Argentina’s newly inaugurated far-right president, Javier Milei, has pledged to implement severe economic “shock treatment” in his first address after officially assuming office. The 53-year-old outsider, who secured a surprise election victory in November, reiterated his commitment to a stringent austerity program, warning citizens that “there is no money.”
In his inaugural speech in Buenos Aires on Sunday, Javier Milei promised to undertake a radical economic overhaul to address the nation’s struggling economy. The ceremony marked the end of an extraordinary journey to the highest office, where Milei outlined his intentions to make deep spending cuts aimed at reducing massive public debts and curbing inflation, which currently stands at over 140%.
“We know that in the short term the situation will worsen. But then we will see the fruits of our efforts,” declared President Milei. He emphasised that there is no alternative to austerity, asserting that it is necessary for the nation’s recovery.
During a day of elaborate ceremonies, Milei, accompanied by his sister Karina, who is expected to play a significant role in his administration, addressed the crowd from the presidential palace balcony. The new president, known for his unconventional campaign style, also took part in a procession and received the presidential sash and baton, featuring engravings of his five dogs.
Milei’s political platform includes a range of right-wing policies, such as restricting abortion rights, liberalising gun laws, and climate change denial. Frequently likened to former US President Donald Trump and former Brazilian President Jair Bolsonaro, he gained prominence during the campaign with bold statements and images, including wielding a chainsaw.
Despite holding significant executive powers, President Milei faces challenges in addressing Argentina’s complex issues. The national currency, the peso, is experiencing a prolonged decline, poverty rates have surged to 40%, and the economy is in a deep recession, according to IMF data.
The new president’s coalition of small right-wing and libertarian parties holds a minority representation in Argentina’s Congress, presenting a potential obstacle to implementing his ambitious agenda. Observers are keenly watching how Milei’s governance style will evolve in practice, as he signs a decree to reduce government departments from 18 to nine.
Among the international guests at the inauguration was Ukrainian President Volodymyr Zelensky, who engaged with President Milei in discussions about potential support for Ukraine. Also present was Hungary’s President Viktor Orban, who shares ideological similarities with the newly elected Argentine leader. The international community is closely monitoring Argentina’s political landscape under President Milei’s administration.*
Kiki Garba
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