Argentina has a new president: right-wing candidate wins 55-meter tunnel discovered under Al-Shifa hospital ++ Deal to release hostages

Government candidate Sergio Massa has admitted defeat in Argentina’s presidential elections. “Javier Milei is president,” the incumbent Minister of Economic Affairs said on Sunday evening (local time) about his ultra-liberal rival. “I congratulated him because the majority of Argentinians voted for him.” After 86 percent of the votes had been counted, Milei with 44.04 percent was well ahead of Massa with 55.95 percent.

The self-described ‘anarcho-capitalist’ Milei promises a radical change: he wants to introduce the US dollar as legal tender, abolish the central bank and many ministries and cut social spending. Government candidate Massa supported the previous policy with massive state intervention in the economy and extensive social programs.

South America’s second-largest economy is in deep 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. Argentina 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/dpa)