Argentina’s leading presidential candidate Javier Milei pledged to close the nation’s central bank while saying he would make every effort to avoid a default on the country’s sovereign debt if he wins the October vote.
Milei, a radical libertarian whose surprise win in Sunday’s primary vote roiled markets, told Bloomberg News his bold fiscal adjustment will boost Argentina’s reputation and credit profile, making a default unnecessary.
Argentina’s assets sold off after Milei, an outsider few investors saw as a serious contender until now, came out ahead in the primary, seen as a barometer for presidential elections in a country where polls are notoriously unreliable. The slump forced the government to devalue its tightly controlled official exchange rate by 18% when markets opened Monday.
If Milei wins the presidency, he plans to hand over the keys to the central bank to economist Emilio Ocampo, his informal adviser on the dollarization program, so that he can shut it down. Ocampo will also help in negotiations with the International Monetary Fund, which has a $44 billion program with the South American nation. The candidate says he has no plans to ask the IMF for more money.
“If nobody wants to have pesos in Argentina, the question is how much are pesos worth in real terms? Nobody wants them, we’re not talking about water in the middle of the desert. We’re talking about something nobody wants,” Milei said.
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