Libertarian Javier Milei; Newly Sworn in Argentina's president

BUENOS AIRES, Argentina (AP) -Javier Milei, the recently elected president of Argentina, was sworn in on Sunday, 11 Dec. Milei describes himself as an anarcho-capitalist and his dramatic speech made analogies to the former president of the United States, Donald Trump.

Milei allegedly discussed the country’s economic predicament and tried to get people ready for a significant adjustment to public spending cuts during his inaugural address.

“We don’t have alternatives and we don’t have time. We don’t have a 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 need to be made in coming weeks, but lamentably they didn’t leave us any option.”

The second-biggest economy in South America is Argentina, yet the country’s currency is collapsing due to annual inflation of 143%.

In addition, the government owes the IMF $45 billion, with $10.6 billion owed to private and international creditors by April. It also has a $43 billion trade deficit.

Milei has stated, “There’s no money,” and he reiterated the statement on Sunday, citing financial constraints as the reason why a gradualist strategy is not an option.

Nevertheless, he assured supporters that his suggested modification would mostly impact the public sector rather than the private one and that it is the first move towards recovering 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 stated.

Milei was sworn in on Sunday inside the National Congress building, where he was also given the presidential sash by going out President Alberto Fernández. A few legislators in attendance chanted “Liberty!”

Turning his back on the legislature, Milei then broke with tradition and gave his inauguration speech to supporters outdoors rather than to the gathered parliamentarians.

In his speech, he declared that the political class “has ruined our lives” and blamed the outgoing lawmakers for sending Argentina down the path of hyperinflation.

“In the past 12 years, GDP per person has decreased by 15% while inflation has increased by 5,000%. As so, we have been experiencing stagflation for more than ten years. This is the final difficult period before Argentina’s restoration begins, according to Milei. “It won’t be simple; a century of mistakes cannot be erased overnight. But today is the first day of it, and it starts in a day.”

Amidst a widespread wave of profound unhappiness and increasing poverty, Milei was elected president on November 19.

With his wild hair and provocative speeches, Milei promised to reduce the size of the state and implement economic shock treatment while running for office. Additionally, he has hinted that he will relocate the Argentine embassy from Tel Aviv to Jerusalem, following through on another Trump administration initiative.

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In response to accusations from Milei’s opponent, Peronist party Economy Minister Sergio Massa and his allies, operating a “campaign of fear,” Milei withdrew several of his most contentious measures, including easing gun control laws. Milei tells viewers in his last campaign ad that he has no plans to privatize health care or education while facing the camera.

Many Argentines who were infuriated by their inability to make ends meet found resonance in Milei’s words. Many were obliged to choose which of the two candidates they thought was the better option because of the election.