BUENOS AIRES, ARGENTINA – DECEMBER 10: President of Argentina Javier Milei gives a speech after his Inauguration Ceremony at National Congress on December 10, 2023 in Buenos Aires, Argentina. (Photo by Marcelo Endelli/Getty Images)
OAN’s Abril Elfi
10:06 AM – Sunday, December 10, 2023
Argentine libertarian economist Javier Milei has taken office and warned about economic inflation in his speech.
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In his inaugural speech, Milei, who took office on Sunday, warned that the nation was facing its worst economic crisis in decades and that inflation was on the verge of 200%. He offered no other solution.
“There is no alternative to a shock adjustment,” he said. “There is no money.”
He continued, stating that “the outgoing government has left us on track towards hyperinflation. We are going to do everything we can to avoid such a catastrophe.”
Although there were few specifics in his speech, he stated that one of the most important things would be to make cuts in the budget that would amount to 5% of the nation’s GDP and that these cuts would come from “the state and not the private sector.”
He stated that even though it will be hard they “will get it done. Long live Liberty dammit!”
Even though his shock therapy economic plan of deep spending cuts has been well received by investors and has the potential to stabilize the troubled economy, it runs the risk of making matters worse for the already over two-fifths of the population living in poverty.
But voters, who helped Milei defeat the front-runner of the ruling Peronist coalition in a runoff election in November, have stated they were willing to take a chance on his occasionally extreme ideas, such as dollarizing and closing the central bank.
A 72-year-old doctor, Marcelo Altamira, stated that Milei “is the last hope” Argentinians have as the Peronist government “had destroyed the government.”
Many showed their support for Milei at his inauguration in Argentina including Ukrainemilei
President Volodymyr Zelenskyy.
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