Hello and welcome. You are listening to Patrick Boyle on Finance, a podcast exploring ideas from quantitative finance, examining events occurring in markets right now and financial history to see what lessons can be taken away, including interviews with some of the most interesting people in the world of finance. To learn more about the podcast, visit onfinance.org.

Argentina is on the verge of radical change. The country's newly elected leader, who has been

nicknamed the Madman, has vowed to close the central bank, shut down multiple government

departments, do away with the national currency and privatise industry. Markets have rallied

since his win, but can Milley implement the changes he's campaigned on? And do they make

sense for Argentina? Malay is a surprising candidate.

Some of the press are describing him as being like Trump and as far right.

He's definitely an unusual candidate, having campaigned with a chainsaw, saying that he'll

chainsaw government spending and regulation. He has smashed up styrofoam effigies of the central bank on the campaign trail. He says that he will close multiple government departments. sports. Offernery! Dism and D'Porte. Aux. Ministry of Culture.

Out. he will close multiple government departments. He has a superhero alter ego called General Ancapp.

Gagher, and Giacar, and Gap. And he says that he will dollarize the economy.

The Argentinian economy is a basket case.

Once one of the richest countries in the world, persistent economic mismanagement has meant

that the IMF has had to visit 22 times since 1958.

Argentina is by far the IMF's top debtor.

40% of the population live in poverty.

Interest rates and inflation are above 140%.

Only Venezuela and Lebanon have higher inflation. Argentina has defaulted three times since

2000 and a lender famously seized an Argentinian Navy ship in 2012 as partial repayment for loans.

In the past four years, the value of the Argentine peso has fallen

by more than 90% against the US dollar. Millet, a self-described a narco-capitalist, won

the election with some showmanship and an economic campaign. He stirred up controversy

...