Why did Argentina announce austerity measures?

Argentina has announced austerity measures in a bid to tackle the "emergency" created by the country's currency crisis. In a televised address, President Mauricio Macri said Argentina could not keep spending more than it earned.

How much debt does Argentina owe the International Monetary Fund?

The South American country also faces a $45 billion debt owed to the International Monetary Fund. Protests have kicked off in Argentina against the austerity and deregulation measures announced by newly elected President Javier Milei, whose government has also warned against blocking streets.

Is short-term hardship necessary to fix Argentina's biggest crisis?

Argentina's newly sworn-in President Javier Milei insists short-term hardship is necessary to fix the biggest crisis in the country’s history [File: Rodrigo Abd/AP] Argentina’s new President Javier Milei has warned his country’s people to prepare for painful austerity measures as he seeks to turn around decades of economic stagnation and decline.