News Update


Javier Milei: Argentina’s new president warns of impending’shock treatment’

Javier Milei told Argentines that “there is no money” and reaffirmed his commitment to a rigorous austerity policy.

With radical claims to rebuild the South American country’s struggling economy, the populist outsider scored a stunning election victory in November.

Mr. Milei was inaugurated on Sunday in Buenos Aires.

On a day of pomp and ceremony, the 53-year-old ended his spectacular climb to power with a speech that left little doubt in Argentines’ minds that he intends to pursue an economic course unlike any previous president.

He promised to undo “decades of decadence” with major spending cuts aimed at reducing massive public debts and driving down inflation, which is already around 140%.

Javier Milei driving an automobile in a procession
“The bottom line is that there is no alternative to austerity and there is no alternative to shock treatment,” said Mr. Milei.

“We are aware that the situation will deteriorate in the short future. But then we’ll see the results of our labor.”

Mr Milei rose quickly from relative obscurity to Argentina’s highest office on a right-wing agenda that included restrictions on abortion rights and liberalization of firearms rules.


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