In Argentina, inflation has fallen sharply under President Javier Milei. However, a decade of destroyed peso savings explains why Argentines continue to seek the US dollar. A long-term mortgage in Argentina carries a rate of 29.9%, compared to only 7.5% in Ecuador, which adopted the US dollar in 2000 with the help of economist Steve Hanke. An Argentine saver who had invested $10,000 in pesos ten years ago would now have only $114. Steve Hanke considers the current measures insufficient to solve the structural problem of the Argentine currency.
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