Essentially, if the Argentine national government runs a fiscal deficit for several months in a row, the Congress receives a warning that it has a matter of weeks to fix it. If it doesn't hit the deadline, the "shackle" activates automatically, and the political class will be the ones impacted. Here's what happens:

1. Non-essential government functions are suspended (hello, government shutdown).

2. All new spending is frozen and will not be authorized until the problem is resolved.

3. No new contracts can be awarded.

4. No new public-sector employees can be hired.

5. Discretionary transfers to the provinces are halted.

And last but not least, the best part:

6. The salaries of the top politicians stop completely. The vice president, ministers, secretaries, undersecretaries, national senators, national deputies, and even El presidente himself will not receive a dime of taxpayer money until they solve the problem.

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"For the first time in our history, if politics doesn't do its homework, politics will pay the cost—not the people," Milei said during a national broadcast last week, during which he introduced the proposal...

Continue reading, and watch the video clip Here.

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