• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Economy Argentina’s newly elected president, Libertarian Javier Milei, sworn into office
Economy

Argentina’s newly elected president, Libertarian Javier Milei, sworn into office

by December 11, 2023
by December 11, 2023 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

Argentina’s newly elected president, Javier Milei, a self-described anarcho-capitalist whose sensational rhetoric drew comparisons to former U.S. President Donald Trump, was sworn into office on Sunday

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.’

Argentina has South America’s second-largest economy, but it is suffering 143% annual inflation, causing the country’s currency to plummet.

The country also has a trade deficit of $43 billion as well as $45 billion in debt to the International Monetary Fund, with $10.6 billion due to private and multilateral creditors by April.

Milei has said, ‘There’s no money,’ and on Sunday he repeated the notion and explained why a gradualist approach that requires financing is not an option.

Still, he promised his supporters that his proposed change would mostly affect the state instead of the private sector and represents the first step to regaining prosperity.

‘We know that in the short term the situation will worsen, but soon we will see the fruits of our effort, having created the base for solid and sustainable growth,’ Milei said.

On Sunday, Milei was sworn into office inside the National Congress building and the ceremony included outgoing President Alberto Fernández placing the presidential sash upon him. Some of the assembled lawmakers chanted ‘Liberty!’

Breaking with tradition, Milei then delivered his inaugural address to supporters outside, instead of assembled lawmakers, with his back turned to the legislature.

During his speech, he blamed the outgoing lawmakers for putting Argentina on the path toward hyperinflation, saying the political class ‘has ruined our lives.’

‘In the last 12 years, GDP per capita fell 15% in a context in which we accumulated 5,000% inflation. As such, for more than a decade we have lived in stagflation. This is the last rough patch before starting the reconstruction of Argentina,’ Milei said. ‘It won’t be easy; 100 years of failure aren’t undone in a day. But it begins in a day, and today is that day.’

Although he did not receive cheers the entire speech, the crowd reportedly listened actively, and many waved Argentine flags, while a small portion of the crowd waved the yellow Gadsden flag often associated with the U.S. libertarian right.

On Nov. 19, Milei won the presidency amid a nationwide wave of deep discontent and rising poverty.

On the campaign trail, Milei, with his wild hair and inflammatory rhetoric, pledged economic shock therapy and to slash the size of the state. He’s also indicated he would move the Argentine embassy from Tel Aviv to Jerusalem – paralleling another move by the Trump administration.

Milei accused his opponent, Economy Minister Sergio Massa of the Peronist party and his allies of running a ‘campaign of fear’ and he walked back some of his most controversial proposals, such as loosening gun control. In his final campaign ad, Milei looks at the camera and assures voters he has no plans to privatize education or health care.

Milei’s rhetoric resonated widely with Argentines angered by their struggle to make ends meet. The election forced many to decide which of the two they considered to be the least bad choice.

Fox News Digital’s Bradford Betz and the Associated Press contributed to this report.

This post appeared first on FOX NEWS
You Might Also Like
  • House Weaponization Committee: Biden admin ‘colluded’ with Big Tech, ‘facilitated the censorship of Americans’
  • Can Harris use Biden’s campaign funds? And is she eligible to appear on general election ballot?
  • Biden again ignores reporters’ questions on classified documents
  • Fauci to be grilled by House GOP on COVID origins, future pandemics
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Trump says he will not testify at his civil fraud trial
next post
Why the Santa Rally Stumbled; QQQ Sets Up for Big Move, Be Careful

You may also like

Bitcoin and Ethereum Trends: Channel Analysis & Entry Points

November 6, 2024

RNC raising the bar for candidates to make the stage...

September 22, 2023

Senators demand FBI agents testify about ‘highly credible’ source who...

April 11, 2024

McCarthy move to end proxy voting pressures members to show...

January 20, 2023

Utah governor says Taylor Greene’s ‘national divorce’ proposal is ‘evil’

February 21, 2023

NC House Speaker says ‘zero’ chance final budget becomes law...

August 8, 2023

Soros-backed policy group notches victory with Biden’s transgender Title IX...

April 10, 2023

House GOP campaign arm blasts rhetoric of Dems for fueling...

November 10, 2023

Nevada pardons board to consider posthumous pardons after 6-year freeze

September 22, 2023

McCaul calls for dropping charges against Gold Star dad who...

March 9, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • How to Find Compelling Charts in Every Sector

      July 10, 2025
    • White House accuses Powell of mismanaging Federal Reserve, citing headquarters renovation

      July 10, 2025
    • Italian chocolate giant Ferrero to buy Kellogg’s Froot Loops maker

      July 10, 2025
    • OpenAI to release web browser in challenge to Google Chrome

      July 10, 2025
    • Sports executive charged with bid-rigging in Texas arena project

      July 10, 2025

    Popular Posts

    • 1

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 3,631 views
    • 2

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,919 views
    • 3

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,607 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,577 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,451 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,171)
    • Investing (538)
    • Stock (2,662)

    Popular Posts

    • 1

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 2

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 3

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • How to Find Compelling Charts in Every Sector

      July 10, 2025
    • White House accuses Powell of mismanaging Federal Reserve, citing headquarters...

      July 10, 2025
    • Italian chocolate giant Ferrero to buy Kellogg’s Froot Loops maker

      July 10, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,171)
    • Investing (538)
    • Stock (2,662)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    Biden challenger Phillips says special counsel...

    February 9, 2024

    House Speaker chaos: ‘One dumpster fire...

    May 11, 2024

    Dem rep says she was ‘angry...

    July 24, 2024
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here