World
Argentina’s poverty level rises to 57.4%, marking 20-year high
Argentina’s poverty level rose to 57.4% last month, reaching the highest percentage in at least 20 years, according to a report by the Catholic University of Argentina.
A local media company wrote about the report, according to Reuters, which said newly elected President Javier Milei’s devaluation of the peso, executed shortly after his inauguration in December, caused poverty levels to worsen.
In fact, the poverty level at the end of the year was 49.5%.
The devaluation of the peso also caused prices of nearly everything to rise.
IN ARGENTINA, SOUP KITCHEN SEES RISE IN HUNGRY FAMILIES AS INFLATION INCREASES
A sign outside a store reads in Spanish “We accept Dollars” in Buenos Aires, Argentina, December 12, 2023. (REUTERS/Tomas Cuesta/File Photo)
“The true inheritance of the caste model: Six out of every 10 Argentines are poor,” the libertarian president said in a social media post on Saturday. “The destruction of the last hundred years is unparalleled in Western history.
“Politicians have to understand that the people voted for change and that we are going to give our lives to bring it forward,” Milei added. “We did not come to play the mediocre game of politics. We came to change the country.”
Since taking office on Dec. 10, Milei has made good on many campaign promises to fundamentally overhaul the historically socialist federal government of Argentina.
ARGENTINA’S PRESIDENT MILEI HOLDS LIVESTREAM RAFFLE FOR HIS LAST SALARY AS LAWMAKER
President of Argentina Javier Milei gives a speech after his Inauguration Ceremony at National Congress on December 10, 2023, in Buenos Aires, Argentina. (Marcelo Endelli/Getty Images)
But Milei’s drastic overhaul of the country’s economy is not expected to be a smooth operation. The president himself has characterized it as financial “shock therapy” that will negatively affect thousands of citizens.
Milei signed a decree in December, outlining his plan to address the crisis. The plans included the privatization of state-owned companies, though he did not name the specific firms, Reuters reported. He previously said he favors the privatization of state-owned oil company YPF.
Argentina has South America’s second-largest economy, but is suffering 143% annual inflation, which has caused the country’s currency to plummet.
ARGENTINA’S MILEI CUTS 5,000 GOVERNMENT JOBS, WILL NOT RENEW CONTRACTS
A supporter holds a giant dollar bill with the face President elect Javier Milei as people start gathering outside National Congress ahead of his inauguration ceremony on Dec. 10, 2023 in Buenos Aires, Argentina. (Marcelo Endelli/Getty Images)
The country also has a trade deficit of $43 billion as well as $45 billion in debt to the International Monetary Fund, with $10.6 billion due to private and multilateral creditors by April.
On Friday, the country’s economy ministry reported a January budget surplus of 518.41 billion pesos, or $620.85 million. The announcement marked the first time the number has been in the green since August 2012.
Reuters reported that it was not immediately able to see a copy of the report.
Fox News Digital’s Timothy H.J. Nerozzi and Reuters contributed to this report.
World
Cuba's top destinations deserted, without power or fuel under US sanctions
World
US destroyer interdicts two oil tankers trying to leave Iran during Trump’s blockade
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A U.S. destroyer interdicted two oil tankers that were trying to leave Iran on Tuesday, a U.S. official said, as part of the Trump administration’s blockade on Iranian ports.
The official told Reuters that the ships left Chabahar port on the Gulf of Oman before being contacted by the U.S. warship through radio communication. The official added that the tankers were among the six vessels that U.S. Central Command (CENTCOM) said Tuesday obeyed orders from American forces to turn around and head back to an Iranian port on the Gulf of Oman.
“More than 10,000 U.S. Sailors, Marines, and Airmen along with over a dozen warships and dozens of aircraft are executing the mission to blockade ships entering and departing Iranian ports,” CENTCOM said. “During the first 24 hours, no ships made it past the U.S. blockade and 6 merchant vessels complied with direction from U.S. forces to turn around to re-enter an Iranian port on the Gulf of Oman.”
“The blockade is being enforced impartially against vessels of all nations entering or departing Iranian ports and coastal areas, including all Iranian ports on the Arabian Gulf and Gulf of Oman,” it added. “U.S. forces are supporting freedom of navigation for vessels transiting the Strait of Hormuz to and from non-Iranian ports.”
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U.S. Central Command said Tuesday that “U.S. Navy guided-missile destroyers are among the assets executing a blockade mission impacting Iranian ports.” (CENTCOM)
The Pentagon did not immediately respond Wednesday to a request for comment from Fox News Digital regarding the reported interdiction of the oil tankers.
“U.S. Navy guided-missile destroyers are among the assets executing a blockade mission impacting Iranian ports. The blockade is being enforced impartially against vessels of all nations entering or leaving coastal areas or ports in Iran,” CENTCOM said Tuesday. “A typical destroyer has a crew of more than 300 Sailors that are highly trained in conducting offensive and defensive maritime operations.”
PRESIDENT TRUMP’S NEGOTIATING TEAM PRAISED BY NUCLEAR EXPERTS FOR WALKING AWAY FROM PAKISTAN TALKS
FILE PHOTO: Cargo ships in the Gulf, near the Strait of Hormuz, as seen from northern Ras al-Khaimah, near the border with Oman’s Musandam governance, amid the U.S.-Israeli conflict with Iran, in United Arab Emirates, March 11, 2026. (REUTERS/Stringer/File Photo/File Photo)
CENTCOM Commander Adm. Brad Cooper added in a statement that “a blockade of Iranian ports has been fully implemented as U.S. forces maintain maritime superiority in the Middle East.”
A satellite image shows the Strait of Hormuz, a key maritime passage connecting the Persian Gulf to the Gulf of Oman, vital for global energy supply. (Amanda Macias/Fox News Digital)
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Cooper said an estimated 90% of Iran’s economy is supported by international trade by sea.
“In less than 36 hours since the blockade was implemented, U.S. forces have completely halted economic trade going into and out of Iran by sea,” he also said.
World
Magyar calls on Orbán to lift veto on Ukraine loan before his exit
Péter Magyar, the winner of the Hungarian elections and the country’s incoming prime minister, has called on Viktor Orbán to lift his controversial veto on the €90 billion loan for Ukraine before vacating his office in May.
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The financial scheme was agreed by the 27 leaders of the European Union in December, but Orbán used his veto in mid-February to block the legal procedure over an unrelated dispute with Kyiv involving the Druzhba pipeline, which carries low-cost Russian oil.
The spat featured prominently in Orbán’s failed re-election campaign.
“Viktor Orbán accepted the loan (in December), and he said during the election campaign that as long as there is no oil, there is no money,” Magyar said on Wednesday during his first interview with the Hungarian public broadcaster since 2024.
Magyar referred to the words of Ukrainian President Volodymyr Zelenskyy, who this week said the pipeline could be repaired “not completely, but enough to function” by the end of the month. The infrastructure was badly damaged in January by Russian drones.
The restoration of flows will be “very important for our country”, Magyar said, signalling his desire to continue purchases of Russian oil in the near term.
“In the next 30 days, the Orbán government is still operating as an executive government,” Magyar added.
“So I think, if Druzhba restarts, Viktor Orbán will release his technical veto.”
Only one element of the €90 billion loan, a regulation amending the EU budget that requires unanimity, is still on hold. In principle, Orbán could order his ambassador in Brussels to lift the veto at any time and complete the legislative procedure.
However, it is far from clear if Orbán, who made Zelenskyy the nemesis of his campaign, will allow this to happen before leaving office sometime in May.
The European Commission is quickly laying the groundwork to make the first transfer to Kyiv as soon as the deadlock is broken. The executive has a reserve of borrowed cash at hand, so it is just waiting for the legal blessing to go ahead.
On Tuesday, the Commission said the offer to send an external inspection to the Druzhba pipeline and pay for the repair with EU funds, which were made to placate Orbán, was still applicable after the election. (The inspection has not yet taken place.)
“We, of course, expect all EU leaders, all member states, to abide by their commitments,” a Commission spokesperson said.
After a bitter clash with Orbán over his “unacceptable” veto, capitals are keen to turn the page and leave the episode behind.
Speaking alongside Zelenskyy on Tuesday, German Chancellor Friedrich Merz said the military funds under the loan “must be disbursed promptly”.
“Ukraine urgently needs them. Ukraine will then be able to finance its defence in the long term. Russia should take this seriously,” Merz said.
Zelenskyy echoed the message and expressed confidence that, under Magyar’s leadership, Hungary would stop blocking “important” decisions for Ukraine.
“I am sure that we will cooperate with Hungary. We have good relations between the people. We are neighbours. We will continue these relations,” Zelenskyy said.
“I think we need to build our relations on pragmatism. We can also have friendly relations based on agreements and treaties. This will only strengthen both countries.”
Besides the loan, Hungary, together with Slovakia, is currently vetoing the 20th package of sanctions against Russia. It is also blocking Ukraine’s accession process and the release of €6.6 billion in military aid under the European Peace Facility (EPF).
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