Argentina’s new far-right president has vowed to deliver economic “shock treatment” in his first speech after formally taking office.
Javier Milei warned Argentines “there is no money” and recommitted to a programme of harsh austerity measures.
The populist outsider won a surprise election victory in November with radical pledges to overhaul the South American nation’s ailing economy.
The populist outsider won a surprise election victory in November with radical pledges to overhaul the South American nation’s ailing economy.
In a day of pomp and ceremony, the 53-year-old capped his extraordinary rise to power with a speech which left Argentines in no doubt he intends to embark on an economic path unlike any previous president.
He said he would undo “decades of decadence” with deep spending cuts, designed to slash huge public debts and drive down inflation, which is now higher than 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.”
Argentina’s new far-right president has vowed to deliver economic “shock treatment” in his first speech after formally taking office.
The populist outsider won a surprise election victory in November with radical pledges to overhaul the South American nation’s ailing economy.
Javier Milei warned Argentines “there is no money” and recommitted to a programme of harsh austerity measures.
In a day of pomp and ceremony, the 53-year-old capped his extraordinary rise to power with a speech which left Argentines in no doubt he intends to embark on an economic path unlike any previous president.
The populist outsider won a surprise election victory in November with radical pledges to overhaul the South American nation’s ailing economy.
The populist outsider won a surprise election victory in November with radical pledges to overhaul the South American nation’s ailing economy.
In a day of pomp and ceremony, the 53-year-old capped his extraordinary rise to power with a speech which left Argentines in no doubt he intends to embark on an economic path unlike any previous president.
He said he would undo “decades of decadence” with deep spending cuts, designed to slash huge public debts and drive down inflation, which is now higher than 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.”
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