Argentina’s newly inaugurated President, Javier Milei, has issued a warning to the people of Argentina, informing them that painful austerity measures are necessary in order to address the country’s economic crisis. In his inaugural address, Milei emphasized the need for a “shock adjustment” and stressed that there is “no alternative” given the dire state of the country’s finances.
In a departure from traditional political protocols, Milei delivered his speech with his back turned to the legislature, symbolizing his commitment to radical change. He emphasized the urgent need for spending cuts and discussed plans to switch the Argentinian peso for the United States dollar.
Milei, who espouses hard-right libertarian views, has promised a series of radical measures to address the economic crisis, including slashing the number of ministries by half and implementing measures to stabilize the country’s finances. While his abrasive style has drawn comparisons to former US President Donald Trump, Milei has garnered support from the Argentine population, particularly young men, who are disillusioned with the country’s decline.
Although Milei has secured the presidency, he will need to negotiate with rivals in order to effectively govern, as his coalition bloc lacks a majority in the legislature. There are indications that Milei may be willing to soften some of his more radical positions, as his cabinet includes mainstream conservatives alongside ideological libertarians, and discussions of shutting the central bank and dollarization have diminished in recent weeks.