A dramatic 360% increase in subway fares has shocked commuters in Buenos Aires as Argentina’s president, Javier Milei, implements harsh budget austerity measures. The overnight price hike, which more than tripled the cost of a single ride, comes amid a painful cost-of-living crisis in the country.
This move is part of Milei’s radical free-market experiment to attract foreign investors and combat hyperinflation by cutting public spending. However, the austerity measures have led to a sharp increase in inflation, making life harder for ordinary Argentinians as the economy heads towards recession.
The subway fare increase is just one aspect of Milei’s cost-cutting strategy, which also includes raising prices for buses and trains in Buenos Aires. While these measures aim to minimize the impact on riders’ pockets, they reflect the government’s struggle to manage its finances amid a deepening financial crisis.
The once-lavish Buenos Aires underground metro system, built in the early 20th century, now symbolizes the city’s economic challenges. The fare hikes highlight the tough choices facing Argentina as it navigates through one of its worst financial crises in decades.
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