Ultraliberal economist: Milei sworn in as president of Argentina

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The 53-year-old was sworn in before parliament in Buenos Aires on Sunday. The outgoing head of state Alberto Fernández put the presidential sash on him.

Ukrainian President Volodymyr Zelenskyj, Spanish King Felipe VI, Uruguay’s head of state Luis Lacalle Pou, Paraguayan President Santiago Peña and Hungarian Prime Minister Viktor Orban came to the Argentine capital for the ceremony. Sunday also marked forty years since Argentina returned to democracy after the military dictatorship.

Milei won the elections with eccentric behavior and radical demands for an economic and political turnaround. He announced that he would introduce the US dollar as legal tender, abolish the central bank and many ministries, and drastically cut social spending. He has now softened his tone considerably and postponed or toned down many of his original plans. He also brought into his cabinet a number of experienced politicians, whom he had previously vilified as members of the ‘caste’ he despised. Because he does not have a majority in parliament, Milei is dependent on alliances anyway.

Argentina is currently experiencing a severe economic crisis. The inflation rate is over 140 percent and about 40 percent of people in the once wealthy country live below the poverty line. South America’s second-largest economy suffers from a bloated state apparatus, low industrial productivity and a large shadow economy that deprives the state of much tax revenue. The national currency, the peso, continues to lose value against the US dollar and the mountain of debt continues to grow. (SDA)

Source:Blick