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Defying Milei's austerity, an Argentina province plans its own currency
By Patrick Gillespie and Manuela Tobias
Bloomberg News
via BNN Bloomberg, Toronto
Friday, January 19, 2024
When President Javier Milei defended the adoption of the dollar through a "free competition of currencies" in Argentina, few foresaw a brand-new legal tender coming out of the middle of the country.
The legislature of La Rioja, a small, landlocked province known for its olives, approved the creation of a new quasi-currency this week, defying Milei's austerity push to end the nation's chronic fiscal deficit.
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La Rioja's move evokes similar provincial currencies issued during past economic crises that ended infamously.
La Rioja Governor Ricardo Quintela -- from the opposition Peronist coalition -- requested authorization to launch the so-called bocade to pay part of public servants' salaries after a strike by La Rioja’s local police force and protests from health workers. The legislature approved issuing as much as 22.5 billion pesos ($27.5 million) worth of bocades to complement workers' paychecks in the national currency. ...
Milei, who has put plans to replace the peso with the U.S. dollar on hold to prioritize budget austerity, sarcastically welcomed La Rioja's decision.
"Provincial currencies are welcome to compete," Milei wrote on social media. But "unlike what happened in the past, in no way are they going to be rescued by the national government."
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