Argentina’s new far-right president, Javier Milei, has wasted no time in making his mark on the country’s political landscape. In his inaugural speech, the 53-year-old promised an economic “shock treatment” to address the nation’s deepening crisis.
Milei, known for his right-wing platform, declared his commitment to harsh austerity measures, warning that there is no money to spare. He plans to implement deep spending cuts to reduce public debts and lower inflation, which currently stands at over 140%.
The president acknowledged that the situation will worsen in the short term, but expressed confidence that the efforts will yield positive results in the long run. He emphasized that austerity and shock treatment are the only alternatives for the country’s economic recovery.
However, Milei’s radical proposals may face opposition in Congress, where his coalition holds only a minority representation. It remains uncertain whether he will stick to his promises or moderate his proposals to avoid political backlash.
Despite these challenges, Milei’s rise to power has been rapid. He wasted no time in signing a decree to reduce the number of government departments, fulfilling a key campaign promise. This move signals his determination to implement his agenda swiftly.
The new president’s inauguration took place in Buenos Aires, where he made it clear that his economic policies would be unlike any previous president’s. He aims to address the long-term freefall of the peso, high poverty rates, and a deep recession that have plagued the country for years.
Global leaders, including Ukrainian President Volodymyr Zelensky and Hungary’s President Viktor Orban, attended Milei’s swearing-in ceremony, indicating potential alliances and international support for his administration.
Now that the pomp and ceremony are over, the focus will shift to how Milei handles the challenges of governance. As he navigates the country’s economic crisis, it remains to be seen whether his radical proposals will lead Argentina to recovery or face political hurdles along the way.