BUENOS AIRES Argentina 's economy contracted by 1.7 percent in the second quarter, the national statistics agency has said, deepening a recession in the austerity-hit nation. It is the third consecutive quarter with gross domestic product ( GDP ) in the red, as President Javier Milei's government strives to reduce the country's budget deficit to zero. Since taking office in December, Milei has applied a drastic austerity program in a bid to rein in chronic inflation and decades of government

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