Episode #453 from 18:45
Presidency and reforms
So you became president 11 months ago. Can you, again, describe some of the actions you took? For example, you cut half the number of government ministries, layoffs, removed price controls. It'll be interesting to lay out the first steps and what's next. If you allow me, I will first give you a description of the situation we received, and based on that, I will tell you each of the things we did. When we first took office, basically what we found was that in the first week of December, inflation was rising at the rate of 1% per day, which means 3,700% annually. In the first half of December, it had accelerated to 7,500% annually. When you look at wholesale inflation in December of last year, it was 54%, which if annualized would equate to an inflation rate of 17,000% per year. And in addition, Argentina for the previous 10 years had not been growing, with a drop in GDP per capita of approximately 15%. And the reality was that nearly 50% were living in poverty.
Why this moment matters
So you became president 11 months ago. Can you, again, describe some of the actions you took? For example, you cut half the number of government ministries, layoffs, removed price controls. It'll be interesting to lay out the first steps and what's next. If you allow me, I will first give you a description of the situation we received, and based on that, I will tell you each of the things we did. When we first took office, basically what we found was that in the first week of December, inflation was rising at the rate of 1% per day, which means 3,700% annually. In the first half of December, it had accelerated to 7,500% annually. When you look at wholesale inflation in December of last year, it was 54%, which if annualized would equate to an inflation rate of 17,000% per year. And in addition, Argentina for the previous 10 years had not been growing, with a drop in GDP per capita of approximately 15%. And the reality was that nearly 50% were living in poverty.