Jittery markets rally after Argentina’s Milei gets his first legislative ‘triumph’ on broad reforms

By ISABEL DEBRE
Associated Press

BUENOS AIRES, Argentina (AP) — Wall Street has rallied as Argentina’s president traveled to Italy for the Group of Seven summit buoyed by his first legislative victory. The Senate passed sweeping proposals to slash state spending and boost his powers. The legislation aimed at overhauling Argentina’s long-troubled economy during its worst financial crisis in 20 years will return to Congress’ lower house for final approval, where it’s expected to become law. Having hitched his political fortunes to the goal of cutting down Argentina’s bloated state, President Javier Milei hailed the vote as a “triumph.” In a further boost to his agenda, Argentina’s monthly inflation rate dropped to 4.2% last month, the lowest rate in over two years. That’s according to date released on Thursday.