tax that Congress voted on a month ago, a new personal property tax prepayment system and increasing the withholding tax on agricultural exports except soybeans.
The central bank is preparing announcements on monetary policy and interest rates
The Ministry of Economy announced that the central bank will make announcements on monetary policy, interest rates and debt this Wednesday. The new measures will be announced after the board meeting and “complement the announcements of the Ministry of Economy,” says the department headed by Luis Caputo.
The citizens' coalition's claim for pensioners after Caputo's announcement
“Think of the REINDEER who no longer give. Anyone who has worked all their life cannot bear to adapt,” wrote state representative Paula Oliveto after the message from Economy Minister Luis Caputo.
Photo: @pau_oliveto
The head of Polo Obrero, Eduardo Belliboni, calls for a march against Milei and Caputo
“On December 20th, tens of thousands of us must be in the Plaza de Mayo and in all the squares of the country and put down the chainsaw plan against the workers, the youth and the women!” wrote Eduardo Belliboni of Polo Obrero in his report. from X
Photo: @EBelliboni
Milei in Palermo: “After so many years the light will come out”
Argentine President Javier Milei is in Palermo to attend a Hanukkah ceremony. “After so many years of darkness, the light will come out and it will be a moral revolution because we will do it based on values,” the president said.
Video: TN
Dollar at 800 dollars: economist analyzes Luis Caputo's measure
Economist Alfredo Romano, president of the Romano Group, told Ámbito that the announcements “go in the right direction, but many circulars and resolutions are missing to fully understand the details of the measures.” Likewise, he added that “the decision “Devaluing the officer and increasing it to $800 instead of $650 is a decision that seems to indicate this.” The BCRA will sell dollars at a high price. Because to the 800 we have to add taxes and perceptions that we don’t yet know what they will be.”
Photo: EFE
What will happen to social plans and child benefit after Caputo's announcement?
Luis Caputo assured that they will maintain the Enhance Work plans according to the 2023 budget and will “strengthen” the general child benefit and the food card for those who need it.
How much is the crypto dollar worth TODAY in Argentina?
Bitcoin (BTC) is trading at today $41,774.28. It is now the main cryptocurrency and is increasingly accepted worldwide to purchase products and services.
Milei attends a Hanukkah ceremony
Argentine President Javier Milei arrived in Palermo to attend a Hanukkah ceremony. The president will join his sister Karina and Patricia Bullrich at an event organized by Chabad Lubavitch to light the sixth candle of the holiday.
Photo: TN
The International Monetary Fund supports Caputo's initial measures
The International Monetary Fund (IMF) supports Caputo's initial measures. “An important step towards restoring stability and rebuilding the country’s economic potential,” he wrote on his X account, formerly Twitter.
Photo: @KGeorgieva
These are Luis Caputo's 10 economic measures
1. State employment contracts that are less than one year old will not be renewed.
2. Suspension of the state government directive is ordered for one year.
3. The ministries will be reduced from 18 to 9 and the secretariat from 106 to 54.
4. Discretionary transfers to the states will be reduced.
5. The state will no longer tender for public works and will cancel those that have not been started.
6. Subsidies and transportation will be reduced. The infrastructure work will be carried out by the private sector
7. The “Work Powers” plans are maintained
8th. We will clarify the official exchange rate and it will rise to $800
9. We will replace the SIRA system with a statistical import system
10. The AUH plan and 50% of the “Alimentar” card are doubled
Luis Caputo: “We always had a policy of spending more than we earned”
Minister Luis Caputo proclaims: “We have always had a policy of spending more than we receive.”
Photo: La Nacion
Minister Caputo: “We have always been addicted to the deficit”
Economy Minister Milei: “A problem of more than 20% of GDP that has led to inflation currently at 300%, which punishes Argentines every day (…) We have always been addicted to the deficit.”
Photo: La Nacion
Minister Caputo: “If we continue like this, we are heading towards hyperinflation”
Economy Minister Luis Caputo makes it clear: “If we continue as before, we are heading towards hyperinflation.”
“The root of our problem has always been fiscal,” Caputo says
“The origin of our problem has always been fiscal,” says Minister Luis Caputo.
Minister Luis Caputo: “We are facing the worst legacy of our history”
Minister Luis Caputo: “We are facing the worst legacy of our history.”
Luis Caputo's announcement of economic measures began!
It began. Luis Caputo announces “urgent” economic measures to stop inflation in Argentina.
Economists from Caputo's team arrive at Casa Rosada
Economists from Luis Caputo's team arrive at Casa Rosada.
Photo: TN
According to TN, Caputo would announce his actions at 7:15 p.m
Economy Minister Luis Caputo will announce the economic measures at 7:15 p.m. (local time). This was reported by the TN media.
Photo: TN
The government will sanction civil servants who do not disclose information on contracts and appointments
The government of Javier Milei confirmed this Tuesday its intention reduce the political power of the state to the required minimum. In this context, the presidential spokesman, Manuel Adorni, explained this Tuesday that “all the contracts signed in the state last year.” are checked“. “It is important to understand that the state must shrink, we have a state the size of an elephant,” he said at a press conference at Casa Rosada.
The measures that would go into Milei and Caputo’s “emergency plan.”
Luis Caputo's economic measures would be the following:
– Cut public spending
– Ban BCRA from spending and funding the Treasury
– Import and export
– Advances from exporters
– Gradual reduction of the PAIS tax
– Obstacles to purchasing foreign currencies and restrictions
– Official dollar
Milei calls for “urgency” in the first measures and reserves the big announcements for this Tuesday
“Urgency” was the word with which Argentine President Javier Milei urged his ministers to implement the first decisions of the Cabinet meeting at the Casa Rosada, but he decided to postpone the main economic announcements for this Tuesday.
Photo: Composition LR/EFE/TN
Argentina's central bank will normalize its foreign exchange operations starting this Wednesday
The Central Bank of the Argentine Republic (BCRA) will normalize its foreign exchange operations, which were restricted from this Monday until the executive takes a position on economic issues. According to a statement from the BCRA, there are “without effect” from December 13th The regulations published the previous day included the application of the prior compliance rule to demand transactions carried out through the foreign exchange market.
When will the Economics Minister speak?
The message with Luis Caputo's announcements is being re-recorded and there is no schedule for publication.
Blue Dollar and financiers broke through the $1,000 mark shortly after Caputo’s moves were announced
The blue dollar rose by $70 and traded at $1070. For their part, financial exchange rates rose as much as 4% on the day, closing above $1,000.
Read the full note HERE.
Stocks rose as much as 13% before Caputo's actions
The benchmark S&P Merval index rose 4.3% to 1,019,188,630 units, registering an increase of almost 400% over the year, measured in pesos.
Banks will be called to a meeting at the BCRA
Public and private banks were involved this Wednesday, December 13th from the Central Bank, sources in the financial system told the Ámbito media.
Luis Caputo had to re-record his message
The announcement was scheduled for 5:00 p.m. (local time), but Luis Caputo had to re-record the message, which was the reason for the delay. This was reported by TN.
Photo: LR/EFE composition
Milei, Fujimori and the “shock”: the similarities in proposals to curb inflation
To speak of a “shock” in Peru is to go back 33 years and remember a bad economic season. The difference is that Javier Milei, President of Argentina, stated that he would opt for the “shock” to stop the country's inflation, while Alberto Fujimori, former President of Peru, denied this from the start. As Milei said in his inaugural speech about the “shock”: “There is no alternative” and “there is no money.” What could happen in Argentina? Read the full note HERE.
Photo: Composition by Fabrizio Oviedo/La República/Clarín
Style by Alberto Fernández: The official announcement of the new package of economic measures is delayed
Officially announced for 5:00 p.m., the message that the Minister of Economy Luis Caputo has already recorded about the economic stimulus package will now appear at 5:45 p.m. with a counter on the official YouTube account of the Casa Rosada.
Minister Caputo announces the new “emergency economic measures”.
In a few minutes, Minister of Economy Luis Caputo will announce a package of measures that will revolve around the primary objective of achieving budget balance, essentially with a sharp reduction in spending in public administration and in various sectors that receive subsidies from the State Ministry of Finance as part of the chosen path to reduce inflation.
Images of the fire in a building next to the Ministry of Labor in Argentina
As seen in several images posted on social media, flames engulfed the upper floors of a 10-story building around midday. Initially, it was speculated that the incident was due to an explosion in the building, although this information has not yet been confirmed by authorities.
Video: @julitolopez/X
A woman dies when a building next to the Ministry of Labor burns down
On Tuesday, a woman died in a fire that broke out in an office building in the center of Buenos Aires city, next to the labor ministry headquarters, official sources said, giving no further details. As the head of the Emergency Medical Care System (SAME) of the Autonomous City of Buenos Aires, Alberto Crescenti, told the media, the origin of the flames is still under investigation. Photo: Clarin
Javier Milei's government is suspending state advertising in the media for a year
In two days of government, the ministries were reduced from 18 to 9; from 106 to 54 the secretariats; and from 182 to 149 the Undersecretaries of State; a total reduction of 34% of the state.
The suspected perpetrator of the attack on the Argentine presidential delegation has been arrested
The alleged perpetrator of the attack, Gaston Ariel Mercanziniagainst the presidential caravan after the inauguration of Javier Milei, celebrated on Sunday – the day of the presidential inauguration – in Buenos AiresHe was arrested, official sources reported on Tuesday. “The municipal police have just arrested the alleged attacker of President Javier Milei. It is now available to justice,” announced the Secretary of Security of the Government of the City of Buenos Aires on his social networks. Waldo Wolff.
What measures would Luis Caputo announce?
-Cutting public spending -Prohibiting the BCRA from spending and financing the Treasury -Import and Export: The dollar for import and export would remain between $700 and $800 -Gradually reducing the PAIS tax -Gradually canceling stocks -The official dollars There will be no fixed level but will vary depending on supply and demand
Milei will do “the impossible” in the short term to “avoid hyperinflation”
Javier Milei's government will do “the impossible” in the short term to prevent “the catastrophe” of hyperinflation in Argentina, presidential spokesman Manuel Adorni reported. “The goal is to do the impossible in the short term to prevent catastrophe. We are facing one of the deepest crises in history and are heading towards hyperfinancing and the choice is to avoid it,” the presidential spokesman said in his daily appearance at the Pink House. Photo: EFE.
When will the Economics Minister speak?
The spokesman announced the suspension of the government advertising in the media for a year, emphasizing that in the first days of the Libertarian government the number of ministries was reduced from 18 to 9; from 106 to 54 the secretariats; and from 182 to 149 the Undersecretaries of State; a total reduction of 34%.
“The elephant-sized state cannot continue to exist because on the other side there are people who support it with their taxes – directly or indirectly – who cannot put a plate of food on the table,” he claimed.
Piqueteros movements and left-wing political forces demanded this 20th of December The first protests broke out against the economic adjustments being pushed forward Milei.
This date commemorates the serious crisis of 2001 Argentinawhich triggered a serious economic and social scenario in the South American country and led to the resignation of the presidents Fernando de la Rua (1999-2001) and Adolfo Rodríguez Saá (2001).
All ministers by Javier Milei. Photo: El Cronista
Milei's economic measures
Javier Milei called on his ministers to implement the first decisions of the cabinet meeting Pink house with “urgency”, although he decided to wait for the main economic announcements for this Tuesday.
Milei stayed at the government building for almost 12 hours, arriving at around 8:20 a.m. local time and leaving around 8:00 p.m. to return to the government building Hotel Libertador, This will remain her “home” and work office until the renovations to Quinta de Olivos are completed.
The package of measures to implement his shock plan for the economy will be announced by the head of the Finance Palace, Luis Caputothis Tuesday with great expectations.
While we wait for these announcements, the Central Bank (BCRA) decided to apply this Monday the rule of prior compliance to all dollar demand transactions carried out through the foreign exchange market.
Argentine stocks closed with much of the gains as the market awaited economic announcements, while the sovereign risk index was at Argentina It rose 0.72% to 1,935 basis points.
On the official foreign exchange market, the price of the retail US dollar closed at the state-owned Banco Nación 382.14 pesos for purchase and 462.39 pesos for sale to the public while the type of Dollar blue It rose 1.01% to 1,000 pesos per unit.
Milei's government called on the Senate to withdraw the lists of judges, prosecutors and defense lawyers
The national government today called on the Senate to withdraw communications calling for an agreement for the appointment of 62 officials from the Justice, Public Prosecution Service (MPF) and the Ministry of Defense (MPD).
With information from EFE.