Tuesday, February 27, 2024

Javier Milei assumed the Presidency of Argentina in the midst of a severe economic crisis

Javier Mileya 53-year-old libertarian and ultra-liberal economist, admitted to the Presidency of Argentina on Sunday that he is determined to give it a shocking treatment in which he promises to get the country out of the suffering economic crisis, even if he needs the support of the opposition.

Disregarding traditional politics, which he denigrated as “caste”, Milei took the oath of office in front of the Parliament, as is tradition, but he will make a speech to the citizens, which he called to come with flags in the square. in front of the Congress area.

The date commemorates 40 years since the end of the last military dictatorship that began in 1976 and ended with the inauguration of President Raúl Alfonsín, on December 10, 1983.

Many Latin American leaders attended Milei’s investiture, such as the Chilean Gabriel Boric and the Paraguayan Santiago Peña; and Europeans, including the Ukrainian Volodimir Zelenski and the Hungarian Viktor Orban, in addition to the king of Spain, Felipe VI.

“We wish him luck, that he did well, that they allowed him to do this, that’s the most important thing. AFP.


Third economy in Latin America, Argentina registers an annual inflation of more than 140% and a poverty rate of more than 40%. To deal with this crisis, mERCY He proposed several measures to cut public spending, reduce the State and liberalize a country accustomed for many years to subsidies and fiscal deficits.

“If Milei fulfills 50% of what he says, a lot will change in our future,” said Franco Propato, a 23-year-old motorcycle salesman who is willing to give the new president time “because the policy we have had for 40 years has left us with a huge mess, and it will not be resolved from one day to the next.

La Libertad Avanza, Milei’s far-right party, is only a third minority in Congress, forcing it to reconcile many of its reforms with other political forces.

“There is an attempt to expand the coalition and expand the legislative support of the government a little more. But all this has a price. If it is negotiated, then it will be less anti-caste,” said the political scientist Diego Reynoso of AFP.


The president, however, has the freedom to decide on a devaluation of the peso and some measures to reduce spending. Dollarization, a central theme of his campaign, was put on hold pending the first results of his economic plan.

“The first litmus test for the president is to decide whether he will actually stop issuing (money) or if he will adopt a more pragmatic stance and leave the intention of not issuing for later ,” the economist Víctor Beker told AFP ., from the University of Belgrano.

“We will find ourselves in a situation of rising prices, without money in people’s pockets. There is a contradiction between promises and reality. We will see what the result is,” he added.

Of the total of 18 ministries in the outgoing government of Alberto Fernández, Milei’s will leave only half.

After warning that there was likely to be stagflation in the first days of his government, Milei pledged that he would continue with social assistance for the most needy.

But just as there is enthusiasm among his followers, some worry about the future. “I think inflation will continue, maybe worse than before. I don’t see anything good in the future,” Martina Soto, a 66-year-old woman, said near Congress.


World Nation News Desk
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