Argentina may use the dollar – level 3

15-06-2023 07:00

In Argentina, where inflation has reached over 100%, some economists are suggesting the adoption of the dollar as the official currency to solve the economic crisis.

The Argentine peso has faced numerous challenges, including being replaced by the Austral in the 1980s and a failed peg to the dollar in the 1990s. Now, economist Javier Milei, who is running for president, proposes formally adopting the dollar to combat triple-digit inflation.

He criticizes the rapid depreciation of the peso, which has lost half of its value against the dollar in just one year. Meanwhile, the Argentine government is seeking assistance from China and the IMF to avoid a currency crisis and stabilize the economy before the upcoming elections. However, the IMF faces a dilemma in deciding how to support Argentina, given the country’s failure to meet previous loan program targets.

Difficult words: peg (a fixation at a particular level), depreciation (a reduction in the value over time), dilemma (a difficult situation or problem).

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What challenges does the Argentine government face in attempting to stabilize the economy before the upcoming elections?


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