{"id":54115,"date":"2023-12-10T17:53:52","date_gmt":"2023-12-10T17:53:52","guid":{"rendered":"https:\/\/prosfunds.com\/business\/javier-milei-takes-office-pledging-deep-spending-cuts-for-argentina\/"},"modified":"2023-12-10T17:53:52","modified_gmt":"2023-12-10T17:53:52","slug":"javier-milei-takes-office-pledging-deep-spending-cuts-for-argentina","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=54115","title":{"rendered":"Javier Milei takes office pledging deep spending cuts for Argentina"},"content":{"rendered":"<div>\n<p>Unlock the Editor\u2019s Digest for free<\/p>\n<p class=\"article__content-sign-up-topic-description\"><span>Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.<\/span><\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=ebe8382e-57b2-478e-984b-057b01ec7f5f\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>Javier Milei, a maverick libertarian economist, has promised deep cuts in spending after being sworn in as president of Argentina, saying that only radical change can pull the South American nation out of its worst crisis in decades.<\/p>\n<p>\u201cToday we are ending a long and sad history of decadence and decline and we are beginning the journey to rebuilding our country,\u201d Milei, 53, told cheering crowds outside congress after taking the presidential oath.<\/p>\n<p>Watched by foreign dignitaries including Ukraine\u2019s Volodymyr Zelenskyy, King Felipe VI of Spain and politicians from the right such as Hungary\u2019s Prime Minister Viktor Orb\u00e1n and Brazil\u2019s former president Jair Bolsonaro, Milei ended his 35-minute speech by repeating his trademark campaign slogan of \u201cLong live freedom, dammit!\u201d to cheers from the crowd.<\/p>\n<p>\u201cThe challenge we have in front of us is titanic but the true strength of a people can be measured in how it confronts the challenges when they present themselves,\u201d Milei said.<\/p>\n<p>\u201cThe speech was exactly what Milei has always said and it\u2019s the Milei we voted for,\u201d said Liliana Danesi, a 67-year-old pensioner. \u201cHe gives me a lot of hope that our young people won\u2019t have to keep leaving the country, because so many have gone.\u201d<\/p>\n<p>Milei only entered politics in 2019 and first won elected office in 2021. His insurgent campaign defeated long-established politicians by playing on his flamboyant personality and pledging to take a \u201cchainsaw\u201d to the Argentine state. Now he has taken on one of the world\u2019s most daunting economic challenges from the outgoing leftwing Peronist government.<\/p>\n<figure class=\"n-content-image n-content-image--full\"><picture><source media=\"(min-width: 700px)\"  width=\"2258\" height=\"1506\"><\/source><source media=\"(max-width: 490px)\"  width=\"1527\" height=\"1527\"><\/source><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/12\/https:\/\/d1e00ek4ebabms.cloudfront.net\/production\/21b8f4d8-335e-4a16-9c94-83fde4d79fcf.jpg\" alt=\"Argentina\u2019s new president Javier Milei is embraced by Brazil\u2019s ex-leader Jair Bolsonaro\" data-image-type=\"image\" width=\"2258\" height=\"1506\"><\/picture><figcaption class=\"n-content-picture__caption\"><span>Argentina\u2019s new president Javier Milei is embraced by Brazil\u2019s ex-leader Jair Bolsonaro <\/span><span> <!-- -->\u00a9 Luis Robayo\/AFP via Getty Images<\/span><\/figcaption><\/figure>\n<p>Inflation is expected to exceed 200 per cent this year, more than 40 per cent of the population is living in poverty, a recession is looming and the peso\u2019s value has collapsed. Net international reserves are negative and payments of over $4bn are due to the IMF and to private-sector creditors by the end of January. <\/p>\n<p>Keen to mark a break with Argentina\u2019s political class, whom he denounced during the campaign as a \u201ccorrupt caste\u201d, and to underline his status as an outsider, Milei arrived at congress in a simple dark-blue Volkswagen.<\/p>\n<p>After taking the oath inside the chamber, he walked down the steps to make his inaugural speech outside in the early-summer sunshine, rather than inside to legislators, as has been the custom since Argentina\u2019s return to democracy from military rule in 1983.<\/p>\n<p>His address dwelled on the dire state of the country but avoided giving details of the measures he planned, beyond a five percentage point cut in public spending which he said would fall entirely on the state and not the private sector. <\/p>\n<p>Milei was expected to send draft legislation outlining his emergency economic measures to congress over the coming days, where it will face a difficult reception. His La Libertad Avanza party has only a small number of seats in congress and a recent alliance with the centre-right bloc of former president Mauricio Macri still leaves him well short of a majority. <\/p>\n<p>Milei said he would avoid pursuing vendettas and would welcome \u201cwith open arms\u201d anyone who shared his project of rebuilding the country under a new social contract where \u201cthe state does not direct our lives, it looks after our rights\u201d. <\/p>\n<figure class=\"n-content-image n-content-image--full\"><picture><source media=\"(min-width: 700px)\"  width=\"2290\" height=\"1526\"><\/source><source media=\"(max-width: 490px)\"  width=\"2059\" height=\"1526\"><\/source><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/12\/https:\/\/d1e00ek4ebabms.cloudfront.net\/production\/098c3d8b-aa75-4f0c-a53a-13bc4c8e1417.jpg\" alt=\"Supporters of Javier Milei gather outside the Casa Rosada in Buenos Aires before the swearing in ceremony\" data-image-type=\"image\" width=\"2290\" height=\"1526\"><\/picture><figcaption class=\"n-content-picture__caption\"><span>Supporters of Javier Milei gather outside the Casa Rosada presidential residence in Buenos Aires before the swearing in ceremony<\/span><span> <!-- -->\u00a9 Luciano Gonzalez\/EPA-EFE\/Shutterstock<\/span><\/figcaption><\/figure>\n<p>Milei took the presidential oath inside the legislature to shouts of \u201cfreedom\u201d from legislators, while one of his fiercest opponents, Peronist hardliner and former president Cristina Fern\u00e1ndez de Kirchner, attended the ceremony in her capacity as president of the senate. <\/p>\n<p>Looking uncomfortable, Fern\u00e1ndez de Kirchner glowered throughout, kept her hands in her pockets and avoided congratulating Milei.<\/p>\n<p>The night before the inauguration, followers of Milei had gathered outside the headquarters of Argentina\u2019s central bank for a symbolic wake with candles. Milei had promised during his campaign to close down the central bank and adopt the US dollar as the national currency, though he has backed away from both pledges since winning the election.<\/p>\n<p>Argentina\u2019s business community has welcomed Milei\u2019s victory and put aside concerns about his lack of political experience and extreme views in the hope that he can enact serious economic reform, though many acknowledge that the odds against him are steep.<\/p>\n<p>\u201cIn the last 50 years in Argentina we have only had two experiences of successful, liberal pro-market reforms,\u201d said Guido Moscoso, public opinion manager at the Opinaia research firm. \u201cThe great challenge Milei has is how to impose a reform agenda successfully and maintain his popularity. His challenge is all the greater because he is weak in congress\u2009.\u2009.\u2009.\u2009he will need to be clever and pragmatic.\u201d<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.ft.com\/content\/ebe8382e-57b2-478e-984b-057b01ec7f5f\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Unlock the Editor\u2019s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Javier Milei, a maverick libertarian economist, has promised deep cuts in spending after being sworn in as president of Argentina, saying that only radical change can pull the South American nation out of its worst [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[23],"tags":[],"class_list":{"0":"post-54115","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Javier Milei takes office pledging deep spending cuts for Argentina | Prosfunds<\/title>\n<meta name=\"description\" content=\"Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Javier Milei, a maverick\" \/>\n<meta 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