Argentina's economy: short-term pain for long-term gain?

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Argentina's Minister for the Economy, Lewis Caputo, has announced plans to devalue the peso by more than half. The move has been welcomed by the International Monetary Fund, which says it may help boost private sector investment. Argentina is battling soaring inflation, with prices rising by around 150% over the last year. It is also struggling with low cash reserves, high government debt, while 40% of the population is living below the poverty line. A new climate deal has been approved at the UN's COP 28 summit in Dubai. There's a reference in the text to 'transitioning away' from fossil fuels. The COP28 president, Sultan Al Jaber, said the conference had delivered world first, after world first. We hear from LIV Golf Chief Executive Greg Norman about the proposed merger with the PGA Tour as the deadline looms. (Picture: President of Argentina Javier Milei gives a speech after his Inauguration Ceremony at "Casa Rosada" Presidential Palace on December 10, 2023 in Buenos Aires, Argentina. Credit: Marcos Brindicci/Getty Images)