Argentina’s New President, Javier Milei claims “there is no money” left

• Argentina’s newly-elected president, Javier Milei, has outlined plans for drastic economic measures in his speech.
• The populist outsider, who secured an unexpected victory in November, has pledged to overhaul Argentina’s struggling economy.
• He emphasized the need for deep spending cuts to address extensive public debts and combat inflation exceeding 140%. 

Argentina’s newly-elected president, Javier Milei, has outlined plans for drastic economic measures in his speech. He warned the citizens that the country was facing a severe financial crisis with depleted funds. Moreover, Milei reiterated his commitment to implementing stringent austerity measures.

The populist outsider, who secured an unexpected victory in November, has pledged to Argentina’s struggling economy. Milei’s inauguration in Buenos Aires was marked by a day of ceremonial events, culminating in a speech signaling a departure from conventional economic strategies.

Correspondingly, he emphasized the need for deep spending cuts to address extensive public debts and combat inflation exceeding 140%.

“The bottom line is that there is no alternative to austerity and there is no alternative to shock treatment,” Mr Milei said.

“We know that in the short term, the situation will worsen. But then we will see the fruits of our efforts.”

Milei, known for his right-wing stance, received the presidential sash and baton, personalized with engravings of his five dogs. His swift ascent to power includes controversial positions on restricting abortion rights, liberalizing gun laws, and climate change denial.

Donald Trump and Jair Bolsonaro, Milei’s campaign featured unconventional tactics, such as wielding a chainsaw.  Moreover, he now faces the challenging realities of a currency in decline, soaring poverty rates, and a deep economic recession.

He is expected to encounter political constraints in implementing his ambitious agenda. Further, the peso is struggling, poverty is at 40%, and the economy is in recession. The path ahead for Milei remains uncertain, and whether he adheres to his radical campaign promises or adopts a more moderated approach remains to be seen.

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