Madonna - 1996
Recent economic signals out of the South American nation indicate Milei's free market reforms could ultimately usher Argentina from ruin to renaissance.
BACKGROUND
Argentina was one of the world's richest nations in the early 20th century. However, it was reduced to a shambles after six major military coups and several decades of unchecked spending. A 2016 paper in the Journal of Development Studies indicated that Argentina, which has defaulted on its sovereign debt nine times, was the only country in the world considered to be "developed" in the year 1900 but "developing" in 2000.
When the country's former leftist President Alberto Fernandez left office late last year, Argentina owed $44 billion to the International Monetary Fund; had a trade deficit of $43 billion; had international creditors knocking at the door; had nearly half of its population stuck in abject poverty; and was poised to see inflation exceed 211%.
Milei had no plans of seeing his socialist predecessors' destructionist campaign through to its inevitable conclusion. After all, he had campaigned instead on executing his so-called Chainsaw Plan.
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