Libertarian candidate Milei was sworn in as Argentina’s new president over the weekend. In his inaugural speech, he warned of a drastic change in course for the country’s economy.
Argentina has been plagued by hyperinflation and sluggish economic growth. Milei has attributed this to weak fiscal policy, and intends to peg his currency to the dollar. Fox News says:
During his inaugural address, Milei reportedly spoke about the nation’s economic emergency and sought to prepare the public for a major adjustment to public spending cuts.
”We don’t have alternatives and we don’t have time. We don’t have margin for sterile discussions. Our country demands action, and immediate action. The political class left the country at the brink of its biggest crisis in history,” he said to thousands of supporters in the capital, Buenos Aires, according to the Associated Press. “We don’t desire the hard decisions that will be need to be made in coming weeks, but lamentably they didn’t leave us any option.”
The inauguration also served as a diplomatic opportunity for other world leaders. Ukrainian President Zelensky went to Buenos Aires for the occasion, his first trip to Latin America. Zelensky is seeking new partners outside of his traditional allies in Europe and North America. PBS reports:
Ukrainian President Volodymyr Zelenskyy traveled to Buenos Aires to witness the swearing-in on Sunday of Argentina’s new president, Javier Milei.
It is the Ukrainian leader’s first-ever trip to Latin America as Kyiv continues to court support among developing nations for its 21-month-old fight against Russia’s invading forces.
Argentina’s economic future will be a test case for libertarian economics, and the ability for a state to make a dramatic change in policy.
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