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Protests Erupt in Argentina as Milei’s State Reforms Pass Senate
Posted
June 14, 2024
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1:00Now PlayingPresident Javier Milei took a major step in his economic overhaul of Argentina, winning just enough support to advance his proposals in the Senate even as protests raged in the capital.
After weeks of tense negotiations, senators passed Milei’s market-friendly bill that included privatizations and labor law changes when his vice president broke a 36-36 tie late Wednesday. Hours later, a second bill won general approval, though sections on income taxes and personal property were rejected in a chapter-by-chapter vote.
Investors reacted positively Thursday morning. Argentina’s sovereign dollar bonds were the best performers in emerging markets with notes due 2029, 2030, 2035 and 2046 climbing at least 2 cents on the dollar, according to pricing data compiled by Bloomberg.
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