‘We are trying to avoid a catastrophe’ – Argentina faces drastic spending cuts as Milei is sworn in
Argentina's president Javier Milei gives a speech after his swearing-in ceremony in Buenos Aires yesterday. Photo: Reuters
Argentina libertarian economist Javier Milei took office yesterday warning in his maiden speech that he had no alternative to a sharp, painful fiscal shock to fix the country’s worst economic crisis in decades, with inflation heading towards 200pc.
“There is no alternative to a shock adjustment,” he said on the steps on Congress after taking the presidential baton and sash, with crowds of supporters cheering despite Milei saying the economy would worsen in the short term. “There is no money.”
Join the Irish Independent WhatsApp channel
Stay up to date with all the latest news
