“The bottom line is that there is no alternative to austerity and there is no alternative to shock treatment. The outgoing government has left us on track towards hyperinflation,” he says at inauguration ceremony.
Libertarian economist Javier Milei Javier Milei was sworn in as Argentina’s president on Sunday, warning the country to prepare for sweeping measures aimed at cutting government spending and reining in triple-digit inflation.
Milei addressed thousands of supporters on the steps of Congress in Buenos Aires in a break from tradition, and wrote in the inaugural book, “Long live freedom, damn it.”
BREAKING 🚨: Javier Milei officially sworn in as President of Argentina. pic.twitter.com/LlOwq0QZdd
— JoMa (@joma_gc) December 10, 2023
“There is no alternative to a shock adjustment. There is no money,” Milei said to the crowd, vowing to put an end to “decades of decadence” by his overspending leftist predecessors who he said had left him “the worst inheritance” of any previous government.
BREAKING:
Milei ends his first speech as President with:
“May God bless the Argentines and may the forces of heaven accompany us in this challenge. Long live freedom, damn it!”
— Visegrád 24 (@visegrad24) December 10, 2023
“The bottom line is that there is no alternative to austerity and there is no alternative to shock treatment. The outgoing government has left us on track towards hyperinflation,” Milei said. “We are going to do everything we can to avoid such a catastrophe.”
“We know that in the short term the situation will worsen. But then we will see the fruits of our efforts,” he added.
Javier Milei takes over the presidency of Argentina pic.twitter.com/IhTaV7GDK9
— Wojciech Pawelczyk (@WojPawelczyk) December 10, 2023
Milei has said he will aim to cut the equivalent of 5% GDP in spending in a bid to curb inflation.
From AFP:
Inflation has hit almost 140 percent year-on-year and 40 percent of the population lives in poverty. Analysts have warned government reserves are deep in the red, and the heavily indebted country has few credit options.
Milei warned of spending cuts equivalent to five percent of gross domestic product in Latin America’s third-biggest economy.
After his speech he made his way — partly on foot, partly in a convertible — from the neo-classical Congress building to the Casa Rosada (Pink House) presidential palace, waving to supporters and flanked by his sister Karina, his closest confidant.
Milei will later swear in a cabinet of nine ministers — a major slimdown from the current 18. He has said his first set of measures will be presented to Congress in a matter of days.
The ceremony’s guests included Ukrainian President Volodymyr Zelensky, Hungarian Prime Minister Viktor Orban and a U.S. delegation.
Former vice president Cristina Kirchner was seen flipping off Milei supporters on her last day in office as she left the inauguration ceremony.
Watch as the former vice president of Argentina, Cristina Kirchner, flips off Javier Milei supporters on her last day in office.
The globalists aren’t just angry the people are kicking them out of power, they truly hate your guts and want to see you forever weak and demoralized! pic.twitter.com/loN59h34tx
— Matt Wallace (@MattWallace888) December 10, 2023
Watch Milei’s address to the nation:
