Argentina’s Far-Right President Promises Economic “Shock Treatment” in Inaugural Speech
In his inaugural speech, Argentina’s far-right president, Javier Milei, made bold promises of economic “shock treatment” and extreme austerity measures. With these daring pledges to fix South America’s struggling economy, the populist outsider won a stunning election in November.
Mr. Milei, 53, was inaugurated in Buenos Aires on Sunday, marking the end of his remarkable rise to power. In his speech, he made it clear that he intends to take a different economic course than any previous president. His main focus will be on major spending cuts to reduce public debt and inflation, which currently stands at over 140%.
Austerity and Shock Treatment
During his speech, Mr. Milei emphasized the necessity of austerity and shock treatment to address Argentina’s economic challenges. He stated, “The bottom line is that there is no alternative to austerity and there is no alternative to shock treatment.” He acknowledged that the situation may worsen initially but expressed confidence in the results that will follow.
Mr. Milei’s commitment to his economic agenda was evident as he marched to the presidential palace, accompanied by his sister Karina, who is expected to have a significant influence on his administration. From the balcony, he passionately reiterated his campaign slogans before receiving the blue and white presidential sash and baton, which he engraved with the names of his five dogs.
A Controversial Figure
Mr. Milei’s rapid ascent to Argentina’s highest office was fueled by his right-wing platform, which included advocating for abortion restrictions, gun liberalization, and climate change denial. He often appeared on the campaign trail with a chainsaw, and his uncompromising views have drawn comparisons to former US President Donald Trump and Brazilian President Jair Bolsonaro.
Throughout his campaign, Mr. Milei made audacious promises, such as replacing Argentina’s currency with the US dollar and dissolving the central bank and numerous government institutions. However, as president, he will face political constraints as he tackles the complex issues plaguing the country.
Challenges Ahead
Argentina’s economy is in a profound recession, with the peso in long-term freefall and poverty levels reaching 40%, according to IMF data. In Congress, where Mr. Milei’s alliance of small right-wing and libertarian parties holds a minority, he may encounter opposition to his policies.
Despite his radical promises, some observers have noted a more moderate tone from Mr. Milei since his election. However, how he will navigate the challenges of his presidency remains uncertain.
International Relations
During his inauguration, Mr. Milei was seen embracing Ukrainian President Volodymyr Zelensky. This meeting suggests a potential strengthening of ties between Argentina and Ukraine. President Zelensky has been actively seeking support from Latin American leaders for his war effort.
Additionally, Hungary’s President Viktor Orban, who shares political similarities with Mr. Milei, also attended the swearing-in event.
As Argentina embarks on this new chapter under its far-right president, the world watches with anticipation to see if his economic shock treatment will bring about the desired changes or face significant challenges along the way.
