New Argentine president warns of ‘worse’ times ahead

from RT

In his first speech as Argentina’s president, Javier Milei gave his supporters some sobering news, warning that the country’s economic crisis will get worse before a recovery can begin because his predecessors left behind a nation mired in hyperinflation and fiscal shambles.

The self-described “anarcho-capitalist” warned that after a century of leftist rule, it won’t be easy to turn around Argentina’s wrecked economy. Austerity measures, including drastic cuts to government spending, will need to be employed immediately, which will result in even tougher economic conditions in the short term, he said.

“Today, it’s the start of a new era for Argentina,” Milei said on Sunday in his inaugural address in Buenos Aires. “Today we close a long and sad history of decadence and decline, and we take the road of reconstruction of our country.”...

...“There is no alternative to a shock adjustment,” Milei said, adding that the economy would worsen in the short term. “There is no money.”

The new president campaigned on pledges to fight corruption, eliminate the country’s central bank and replace Argentina’s volatile currency with the US dollar. He said voters had given him a mandate for “change that has no turning back.”..

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