Argentine President Javier Milei Inauguration: Shock Therapy and Radical Economic Plans

AFPJavier Milei during his inauguration

NOS Nieuws•vandaag, 17:35

The new Argentine President Javier Milei has been sworn in in Buenos Aires. In his first speech, he said he sees no other way than “shock therapy” to get the country’s economy in order. For example, he wants to implement cuts that amount to about 5 percent of the gross national product.

Milei said the country has never before been handed over to a new government in such a bad state as it is now. According to him, his predecessors left the country without money and with the threat of hyperinflation of 15,000 percent.

The 53-year-old president promised that his government will do everything it can to prevent hyperinflation. But he also warned that it will not be easy and that the economy will worsen in the short term.

Government spending down

The radical right-wing economist won the second round elections in November with 56 percent of the votes against his opponent Sergio Massa. Milei is a newcomer in politics and is often compared to former American president Trump and Brazilian former president Bolsonaro because of his radical ideas.

In his victory speech after the elections, he already said that he wants to cut the government apparatus. For example, he wants to reduce government expenditure by closing ministries, just like the Central Bank. He also said he wanted to put an end to “the ubiquitous state that benefits only a few while the majority suffer.”


Milei also said he wants to get rid of the local currency, the peso, and introduce the dollar instead. He is also in favor of relaxing gun legislation and is against abortion.

During the election campaign, Milei regularly appeared on stage with a chainsaw, a symbol with which he wanted to reinforce his austerity plans.

2023-12-10 16:35:45
#Milei #sworn #president #Argentina #shock #therapy #economy

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