Adopting the dollar as currency is the only way for Argentina to stop the “death spiral” engulfing its economy, according to economist Steve Hanke.

The Johns Hopkins professor echoed the views of Argentina’s presidential candidate Javier Milei – who has also called for ditching the peso and adopting the greenback as a way to tame rampant inflation in the economy.

The economic model championed by former Argentine ruler Juan Peron, and followed by later rulers, has left the economy “teetering on the brink of collapse,” Hanke wrote in a Thursday post on X. He measures the South American nation’s current annual inflation rate at more than 160%, way above the official print of 113%.