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Excerpt from whnt.com
BUENOS AIRES, Argentina (AP) — Wall Street rallied Thursday as Argentina’s President Javier Milei traveled to Italy for the Group of Seven summit, buoyed by his first legislative victory after the Senate passed sweeping proposals to slash state spending and boost his powers.
Having hitched his political fortunes to the goal of cutting down Argentina’s bloated state, Milei hailed the vote as a “triumph” and “the first step toward the recovery of our greatness.”
Even so, opposition senators scrapped an income tax package and watered down other parts of the bill after a daylong debate marred by clashes between police and protesters in the capital of Buenos Aires.
The legislation aimed at overhauling Argentina’s long-troubled economy during its worst financial crisis in 20 years will return to Congress’ lower house for final approval, where it’s expected to become law.
In a further boost to Milei’s agenda Thursday, data released by the government statistics agency showed Argentina’s monthly inflation rate halving to 4.2% in May, the lowest rate since January 2022.
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