This is CBS I on the World with John Bachelor.

Here's John Bachelor.

The New World Report

with Professor Avin Ellis, the Latin American Research Professor at the U.S. Army War College,

the Strategic Studies Institute.

Argentina is a... Strategic Studies Institute. Argentina.

Argentina is a story within a story.

The economic crisis of many years standing

and the election of a libertarian, an unusual man with a Beatles haircut

who speaks extremely well on the road or in Buenos Aires,

Avir Milay, advised by his sister, advised by his counselors that brought him into the presidency and addressing right away the runaway inflation.

The story looks promising.

Argentina cuts rates again as inflation crests near 300%.

Buenos Aires, Reuters.

Argentina Central Bank cut the benchmark interest rate after inflation slowed for the

fourth straight month and the annual rate crested shush shy of 300% amid a tough

austerity drive by President Malay.

The Central Bank said in a statement it had cut the rate to 40% from 50.

Wow.

Professor, a very good evening to you.

Clearly, Argentina's economy was out of control when Malay took

office. And as I recall you quite trenchantly said, he's got a hurry. He's only got so much time before the forces against him. That would be the

...