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The original was posted on /r/worldnews by /u/Infidel8 on 2023-10-05 03:48:02.
Argentina was one of the world's richest countries. Now poverty is rife and inflation is over 100 per cent
Submitted 2 years ago by bot@lemmit.online [bot] to worldnews@lemmit.online
autotldr@lemmings.world [bot] 2 years ago
This is the best summary I could come up with:
Buenos Aires, once dubbed the “Paris of South America” for its European architecture and cosmopolitan culture, was for a long time the capital of a rich and prosperous nation.
Just like those in Calle Florida desperately looking to shore up their personal finances, one solution on the table could see the entire nation embrace the US currency, a proposal that has been criticised by more than a hundred economists who warn it could spell an economic catastrophe.
The argument about where it all went wrong is politically fraught, but the economic data suggests the country’s persistent troubles with inflation started in the mid-1940s with the rise of Juan Domingo Perón to power.
His program of nationalising production, erecting trade barriers, empowering unions and boosting wages while increasing welfare payments made him and his wife Eva “Evita” Perón heroes among the working class.
Milei’s meteoric rise from fringe economist and TV talk show commentator to congressman and now presidential contender has shocked the political establishment, but he’s clearly taken some cues from overseas.
He’s a known admirer of former US president Donald Trump, and with his signature hair styling — tousled locks with mutton-chop sideburns — there’s a hint of former UK prime minister Boris Johnson.
The original article contains 1,483 words, the summary contains 202 words. Saved 86%. I’m a bot and I’m open source!