...The peso has, in fact, not only stopped PLUNGING day after day but in one key foreign-exchange market—there are many of them here, a byproduct of the country's web of byzantine rules—it's actually rallying sharply. The [blue dollar, "parallel"] peso has SOARED 25% against the dollar over the past three months in the market, known as the blue-chip swap, that is used by many investors and companies. That's more than the gains posted by any of the 148 currencies that Bloomberg tracks against the dollar.

It's a SHOCKING statistic in a country where the currency is seemingly in a never-ending state of freefall. (The smallest annual decline in the past decade was 15%.) And it underscores the lengths that Milei has gone to to rein in bloated government spending, choke off demand for everything in the economy, including [blue y rosa] dollars, and tame *flation that's skyrocketed to an annual pace of almost 300%....