BUENOS AIRES: Argentina’s recently elected president, Javier Milei, declared a commitment to implementing drastic economic “shock treatment” in his inaugural address, emphasizing the country’s financial constraints and pledging to enforce stringent austerity measures.
Milei, an unconventional populist who secured an unexpected victory in November, outlined his intention to revamp the struggling South American nation’s economy. His inauguration in Buenos Aires marked a day of grandeur, culminating in a speech that signalled a departure from the economic strategies of previous administrations.
The 53-year-old leader vowed to enact profound spending reductions aimed at tackling substantial public debts and reigning in inflation, currently exceeding 140%. Emphasizing that austerity and shock treatment were the sole options, Milei acknowledged the near-term challenges while projecting optimism for the future outcomes of his efforts.
His rise to power, characterized by his unorthodox methods and proposals such as currency changes and the dissolution of governmental entities, has drawn comparisons to figures like Donald Trump and Jair Bolsonaro. Despite wielding considerable presidential authority, Milei faces political constraints in a Congress where his coalition holds a minority.
Observers anticipate how his rhetoric aligns with his practical governance, noting both his initial decrees and a perceived shift in tone following his victory. Amidst the ceremony, Milei engaged with international leaders like Volodymyr Zelensky of Ukraine, discussing potential avenues for Argentina’s support. The event also saw the presence of Viktor Orban, Hungary’s president, whom Milei has been associated with ideologically.
