Milei Fixed Half of Argentina’s Inflation Problem. He Needs Help With the Rest.

Two years ago, Argentines elected the radical libertarian Javier Milei as president with a mandate to fix the country’s chronically high inflation.

The odds didn’t look good. Previous presidents had failed to address one of inflation’s root causes: government deficits. Without access to capital markets, Argentina often turned to the central bank to finance its deficits by printing money. Efforts to rein in spending were stymied by resistance in Congress and by the public.