value itself many times over in a situation with that inflation and the value currency is making life very difficult for people. stay tuned for our exclusive interview. this is the business i'm kate ferguson. thanks for joining me. argentina is on the brink of radical economic change following the election of libertarian half a 1000000. the south branded a narco capitalist has by 2 scrap of multiple government departments do away with the central bank and the national currency. markets have reacted favorably to his win, but the question now is coming. you live up to his promises to butler inflation, turn. argentina's, fortunes are the on the streets of point insiders heavy malays supporters are in a jubilant mood. thousands came together to celebrate the political new commerce shock victory. they hope that bringing in the populist economist will help make

things better. now, it's an incredible joy. it's really is. it's the end of the never ending decline. so to corrupt politicians, we say get lost. so they cannot make policies have let us to this situation. today, more than half of the population has voted for a different option. and i hope that things will change a lot. i belong to have years party, and i wish them all the best. i hope that things would change and that we won't have the economic instability that we have right now. it's a massive change for all arts and times we've had enough corruption enough in security enough inflation, enough poverty. we were very tired, we wanted something new. we wanted to see new faces getting them over to god on the way of us. argentinians are suffering from non stop economic crisis. inflation has been rising for years and is now at 143 percent and it keeps on rising. many people no longer know how to get buying their everyday lives and they feel about and,

and by establishment. politicians from any malay is the only hope for improvement. let me the hall for lodge and times are poor and 10 per cent. leaving extreme paula to others, enough with the port of the seas that caused a most of it. today we are once again embracing the model of freedom to become a book power. on the campaign trail, milly promised to wage a massive battle against inflation. he plans to abolish the central bank slash government spending and replace the national currency the pay. so with the us dollar his economic plan scare many arjun times, but also his radical plans to shake up society. but a majority here are now apparently putting their hopes in a radical break with our existing policies and putting their faith in the hands of the dazzling newcomer. let's bring it in, lisa garcia, herrera international economist, and that takes us on a close follower of the argentine economy. alicia, thanks for being with us. having really is a rather difficult individual dependent, and he's a populous, he's a self study, narco capitalist. but you have to say,

he's also an economist who studied his country's finances pretty carefully. who or what has arson tina voted for? or are jan tina has clearly voted for a change from left when populist in lots of a government expenditure a creation of money to 100 percent inflation, to basically a liberal, a new a copy to at least as you said, it populates but with a different face this populace intends to cut my li supplement expenditure even wants to close central bank because the central bank is the origin of the problem. and as far as the, since i have been financing the government for 22003 seems basically the kitchener and the couple came to power and started to basically create money to finance. uh, i mean, could i make model that was unsustainable?

this is why we have so much impatient in argentina up to date, so he wants to change all of that, but can he do it? the question is like big quite a bit so late in the game. absolutely. alyssa, i'll play. * to shut down the central bank, that's pretty radical, isn't that i'm with you talked about movie well, you know, we can perhaps you could it could or i think the best country to, to understand what might happen in argentina. is it what those? so make for the default, the non it said it was actually an engineer restructuring. the engineer default and a restructuring hand in hand would be a map which i would say i'm a program it so happens are going to, nobody has, has that 20 program so, so this would be one more out of it for to be in that are they need already own is the largest, the better for the i meant the bear with me imagine we have one more program which are going to know the size, the dollars, the economy, and that's the center about what do you be very useful. it's

a mistake further with the dollar ice the economy. what happens then is that are going to not can no longer create money. and in a way, i understand release point of view. this is the solution because the center button has been created monday. i am placing for trill. now the problem is our duty now so much money now. so you would have to break, you know, both with big default, including with, with the i m f. and we did not find the money to do that. argentina has received, as you probably know, money from even got our is the r m s p r, slope line from guitar to pay the m as an r and b. slope line into trunk is already withdrawn with the po c with the people sunk of china, but we'll country still lend to, to argentine up to dollars the economy. i think with these government i, we find it very difficult that argentina that's find those resources from china or

from the ard for that matter because it's a very different government. yeah, i mean the argument that was a good relations with the previous it population problem. and so the question is, who is going to come to help are going to the now i want to talk more about foreign relations, particularly with china. as you mentioned, because mulay has indicated he is not interested in joining briggs. what is behind that? well exactly that, i mean malays the opposite of everything we have had or yeah, malay knows that argentine not owes a r m b. but for that matter even shouldn't be hard gardens because those are going to be, have been used to baby i met. and he knows that in china has a huge influence in argentina. now he knows that say he wanted to privatize as he has already announced, or the biggest asked is not going to not in the the, the old company. i'm sure that he feels that he's hands are tied because argentina

also much through china already. and i think he wants to break away with that. i'm be free to privatize to the you know, the biggest to the biggest uh, but uh in in town rather than just be dependent on tax. so i think he wants to break away with what has happened for what a few years already with the previous government. lisa, you have watched this economy for many years. i'm a rice in detecting a tone of optimism in, in your take on me like yes, i mean, i understand me late is a car you said it right be but you know, i want to be slightly kentoria and on the fact that had my saw one the elections, it would not be more of the same thing. we have to realize that the argentine was in a pot of no return argentina. gdp has not growing 15 years. yeah. 200 percent inflation . they owe more than any other country to be met. i mean, what's the right model?

the country was being sold in pieces piece, you know, like, like so yes, he's not perhaps the best candidate i could have imagined, but he's providing it change. i mean, other to clean up such a mess. you need to be, you need a disruptor. he said these raptor so the, for the lack of a better option, i would say maybe i'm optimistic or product mazda alicia garcia herrera. thank you so much for being with us and dice. and he knows economic fortunes were also on my mind when i interviewed world bank present as a find out who was here in berlin this week. i asked him for his reaction to malaysia, planned to scrub the central bank. you know, i understand what his concern is and his concern is the dodge and tina, which is the 2nd largest economy in latin america. it's the number of the g 20. let's not forget that this country is struggling with hyper inflation, but they can see that has the value of itself many times over in a situation where that inflation and the value currency is making life very

difficult for people. and for businesses that cannot import toward use garden for, you know, raw materials, so kind of the economy is reaching a breaking point. it's not the 1st time this has happened. it happened some couple of decades ago as well. so if you're a leader of a country of that type, thinking that you can do more of the same and somehow find your way out of this, is that he's struggling. and so his point of view is gradual isn't one, but i need to make this 11 lucian, not him evolution. that's what he's struggling with. i believe that's a tough place to be. so what i'm going to try and do along with the i m f and christina is the one who has to lead here is to connect with him and his team as the settled down and figured out all that can be most helpful to them. in this process, and you can watch a full mtv with as a bind on the delay and easy to tell them we covered a lot of ground from wells bank for forms to baffling climate change and balancing risk. well worth a watch. now to some of the other global business stories making news,

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