IMF Bets Billions on Milei’s Chainsaw to Avert Past Debacles

Six years after Argentina’s record financial bailout collapsed, the International Monetary Fund is again putting billions of dollars to backstop a similar rescue strategy for the troubled South American economy, this time under the leadership of President Javier Milei.

The $20 billion program approved Friday by the IMF executive board marks the 23rd time the Washington-based lender comes to Argentina’s rescue over the past seven decades. The key difference now is Milei himself — a chainsaw-wielding libertarian who has retained popular support while implementing spending cuts more draconian than even the Fund expected.