Javier Milei's economic program includes cutting subsidies, canceling public projects, and devaluing the Argentine peso to prevent hyperinflation and bring the economy under control.

"Javier Milei's economic program proposes radical reforms, including abolishing ministries and dollarising the economy, to shift Argentina towards a freer, market-oriented economy."

Javier Milei's economic program proposes to abolish ten government ministries, eliminate the central bank, and dollarize the Argentinian economy.

Javier Milei's economic program is centered around individualist free-market economics, with a focus on reducing government intervention and promoting individual freedom and property rights.

"Javier Milei's economic program aims to end inflation and reduce government agencies, which he believes will improve Argentina's economy and poverty."

The current annual inflation rate in Argentina is 254%, according to government data.

The current annual inflation rate in Argentina is 160 percent.

The current annual inflation rate in Argentina is 140%.

The current annual inflation rate in Argentina is 211 percent.

The current annual inflation rate in Argentina is over 276%.

Javier Milei was inaugurated as Argentina's president on December 10, 2023.

Javier Milei was inaugurated as Argentina's president on December 10.

Javier Milei was inaugurated as Argentina's president on 10 December.

Javier Milei was inaugurated as Argentina's president on December 10.

Javier Milei was inaugurated as Argentina's president on December 10.

Javier Milei plans to devalue the Argentine peso to prevent hyperinflation.

"Javier Milei plans to dollarise Argentina's economy as part of his radical reforms."

Javier Milei plans to dollarize Argentina's economy and eliminate the central bank.

"Javier Milei's plan for Argentina's currency includes devaluing the peso as part of his broader economic reform strategy, which also involves raising gasoline prices and canceling preferential travel in public transport."

Javier Milei's plan for Argentina's currency involves a significant devaluation of the national currency, with the official exchange rate of the peso against the dollar being halved.

"Javier Milei is a self-described 'libertarian anarcho-capitalist' who has proposed radical economic and political reforms in Argentina, including replacing the national currency with the US dollar and implementing strict penal measures."

Javier Milei's political ideology appears to be libertarian and market-oriented, as evidenced by his elimination of certain government ministries and his campaign symbolism of cutting government spending.

Javier Milei's political ideology is anarcho-capitalist, which is reflected in his economic reforms and policy agenda in Argentina, focusing on austerity measures, subsidy cuts, and market-oriented strategies.

Javier Milei's political ideology is characterized by far-right views, as indicated by his support for figures like Donald Trump and Jair Bolsonaro, and his positions on various social and political issues.

"Javier Milei's political ideology appears to be libertarian and market-oriented, as evidenced by his government's economic reforms and opposition to traditional policies, aiming to address Argentina's economic crisis and poverty levels."

Javier Milei won the presidential election with 56% of the vote in the head-to-head race.

Javier Milei secured 55.8% of the vote in the presidential election.

Javier Milei won the presidential election with 55.69% of the vote.

Javier Milei secured 56% of the vote in the presidential election.

Javier Milei secured 56% of the vote in the presidential election, winning against Sergio Massa who received 44% of the votes.

Javier Milei has been inaugurated as President of Argentina.

Javier Milei has already been inaugurated as President of Argentina, with the inauguration taking place in December.

Javier Milei was inaugurated as President of Argentina on December 10.

Javier Milei will be inaugurated as President of Argentina on December 10.

Javier Milei was inaugurated as President of Argentina on December 10.

"40% of Argentina's population is currently living in poverty."

The current proportion of Argentina's population living in poverty is 40 percent, as stated in the context of the country's economic crisis and President Javier Milei's reforms.

Approximately 40% of Argentina's population is currently living in poverty.

57% of Argentina's population of 46 million is currently living in poverty.

Approximately 40 percent of Argentina's population is currently living in poverty.

President Milei's economic reform measures aim to reduce government spending, prevent hyperinflation, and bring Argentina's economy under control through actions such as cutting subsidies, canceling public projects, and devaluing the currency.

President Milei's economic reform measures aim to liberalize the economy, reduce government intervention, and promote prosperity by devaluing the peso, cutting subsidies, and streamlining government ministries.

President Milei's economic reform measures aim to implement austerity and deregulation of the economy, reduce taxes, and reform the state's role in the economy, in order to resolve Argentina's worst economic crisis in two decades.

President Milei's economic reform measures aim to stimulate investment, deregulate the economy, and reduce the deficit, with the goal of promoting economic growth and improving fiscal stability.

"President Javier Milei's economic reform measures aim to implement a market-oriented approach in Argentina by reducing government intervention and increasing economic freedom."

Argentina is currently facing severe economic challenges, including high inflation above 140 percent, a significant portion of the population living below the poverty line, a bloated government sector, decline in industrial production, and a large shadow economy.

"Argentina is currently facing significant economic challenges, including hyperinflation and high poverty rates, prompting the new president to introduce austerity measures and currency devaluation to stabilize the economy."

"Argentina is facing economic challenges with high inflation and poverty rates, prompting President Milei's government to introduce reforms."

Argentina is currently facing economic challenges, as evidenced by protests against budget-cutting policies and the IMF's disbursement of $4.7 billion to support the country's reforms.

Argentina is currently facing economic challenges related to a proposed austerity and deregulation program, which has sparked protests and opposition from various groups.

Javier Milei won the Argentine general election in November 2023.

"Javier Milei won the Argentine general election on November 19, 2023."

Javier Milei won the Argentine general election on November 19.

Javier Milei won the Argentine general election with 55.69% of the vote.

Javier Milei, an ultraliberal and anarcho-capitalist candidate, won the Argentine general election with 56% of the vote, defeating Sergio Massa who received 44%.

Javier Milei approved 300 economic reforms in Argentina.

Javier Milei approved over 300 economic reforms in Argentina as part of his economic decree.

"Javier Milei has introduced several economic reforms in Argentina, including raising gasoline prices, devaluing the peso, and canceling preferential travel in public transport, as part of his shock therapy approach to address the country's economic issues."

"Javier Milei approved over 300 economic reforms in Argentina, including the abolition of rental housing laws and price regulation, aiming to liberalize the economy."

"Javier Milei has introduced significant economic reforms in Argentina, including a major currency devaluation, elimination of numerous rules, and reduction of government employees, as part of his plan to remake the economy."

"Argentina's annual inflation rate under President Javier Milei is 140%."

Argentina's annual inflation rate under President Javier Milei is 254%, according to government data.

Argentina's annual inflation rate under President Javier Milei is 160 percent.

"Argentina's annual inflation rate under President Javier Milei is 211 percent, according to recent reports."

Argentina's annual inflation rate under President Javier Milei is beyond 211%.

Argentina owes $44 billion to the International Monetary Fund.

"Argentina owes more than $44 billion to the International Monetary Fund."

Argentina currently owes $45 billion to the International Monetary Fund.

Argentina owes the International Monetary Fund $42 billion.

Argentina owes the International Monetary Fund $44 billion.

The expected inflation rate in Argentina by the end of the year is around 200 percent.

The expected inflation rate in Argentina by year's end is over 160 percent year-on-year, the highest in the past 30 years.

The expected inflation rate in Argentina by year's end is hoped to be 50% annualized.

The expected inflation rate in Argentina by year's end could reach 200%.

The expected inflation rate in Argentina by year's end is predicted to exceed 280% in 2024.

"Javier Milei's plan includes the privatization of 41 state-owned companies in Argentina."

Javier Milei's plan involves privatizing around a dozen public companies in Argentina as part of his economic reform package.

Javier Milei's plan involves privatizing almost 100 percent of state-owned enterprises in Argentina.

"One of the key provisions of President Javier Milei's economic reform decree is the cut of widespread subsidies for gas and electricity, as well as the cancellation of public projects and the devaluation of the Argentine peso against the dollar."

One of the key provisions of President Javier Milei's economic reform decree is to devalue the peso and cut subsidies for fuel and transport, aiming to liberalize the economy.

"Javier Milei's economic reforms include the privatization of 41 state-owned companies, such as oil and gas company YPF, airline Aerolineas Argentinas, and railway company Ferrocarriles Argentinos."

Javier Milei's economic program includes cutting subsidies, canceling public projects, and devaluing the Argentine peso to prevent hyperinflation and bring the economy under control.

Title:

Content: December 16, 2023

As Argentina’s new president, it took only one day for Javier Meili to get rid of the Culture Ministry. Miley was inaugurated on December 10, and the next day, the liberal economist and former television commentator delivered on her campaign promise with characteristic bravery. Also on the chopping block – or, rather, in the path of her chainsaw, which Miley wielded throughout her campaign to symbolize her intention to cut government spending – was the Ministry of Women, Gender and Diversity.

Many other ministries were reduced in size and transformed into new entities. The Ministry of Social Development, the Ministry of Education and the Ministry of Labour, Employment and Social Security will be divided into a newly formed Ministry of Human Capital headed by former TV producer Sandra Pettovello. Meanwhile, the ministries of public works, transport, energy, mining and communications will be merged into a new infrastructure ministry. (It appears that the Ministry of Culture and the Ministry of Women, Gender and Diversity will be dissolved entirely.)

Coming out on top after a runoff election against Argentina’s former economy minister Sergio Massa, Miley is keen to show her supporters she is serious about austerity measures. The self-described “anarcho-capitalist” cut widespread subsidies for gas and electricity and canceled public projects, considering these actions necessary to bring Argentina’s economy under control. Additionally, Miley announced a plan to devalue the Argentine peso against the dollar to half its current value in an effort to prevent hyperinflation, a move lauded by the International Monetary Fund, which has held Argentina’s debt to the tune of $40 billion. More is due. Prices in Argentina have more than doubled in the past year, and 40% of the population lives below the poverty line.

Although Miley’s actions are presented as economic policy, they are also a means of exerting control. A fan of Donald Trump and Jair Bolsonaro (former presidents of the US and Brazil, respectively), Miley has a history of blustering, ignoring reporters, and promoting far-right views on issues such as abortion, immigration, climate change, and gun ownership. He also regularly attacks his political rivals, labeling socialists “trash” and “human excrement”. (Bolsonaro also fired his country’s cultural ministry when he took office, and Trump congratulated Miley on her victory, saying he would “make Argentina great again”.)

Miley has referred to his country’s Ministry of Education as “the Ministry of Education”, and his disparaging view of the arts and humanities extends back to history – to the public accounts of those executed and disappeared by Argentina’s 1970s military junta. Casting doubt on the numbers and mocking human rights activists. Miley’s vice president, Victoria Villarruel, a regular supporter of the junta, in September called for a tribute to the “victims” of leftist groups of the 1970s and the dismantling of the ESMA Museum and Memory Site in Buenos Aires. , a former junta prison and torture center, has recently been named a UNESCO World Heritage Site.

Source: www.theartnewspaper.com

What economic issue did Milei want to address?

Devalued the peso
cut transport and energy subsidies

"Javier Milei's economic program proposes radical reforms, including abolishing ministries and dollarising the economy, to shift Argentina towards a freer, market-oriented economy."

Title:

Content: Argentina sees the light with Maverick Javier Milei – Ivo Vegter

In a surprising turn, libertarian firebrand Javier Milei secured Argentina’s presidency after a second-round victory against his left-wing rival. Vowing to end decades of socialist mismanagement, Milei, an outspoken economist, faces challenges in implementing radical reforms, including abolishing ministries and dollarising the economy. While hailed as the world’s first libertarian president, Milei’s uphill battle involves legislative opposition and managing economic pain amid promises of a freer, market-oriented Argentina. Skepticism remains, awaiting the true impact of his ambitious plans in a nation grappling with deep-rooted economic struggles.

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Argentinians see the light

By Ivo Vegter*

It took a second round of voting, but the libertarian Javier Milei has defeated his Peronist rival to become president of Argentina.

A month ago, Javier Milei unexpectedly lost the first round of the Argentinian general election to his left-wing Peronist rival, Sergio Massa, after the latter had cynically promised zero taxes as a way to bribe voters.

In my column on the lessons South Africa could draw from that election, I said: ‘Let’s hope Argentinians see the light before Massa and Milei face off in the run-off election.’

Happily, they did see the light.

After decades of economic malaise under a government that for most of the last 30 years has been socialist, corrupt, wasteful and incompetent, leaving Argentina eighth from last in the Fraser Institute’s Economic Freedom of the World Report 2023, they elected Milei, a libertarian firebrand, in the biggest landslide since Juan Perón’s election in 1973.

Milei becomes the first libertarian president, not only of Argentina, but in the world. The closest precedent that comes to mind is that of Calvin Coolidge, the small-government conservative president during the Roaring Twenties in the US, but Milei is far more radical than that.

‘“oday the reconstruction of Argentina begins’, he said, after winning 56% of the vote in the head-to-head race. That was also his first lie as president-elect, since he doesn’t actually take office until 10 December, but we’ll let that slide.

Radical

To describe Milei as radical would be putting it mildly. He has described the country’s ruling elite as thieves and the government as ‘a criminal organisation’. He has promised to abolish ten of the government’s 18 ministries. He said he would do away with the central bank and dollarise the Argentinian economy.

‘The model of decadence has come to an end’, he told his supporters. ‘There’s no going back. We have monumental problems ahead. Inflation, lack of work, and poverty’.

Milei is an accomplished economist, and largely follows the Austrian School of individualist free-market economics. He has variously described himself as an anarcho-capitalist and a minarchist (an anarchist who accepts the legitimacy of a small government dedicated to protecting life, liberty and property).

He has been extraordinarily outspoken on the evils of socialism and statism, and how they turned Argentina from a once-wealthy world power into an over-indebted, poverty-stricken, underdeveloped basket case.

Mainstream media

The mainstream media, with its largely left-leaning bias, has compared Milei to former presidents Donald Trump of the US and Jair Bolsonaro of Brazil.

‘Argentina set for sharp right turn as Trump-like radical wins presidency’, trumpeted the Washington Post

‘Argentina Elects Javier Milei in Victory for Far Right’ was the headline in the New York Times, which added: ‘Argentina’s next president is a libertarian economist whose brash style and embrace of conspiracy theories has parallels with those of Donald J. Trump.’

The ‘embrace of conspiracy theories’ is a particularly vicious jab. Readers would have to follow a link to find an explanation, and it turns out that the Times only referred to Milei’s allegations of polling irregularities, which have not been tested.

It is entirely plausible that Argentina’s electoral system is less secure than that of the United States, and that the incumbents – who went as far as abolishing taxes in order to engineer a win – might have been involved in some electoral skulduggery.

Allegations of election fraud are very common on all sides of the political spectrum, and do not, in and of themselves, rise to the level of the debunked claims of Trump, and his attempt to derail the orderly election of his rival.

Authoritarians

More importantly, both Bolsonaro and Trump are alt-right populists. They are moral authoritarians – not liberals – and appeal to collectivist – not individualist – principles such as nationalism and protectionism. They have often, rightly, been described as fascist, which is just as antithetical to libertarians as is left-wing socialism.

That both former presidents expressed their support for Milei has a lot more to do with shared anti-socialist positions than any real congruence in their political philosophy.

Milei has himself rejected the right-wing label, and indeed, his classical liberalism (for which ‘libertarian’ in the American sense is a synonym) does not yield to a simplistic left-right analysis. Rather, it falls on the liberal end of an authoritarian-liberal scale, and on the progressive end of a conservative-progressive scale.

Sour-grape-ish

Milei does have some views that are questionable, or traditionally associated with the conservative right, such as his anti-abortion stance and his rejection of climate alarmism.

Neither define him, however, and both are issues on which libertarians can and do disagree.

By similar logic, Milei’s promise not to dismantle Argentina’s extensive social welfare programmes does not make him some sort of left-winger.

In focusing on incidental agreements between Milei and leaders like Trump and Bolsonaro, and ignoring the fundamental philosophical differences between the former’s individualist, free-market, small-government ideas and the authoritarianism, nationalism, populism and protectionism of the latter, the media does both Milei and their readers a great disservice.

That a politician does not perfectly reflect all one’s personal political or moral views is in any case far less of a concern when that very politician proposes as far as possible to keep government out of people’s personal affairs and to leave most of the world’s problems to the private sector.

‘When your response to everything that is wrong with the world is to say, “There ought to be a law,” you are saying that you hold freedom very cheap’, said Thomas Sowell.

Moreover, it seems extraordinarily petty and sour-grape-ish to complain about a few differences of opinion with a candidate who promises radical change in a country that is mired in economic crisis, thanks to the policies of its incumbent rulers.

Music to the ears

Sniping from the mainstream press aside, the rise of a truly libertarian president in one of the world’s most economically unfree countries should be music to a classical liberal’s ears.

Who doesn’t want to radically slash the size of government? Who doesn’t question the inflationary monetary policy of highly indebted countries? Who doesn’t want to see free enterprise flourish, and witness the departure of a government that strangles business with red tape and taxes, and tries to pick winners by throwing subsidies at favoured companies?

On the face of it, this should be an excellent experiment to show whether the libertarian prescriptions for government do, indeed, produce a better outcome than the socialist quagmire in which Argentina has been stuck for so long.

Pain and gain

Practically speaking, however, there are reasons to remain skeptical.

First, we’ve only seen Milei’s talk, and not his walk.

Second, making drastic changes in the structure of a country’s government and economy, as Milei proposes, will be painful.

It is arguable that the short-term pain is justified by the long-term gain, but electorates are rarely forgiving to those who inflict necessary pain. Witness Margaret Thatcher, who saved Britain from the socialist economic malaise of the 1970s, but remains hated to this day by those who bore the brunt of her reforms.

Dollarising an economy does not produce immediate results, for example. It can take years before the stabilising effect of dollarisation filters through to low inflation rates. It can, however, immediately harm people and even increase poverty levels, depending on the exchange rate at which existing deposits are converted.

Drastically reducing the size of government will also face much immediate opposition, especially from civil servants who stand to lose their jobs.

Privatising healthcare, education or other government functions is also fraught with transition difficulties. Much depends on exactly how such privatisation is carried out. It can fail, and even if the eventual outcome is a success, it could cause years of disruptions and dissatisfaction.

Then there are the entrenched patronage networks of the incumbent socialist government, who will be highly upset – and fight back vigorously – when the taps of corrupt fiscal spending get turned off.

Finally, few voters have the patience to wait five or ten years for radical free-market reforms to have a positive impact, and Argentina’s president only serves a four-year term before facing the electorate again.

Legislative opposition

A further obstacle to Milei’s reforms is that he will not be the philosopher-king of every libertarian’s dreams. He will not be a dictator.

He will simply be the head of the executive in a constitutional parliamentary democracy, with strictly circumscribed powers.

And the elections did not result in a similar landslide in the legislature.

Argentina has a 72-seat Senate, or upper house, and a 257-seat Chamber of Deputies, or lower house. Together, they make up the Argentinian National Congress.

In both houses, Milei’s libertarian coalition, Liberty Advances (La Libertad Avanza, or LLA) took more seats from the conservative coalition, Together for Change (Juntos por el Cambio, or JxC), than from the socialist Peronista coalition, Union for the Homeland (Unión por la Patria, or UxP).

In the Senate, this leaves the Peronistas as the largest coalition, with 32 seats. It would need 37 seats to command an outright majority. The conservative coalition, JxC, retains only 27 seats. As the third-largest party in the Senate, Milei’s LLA only has six seats, which even in coalition with the conservatives is not enough for an outright majority.

In the lower house, the picture is similar. UxP has 104 out of 257 seats, JxC has 93, and LLA has 38. The only difference is that here, a JxC and LLA coalition can command a simple majority.

This leaves Milei at the mercy first of the conservatives, who would welcome market-oriented reforms and a departure from socialism, but by their very nature would be reluctant to endorse Milei’s more radical, disruptive proposals. Once Milei has cleared that hurdle, he needs to gather a majority in the upper house, which will be even harder.

Argentina is also heavily indebted, including to the International Monetary Fund, and creditors are likely to have a say in how the country is run. Anything that scares them will raise the cost of credit, which Argentina can ill afford.

Wait and see

Once the initial euphoria of seeing a true libertarian in power has cleared, then, we are left with the sobering realisation that Milei may not be able to achieve anywhere near as much as he has promised.

Turning failing countries around is not for the faint-hearted, and it always comes with social upheaval and economic pain.

Even if Milei gets the good ship Argentina pointed in the right direction again, the prevailing winds and currents may still dash it – and its captain – upon the rocks.

Read also:

*Ivo Vegter is a freelance journalist, columnist and speaker who loves debunking myths and misconceptions, and addresses topics from the perspective of individual liberty and free markets.

This article was first published by Daily Friend and is republished with permission

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Javier Milei's economic program proposes to abolish ten government ministries, eliminate the central bank, and dollarize the Argentinian economy.

Javier Milei's economic program is centered around individualist free-market economics, with a focus on reducing government intervention and promoting individual freedom and property rights.

How will Milei's reforms impact workers?

"Javier Milei's economic program aims to end inflation and reduce government agencies, which he believes will improve Argentina's economy and poverty."

Title:

Content: Media

‘MAGA!’: Trump And Milei Greet Each Other Like Old Friends Backstage At CPAC

[Screenshot/Twitter/@DanScavino]

Hailey Gomez General Assignment Reporter
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Argentina President Javier Milei and former President Donald Trump warmly greeted each other Saturday afternoon while backstage at the 2024 Conservative Political Action Conference (CPAC) in Washington, D.C., video footage showed.

The interaction between the two political figures — who have been vocal supporters of each other — appeared friendly and genial. During the encounter Milei could be seen coming up to Trump with arms opened as he yelled, “President!” (RELATED: EXCLUSIVE PREVIEW: Trump To Detail America First Agenda In CPAC Speech)

After shaking hands the two embraced each other in a hug, with Milei firmly patting Trump’s back before he could be heard joyfully declaring it was an “honor” for him to meet the former president. As “Y.M.C.A” by Village People played in the background for the crowd of conference attendees, the two could be heard exchanging compliments of each other’s work.

“I’m very happy. You are very generous to me. Thank you very much, it’s a very big pleasure [to meet you],” Milei stated.

“You are doing a great job. I’m very proud of you. MAGA! Make Argentina great again,” Trump stated as he look at Milei.

Milei and Trump continued to pose for pictures before the two leaders went back to exchanging praises. Towards the end of their meet-up, Milei could be heard predicting the next time he would see Trump he would be the 47th president of the United States.

“I hope so too,” Trump stated.

Milei, who is a libertarian politician and former Argentine economist, won the country’s presidential seat in November 2023, notably running against Argentina’s socialist policies. During his campaign, Milei promised to end the country’s rampant inflation and eliminate half of Argentina’s government agencies, as he often blames leftist policies as the reason for the country’s struggling economy and poverty.

Following Milei’s win, Trump took to social media in order to celebrate the country’s victory and announced he was “very proud” of the leader.

“I am very proud of you. You will turn your country around and truly make Argentina great again,” Trump stated.

What economic issue did Milei want to address?

The current annual inflation rate in Argentina is 254%, according to government data.

Title:

Content: Skip to content Skip to footer

Argentines Take Feminist Strike to the Streets on International Women’s Day

Activists demand an end to austerity measures, growing poverty and worsening food insecurity under President Milei.

Argentinian women from all walks of life will take to the streets nationwide on 8 March, International Women’s Day, as part of a feminist strike calling for an end to the country’s growing poverty, which already affects 57% of the population of 46 million.

The protesters’ “most important demand” is a solution to Argentina’s “food emergency”, said María Claudia Albornoz, an activist from La Poderosa, a group that defends the rights of the five million people living in the country’s 6,500 slums, or villas miseria (misery villages).

Three months after right-wing libertarian president Javier Milei took office, Argentina’s ever-increasing food inflation has reached 56%, according to the latest analysis from La Poderosa. Government data shows the country’s annual inflation rate is 254%.

Real-terms wages and pensions are deteriorating, and people go to supermarkets not knowing whether the money in their pockets will be enough to buy foods they could afford just a few days ago.

Shoppers have one certainty, though: what were once basic goods such as shampoo are now luxury items. The small local grocery stores that allow their customers to pay on an informal trust-based credit system now keep track of only the items and quantities purchased, no longer bothering to note down the prices that are constantly rising.

The spiralling cost of living has been worsened still by Milei’s cuts to ‘ollas populares’, community kitchens run by social, civil and religious organisations, which are a last resort for the most impoverished families.

There are around 44,000 of these kitchens across Argentina, which were able to produce around 10 million meals a day last year.

Since then, Milei’s administration has stopped the government packages of non-perishable food staples, such as pasta, rice and yerba mate (a traditional herbal drink) being sent to these kitchens, arguing that it must conduct an audit on how they use these resources.

The cuts have led to “a very desperate situation”, said Albornoz, whose group La Poderosa runs 158 kitchens nationwide.

“Without these basic food staples, we cannot cook,” she said. “This causes us enormous distress, sadness and pain, because we can’t feed our families, a role that is very much attached to women and gender non-conforming people.”

Protesters have taken to the streets nationwide to demand the cuts are reversed, but the government has doubled down.

Ministers claim the kitchens’ volunteers — many of whom are part of larger groups of organised unemployed, informal workers and leftist activists known as ‘picketers’ — are committing “extortion” by using food to lure people to their protests. They say they made the cuts to end this practice, advising people to enrol in the government’s food support program rather than relying on the community kitchens.

The minister of human capital, Sandra Pettovello, even mocked protesters as they gathered outside the ministry, saying: “Boys, are you hungry? Come one by one and I’ll write down your ID number, your name, where you’re from and you’ll receive help individually.”

But four days later, as more than 10,000 people lined up to meet her, Pettovello signed a $210,000 food assistance agreement with the Christian Alliance of Evangelical Churches of Argentina. “No longer will the picketing organisations be in charge of distributing food and social plans paid for by the national state with the money contributed by working Argentines,” she said.

Shifting Priorities

It is primarily the austerity measures, growing poverty and worsening food insecurity that the 8M feminist strike will denounce this week.

For the first time since feminists began holding open decision-making assemblies in 2015, participants have agreed to make tackling hunger the demonstration’s priority.

Organisers have drafted a manifesto to read out during the demonstration, which includes statements aiming to challenge ‘libertarian’ ideas advocated by Milei, such as: “With hunger and without rights, there is no freedom” and “Enough of austerity and repression”.

Assemblies allow any civil society group or individual to present their concerns to be discussed. They have achieved something that no other social movement in Argentina has managed to: working together to tackle issues of reproduction of domestic and community life, as well as formal and informal work.

But in previous years, the assemblies’ middle-class feminists, who are more likely to be educated, have sought to give priority to protests on issues such as access to abortion, femicides and gender-based violence.

Now, as the country’s economic situation has worsened, their goals have shifted. They are now in agreement with working-class feminists, who have long argued that food security must be their top concern.

“What seems to me to have changed this year is that we are a priority,” Albornoz said. “Feminists were able to begin to reach a consensus on issues that we, the slum dwellers — the people who cannot cover the basic food basket — consider a priority.”

The food basket Albornoz referred to are the essential food items required to sustain an adult for a month. These cost $110 when converted from pesos at the official exchange rate, more than half the average monthly earnings of a person living in an urban area ($218).

The assemblies allow villeras (women who live in slums), feminist academics, trade unionists and LGBTIQ people to share their lived experiences and political thinking, which has enabled the feminists to agree on strategies of resistance.

This is more important than ever, as the misogynist discourse Milei regularly touted during his election campaign has in recent months materialised as an avalanche of regressive measures stripping away the rights of women and LGBTIQ people.

The president has scrapped the Ministry of Women, Gender and Diversity, replacing the entire department with an undersecretariat for protection against gender violence in the newly created Ministry of Human Capital.

His government has also ended two support programmes for victims of gender violence — one that sought to strengthen their economic independence, and another that provided psycho-social and legal help — and fired many of the public employees who worked on the hotline for counselling and assisting victims.

It also closed the National Institute against Discrimination, Xenophobia and Racism, and banned the use of language that is inclusive and gender-neutral in public offices or documents. Defending the move, presidential spokesman Manuel Adorni said inclusive language was being weaponised as “a political business”.

The government has further plans to weaken or dismantle legislation that feminists fought for, such as the 2019 Micaela Law, which introduced mandatory training in gender and gender violence for all public servants and the Law on the Voluntary Interruption of Pregnancy, which legalised abortion in 2020.

Ministers claim these closures and austerity cuts are needed to fix the ailing economy, but the main attacks on women and LGBTIQ people have come from the president himself.

In his speech at the World Economic Forum in Davos in mid-January, Milei spoke of “the cruelty of the bloody agenda of abortion”, said gender inequality no longer exists and branded feminism “a ridiculous and unnatural fight between men and women”.

Feminists fear the president’s misogyny, combined with his cuts, mean Argentina is “heading towards a scenario of worsening violence in general and gender violence”, according to Raquel Vivanco, who founded the Observatorio Ahora Que Sí Nos Ven (the Now That They See Us Observatory), which tracks femicides in the country.

“These structural conditions of extreme poverty and unemployment, as they increase inequalities, create more violence that can in turn increase numbers of femicide statistics,” said Vivanco.

There were 42 femicides in Argentina in January and February of this year. The observatory recorded the highest-ever number of femicides (297) in 2019, which was rightist president Mauricio Macri’s last year in office and was characterised by austerity policies that were harsh but not as extreme as those being introduced by Milei.

“Left With Absolutely No Rights

Though widespread hunger and attacks on women’s rights are the protesters’ main priorities, they also want Milei to address his measures of ‘economic terror’ and his denials that gender inequalities exist in Argentina.

Lucía Cavallero, a sociologist and researcher at the University of Buenos Aires and a member of Ni Una Menos (Not One Less), a group that fights gender violence, told openDemocracy about the dire economic situation in Argentina.

“There is an unprecedented devaluation of the peso, a deliberate freezing of wages and social subsidies, so inflation is brutal, and a perverse discourse of warning that it could be worse,” she said. “Added to all this is the deregulation of the economy in almost all areas.”

The government’s own data shows that one million people fell into poverty every month for the past three months. Albornoz believes these figures are an underestimate, though, telling openDemocracy that La Poderosa’s analysis indicates an increase of six million impoverished people in the past two months.

Argentina’s school year recently started, forcing many families to try to find creative solutions to not being able to afford school supplies, which cost an average of $150, or uniforms.

The best case scenario saw children reuse items from previous years or pick up supplies from the donation drives that took place across the country. At worst, though, “mothers said they would have to choose which children to send to school because they don’t have the school supplies or the smocks to send them all,” said Cavallero.

The effects of this economic and political turmoil are also being seen in housing, particularly since the government repealed the law regulating the rental market on 29 December.

“It left us tenants with absolutely no rights,” said Tamara Lescano, an activist from the social movement Inquilinas Agrupadas (Tenants United). “The lack of a legal framework enables real estate abuse”.

Rental contracts now have no minimum period and are able to be terminated at landlords’ discretion, without a need to consult the tenants or give a reason for the eviction — which was previously illegal. Landlords can also include unreasonable clauses in the tenancy agreements.

Lescano said the private rental sector in Argentina, which already encompasses some 10 million people, is growing — yet fewer and fewer landlords own more properties than ever.

Inquilinas Agrupadas receives an average of between 40 and 50 requests for advice every day, mainly from women with dependent children, pressured by their mostly male landlords.

“They Are Coming For Us”

The 8M strike faces a fresh challenge this year. Four days after Milei took office, his government outlawed any public protest involving the blocking of roads with a new ‘anti-picketing’ protocol that contains specific clauses allowing the police to criminalise, persecute and stigmatise protesters.

“They identify you in the marches, they take pictures of you, they film you. When we mobilise, the police, who are very violent, quickly repress us,” said Albornoz.

“This has already happened at various times,” she added, referring to hundreds of protests against Milei’s austerity measures that have been organised by different social organisations across the country in recent months.

The protocol also allows the government to issue protest organisers with hefty fines, deprive demonstrators of social aid, and punish parents or guardians who take minors to the marches.

These measures are attempts to intimidate the poorest, many of whom are women, said Gabriela De la Rosa, a member of the Polo Obrero, a social organisation affiliated to Argentina’s Trotskyist Workers’ Party, which runs 3,000 community kitchens nationwide.

“The movement of the unemployed is made up mostly of women comrades, who mobilise with their entire families because they have no one to leave their children with in order to demand food for their children,” De la Rosa told openDemocracy. “On the picket lines, in the encampments, in the mobilisations, the families often have a pot to eat, and at home, they don’t.”

As well as the risk of harsh policing, Argentinian feminists worry their protest could turn violent — fearing Milei’s repeated attacks, coupled with food insecurity and the general uncertainty caused by inflation and low wages, have set the stage for social unrest.

“There is fear of what might happen in the 8 March demonstration,” Albornoz acknowledged. “We have been holding assemblies to dispel this fear and to make the women understand that if we don’t take to the streets and defend our rights, we are going to lose much more than we have already lost.”

The feminists “will take all possible precautions” to avoid violence in the 8 March demonstration, said economist Candelaria Botto, the director of Economía Feminista, which seeks to expose gender inequalities in the world of work and business.

“But we know that we have to be there, on the streets, because they are coming for us.”

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What economic issue did Milei want to address?

The current annual inflation rate in Argentina is 160 percent.

Title:

Content: Global Economic News
Millie's attempts to liberalize Argentina's economy
366 rules changed, including privatization, housing and work
Demonstration in Argentina against the decree of President Javier Milli.
"E.B.A."
Last week, Argentina ’ s libertarian president, Javier Milley, issued a sweeping decree to change or abolish 366 economic rules in a country accustomed to heavy government intervention in the market.
The move is the first of its kind in Argentina ’ s history, as none of its democratically elected presidents has attempted such a massive dismantling of the system.
That ’ s exactly what Milley promised during his election campaign, waving a chainsaw to symbolize his attempt to cut public spending as Argentina struggles with three-figure inflation after decades of fiscal mismanagement.
However, according to Argentine law, Congress still has the power to flood Melli ’ s program.
Change of daily life
Ten days after taking office, and on the eve of the holidays, Milley presented his "necessary and urgent" decree to loosen some of the rules governing the country's economy, where annual inflation has reached 160 percent.
One big change will be the removal of all restrictions between tenant and landlord, such as laws on increasing rents.
In recent years, landlords have increasingly priced their properties in dollars to avoid falling into the rental income trap that has long been overtaken by rising inflation.
This was a nightmare for tenants in a country where access to the dollar was tightly controlled.
Melli ’ s plan also loosened labor laws, increasing the probation period for new employees from three to eight months.
Compensation for Groundless Dismissal Laws have been amended in the interest of companies, and plans are being made to renegotiate labor agreements in force since 1975.
He also lifted export restrictions and said the internet market would be liberalized.
Milley also abandoned rules preventing the privatization of government institutions, already setting his sights on the national airline and the oil company.
He also moved to limit the right to strike enshrined in the constitution.
Purpose of the decree
Milley, a figure whose rise to the country ’ s highest office surprised most observers, blames the interventionist and protectionist policies of previous governments for stifling the economy.
Before the decree was announced, the new government had already devalued the Argentine peso by more than 50 percent and announced massive cuts in generous government subsidies for fuel and transportation starting in January.
“The goal is to begin the process of rebuilding the country, restoring the freedom and independence of individuals and beginning to dismantle the vast amount of systems that have halted and hindered economic growth, ” Milley said.
One protester said: "There may be people with Stockholm syndrome.
They are fascinated by a model that impoverishes them. ”
The opposition, who was recently ousted from the government, criticized Milley for the decree, seeing it as a way to overcome his lack of a majority in Congress.
Miley Libertad Avanza, who is only two years old, has only 40 of the 257 seats in the House of Representatives and seven of the 72 seats in the Senate.
German Martinez, speaker of the parliament of the Peronist coalition, said: "Uniting for the homeland is not the right way.
They sent the reforms as bills.
“Don ’ t be afraid of democratic debate. ”
Constitutional lawyer Emiliano Vitaliani said the country's highest laws state that "in principle laws cannot be amended by decree and the president cannot replace Congress."
Political scientist Lara Guiboro said the resolution "crosses all boundaries and rules out many issues that need political agreements from Congress and the provinces."
Vitalini said the decree could be revoked if it was rejected by both houses of Congress.
Otherwise it will come into force on December 29.
Constitutional lawyer Alejandro Carrillo said in an article in the Lanacion newspaper that "the president has made a very big bet, and his success will depend on his ability to obtain legislative support that is not yet known."
It comes at a time when Argentina is stuck in the grip of an economic crisis with the highest inflation in 30 years.
Cecilia Rojas is searching every store in the vast city of Buenos Aires to find affordable gifts for her children for what is expected to be a bleak Christmas day this year as Argentina faces its worst economic crisis in decades.
Rojas, 47, said: “Before, I used to buy from a well-known toy chain, but now I ’ m looking at smaller stores nearby to find a better price.
Rojas, a psychologist, has two sons, one aged 17 and the other eight.
This year, they will each receive one gift, knowing that they have received many gifts in previous years. ”
Argentina ends the year with the highest inflation rate in the past 30 years, over 160 percent year-on-year.
The 50 percent devaluation of the peso, approved by the government of liberal President Javier Milley on Dec. 12 two days after taking office, has led to a new price spike in a country where more than 40 percent of the population is poor.
Games prices have risen by 110 to 230 percent this year, according to figures from the Argentine Chamber of Gaming Industry.
Thus, shoppers on Christmas Day should be patient and seasoned.
Ogostina Jago, a 23-year-old mother of four, said: "If you walk a little, you can find the same product in different stores at different prices."
"This year, we will buy him a gift thanks to the help we get from grandmothers and fortunately, there are many of them."
The country is also under the brunt of the radical measures of President Javier Mille ’ s new government, which has issued hundreds of decrees to revive the ailing economy.
Milley, who has pledged to cut government spending, also announced deep cuts in subsidies on fuel and the transport sector starting in January.
His government also scrapped a programme to control the prices of some goods introduced by the previous government to try to soften the impact of inflation.
Milley warned that the country was on the brink of hyperinflation and that things would get worse before they began to improve.
Alexandra Mazi, a 49-year-old schoolteacher who took part in a protest against the new measures, said: “They are starving people, using policies that have been applied in the past and have not worked, and all they are doing is impoverishing the working class. ”
Milley ’ s government has forced organizers of its first protest to pay tens of thousands of dollars to cover the cost of deploying security forces to protect it.
Euronews reported that thousands of people took part in a demonstration on Wednesday against Milley ’ s austerity measures and to commemorate the bloody 2001 protests that followed the country ’ s economic collapse.
Government spokesman Manuel Adorney said the cost of the massive deployment of police and riot police was 60 million pesos ($73,000 at the official exchange rate).
“The bill will be sent to social movements ” as they“ bear responsibility for the cost that should not be borne by citizens, ” he said.
Publish it.
More Economic News - Global

What economic issue did Milei want to address?

The current annual inflation rate in Argentina is 140%.

Title:

Content: Argentine presidential election won by far-right Mireille
Central News Agency
Argentina ’ s far-right liberal economist Mirai was elected the next president of Argentina today, and he loves to talk about conspiracy theories and reckless style, often compared to former US President Donald Trump, and also represents Argentina ’ s choice to “turn right ” in the face of economic crisis.
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The New York Times pointed out that the 53-year-old Javier Milei is an economist and television personality with few political experience.
He touted a subversive approach to reshaping the economy and governance, shaking up traditionally closed Argentine politics.
With 95% of the vote counted, Mirei defeated centre-left rival Sergio Massa with 56% of the vote. The 51-year-old economy minister has already conceded defeat.
During his campaign, Mirei criticized taxes and spending, and proposed radical proposals such as shutting down the central bank and replacing the Argentine currency with the US dollar.
He also intends to ban abortion, loosen gun regulations, and diplomatically only consider dealing with “anti-socialist ” countries, the most common examples of which are the United States and Israel.
Some political analysts believe that Mireille's line reflects a change of heart among Argentines rather than a genuine identification with far-right ideologies.
At present, Argentina ’ s annual inflation has soared 140%, ranking third in the world. More than 2 / 5 of the country ’ s people are living in poverty, and the Argentine peso (peso) value is still falling. When the COVID-19 epidemic began in April 2020, a dollar was worth 80 pesos, but this week it has turned into nearly 1,000 pesos.
Economists and political analysts say Mirei has failed to live up to his political strength and economic conditions, which have been described as "political medicine."
His new Liberal Advances party has only seven seats in the 72-seat Senate and 38 seats in the 257-seat House of Representatives.
Mirei will be sworn in on December 10, the 40th anniversary of the first democratically elected president since the fall of Argentina ’ s military dictatorship.
Argentina today elected Javier Milei as its new president, betting on a radical outsider to fix the economy.
Although the official tally has not yet been announced, Mirei ’ s rival Sergio Massa has already conceded defeat.
Mirei promised shock therapy to save the economy, including shutting down the central bank, abandoning the peso and switching to the dollar as the official currency, and cutting spending.
These painful reforms resonate with angry voters who are struggling with the economy, but they also cause others to worry about austerity.
Cristian, 31, a restaurant worker, said at the vote today: “Mireille is new, a little bit unknown and a little scary, but it ’ s time to turn the page. ”
But Mr Mirei faces enormous challenges, including the prospect of government and central bank vaults running out, the International Monetary Fund ’ s $44 billion debt program, nearly 150% inflation and a series of dizzying capital controls.
Neither candidate fully convinced the Argentines, and some described the election as a “lesser of two evils ” choice: fearful of Mirei ’ s bailout, but more resentful of Masha ’ s ruling party, the Peronist Party, for causing today ’ s economic crisis.
Mireitt is especially popular with young Argentines, who are now growing up watching their country move from one crisis to another.
Agustina Lista, a 22-year-old student from Buenos Aires, said: “Our generation pushed Mireille into the presidency to stop us from becoming a country of untouchables. ”
In addition to reshaping Argentina ’ s political landscape and economic path, Mirei ’ s victory could also impact global trade in cereals, hydrocarbons and lithium battery raw materials.
Mirei has previously attacked China and Brazil, saying that he does not deal with the “Communist Party ” and wants to strengthen relations with the United States.
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What economic issue did Milei want to address?

The current annual inflation rate in Argentina is 211 percent.

Title:

Content: The content originally appeared on: Al Jazeera – Latin America News

Argentine unions have begun a 12-hour strike in the capital to protest against tough economic reforms by President Javier Milei.

Wednesday’s demonstration is the most significant show of opposition to Milei’s spending cuts and privatisation plans since he took office last month and pledged to fix an economy dealing with 211 percent inflation.

The strike, coordinated by the umbrella union, the General Confederation of Labour (CGT), comes amid scrutiny of Milei’s two significant reforms: the “omnibus” bill going through Congress and a “mega-decree” deregulating the economy.

“Milei wants a country where poverty and informal work reaches 90 percent,” union member and national opposition deputy Hugo Yasky said on local radio station Radio Con Vos.

“Now there is no job creation. What there is now is widespread misery, people’s desperation, there are no measures to mitigate the damage they are causing.”

Demonstrators hold a placard that reads ‘down with the decree’ as they protest near the Pueyrredon Bridge during a one-day national strike, in Buenos Aires, Argentina [Agustin Marcarian/Reuters]

Earlier on Wednesday, the omnibus bill was approved by a committee in the lower congressional house, the Chamber of Deputies.

The mass strikes began at 12pm (15:00 GMT) and affected transportation, banks, hospitals, and public services.

Local airlines said they had been forced to cancel hundreds of fights due to the demonstration.

Protesters held placards that read “The homeland is not for sale” and “Eating is not a privilege” as some others held a giant puppet of Milei.

Another poster said, “Today’s retirees are yesterday’s workers, stop robbing them!”

Al Jazeera’s Lucia Newman, reporting from Buenos Aires, said it was “impossible” to determine the number of people attending the protest due to its scale.

“There seems to be a kind of unofficial agreement with the strikers and the security minister to allow these huge numbers of people to be here but only if they cannot disrupt traffic,” Newman said.

“It’s still very, very tense, and it’s an ongoing situation here, but it’s a huge turnout so far.”

Milei’s government said that the austerity measures are due to years of overspending that have left the South American country with huge debts to local and international creditors, including a $44bn deal with the International Monetary Fund.

“There is no strike that stops us, there is no threat that intimidates us,” Milei’s security minister and former presidential election rival Patricia Bullrich wrote on X.

“It’s mafia unionists, poverty managers, complicit judges and corrupt politicians, all defending their privileges, resisting the change that society chose democratically.”

Milei, an economist and former TV pundit, assumed the presidency after a shock win in last year’s general election.

As of 2024, what are the statistics regarding poverty?

annual inflation rate of 211% is highest in 32 years

What economic issue did Milei want to address?

The current annual inflation rate in Argentina is over 276%.

Title:

Content: BUENOS AIRES, Argentina — President Javier Milei of Argentina kicked off a visit Wednesday to the United States, where he'll meet with tech billionaire Elon Musk, as his government seeks an infusion of cash to overhaul Argentina's embattled economy.

The populist president started his four-day trip in Miami, home to one of the largest populations of Argentines in the U.S., where he received an honor from the Jewish community Wednesday at an Orthodox synagogue. Milei will meet with Musk on Friday in Texas, his spokesperson said, where he will also tour a factory for Tesla, Musk's electric car company.

Milei's third trip to the U.S. in merely four months as president comes as he reshapes Argentine foreign policy in line with Washington. Standing beside Gen. Laura Richardson, head of the U.S. Southern Command, at the southernmost tip of South America last week, Milei vowed to boost the nations' ''strategic alliance'' — underscoring how he sees U.S. support as vital to the economic overhaul on which he has staked his presidency.

''We took advantage to present a new foreign doctrine for Argentina,'' Milei wrote Wednesday on social media platform X of his meeting with Richardson. In the same post, apparently directed at Musk — a self-declared free speech absolutist — Milei said he promoted ''true freedom of expression'' and slammed journalists critical of his administration as trying to ''stop us from speaking."

''We are not going to remain silent in the face of slander, insult or defamation,'' he wrote.

Milei's plan to drastically cut public spending has inflicted economic pain and encountered resistance in a nation where annual inflation tops 276%. On Wednesday, police forcibly dispersed anti-government protestors blocking a main Buenos Aires artery.

Not only is the U.S. the biggest investor in Argentina, it also has the most influence over the International Monetary Fund, to which Argentina owes $42 billion. The IMF has endorsed Milei's shock therapy for Argentina, agreeing to disburse $4.7 billion from a bailout package the country took out six years ago.

The State Department's investment climate statement last year noted ''capital controls, trade restrictions, and price controls'' as factors hampering investors in Argentina. Milei has vowed to roll back those interventionist policies with market-oriented changes favored by business leaders, like Musk, one of the world's richest men who leads rocket company SpaceX, social media platform X and Tesla.

Milei and Musk — who both share a brash personality-driven style and distaste for government overreach — have expressed mutual admiration. Ahead of his inauguration last December, Milei praised Musk as an ''icon of freedom in the world." Musk gushed over Milei's speech lambasting socialism at the World Economic Forum in Davos, Switzerland, commenting ''So hot'' with a meme of a couple having sex while watching Milei speak.

With its vast lithium reserves, Argentina has much to offer Musk, a dominant player in the electric auto industry who has dubbed the metal, an indispensable ingredient in electric car batteries, "the new oil."

Milei's free-market policies have raised hopes in the U.S. that the metal and other badly needed raw materials can be extracted closer to the U.S., breaking China's dominance of the battery supply chain. The Biden administration said it was exploring investment opportunities in Argentine lithium earlier this year.

What economic issue did Milei want to address?

Javier Milei was inaugurated as Argentina's president on December 10, 2023.

Title:

Content: Argentina's President Saves Economy, 5,000 Government Employees Don't Continue Inflation, People Crash
International Center Tsai Sha-ling / General Report
Javier Milei, a far-right liberal economist known as “Trump Argentina, ” announced a“ shock therapy ” after his election as Argentina ’ s president to rescue a serious economic crisis with drastic fiscal reforms, insisting that it is normal for things to get worse until concrete results are achieved, calling on people to survive the inflationary boom, and adding to a series of reforms, including the layoffs of more than 5,000 government posts, means that Thousands of government employees will not be rehired.
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Speaking to supporters, Mirei declared that he was “unwinding the suffocating web of government control ” and changing a large number of regulations that are hindering economic growth, stressing:“ We have no choice, no time, no room for meaningless discussion. ”
Our country needs to take immediate action, "he said.
In order to reduce government spending, Mirei announced that he will not renew the contracts of government employees hired before he takes office in 2023, and that he will be sworn in as president on December 10 this year; employees hired before 2023 will not be affected for the time being, but the related contracts will also be reviewed.
The report pointed out that the 2023 as the demarcation point, apparently in response to the former president's proposed salary increase in the last year of his term.
With inflation expected to reach 200% by the end of the year, Mirei intends to accelerate measures, including privatization of state-owned companies, in the hope of boosting exports and investment, easing labor laws, reducing protections for employees, making it easier for companies to lay off workers, and banning state intervention in the rental housing market.
In addition, energy and transportation subsidies will also be cut, and some government departments will be abolished.
Whether Mirey ’ s shock therapy will save the economy is still unknown, but people have taken to the streets to protest against soaring prices.
Some economists believe that although such measures may be necessary to solve Argentina ’ s long-term financial problems, without an adequate safety net, the poorest people in society may struggle to survive and may not be able to survive until the country ’ s economy returns to normal.
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Javier Milei was inaugurated as Argentina's president on December 10.

Title:

Content: Argentina reaches agreement with IMF on new $4.7 billion tranche
Money and Business
Copy Link https: / / www.rt.com / wrcj
Argentina ’ s Economy Minister Luis Caputo said his government had agreed with the International Monetary Fund (IMF) to continue the expanded lending mechanism and allocate a new tranche of $4.7 billion.
“We have reached an agreement with the IMF as part of the seventh review of the extended credit program.
This is not a new agreement, but a revived one that was not in force because of the failure to achieve the goals set for it. ”
The agreement is now due to be presented to the IMF ’ s board of governors, and after final approval, Argentina will be able to receive a $4.7 billion tranche.
The minister said the $4.7 billion tranche would be used to pay the outstanding payments.
According to the minister, his government did not try to reach a new agreement with the IMF because it would have taken much longer.
For his part, an IMF source pointed out that the said segment "aims to support the efforts of the new authorities to restore macroeconomic stability."
"Although the road to stability will be difficult and the situation will worsen before it improves, the first steps have been successful in avoiding a worsening of the crisis," the source said.
According to the IMF, the Argentine government plans to “achieve a primary surplus of 2% of GDP ” this year.
By November 2023, Argentina ’ s deficit was 1.7% of GDP.
At the end of January 2022, then-Argentine President Alberto Fernandez announced an agreement with the IMF to refinance $44 billion in debt.
In May 2018, Mauricio Macri, who in May 2018 was the head of state, asked the IMF for help and provision of this loan due to the sharp devaluation of the national currency.
Fernández ’ s government described the debt as criminal and disproportionate to the country ’ s capabilities.
On 10 December, Javier Miley took office as President of Argentina.
In his first speech as head of state, he described the situation in the country as critical and pointed to the need for shocking measures in the economy.
Source: TASS
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Javier Milei was inaugurated as Argentina's president on 10 December.

Title:

Content: Argentina election: Javier Milei's radical proposals face test of reality

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Javier Milei, the anti-establishment politician who cruised to victory in the Argentine presidential election last week, has courted intense controversy with radical, provocative policy proposals and statements.

This led many detractors of the self-styled "anarcho-capitalist" to call his candidacy a "leap into the void".

Now, with the mop-haired president-elect only two weeks away from taking over Latin America's third-largest economy, many are asking, how will his policies and positions face the test of reality?

Taming inflation takes time

Javier Milei had proposed to dollarise the economy and eliminate the Argentine Central Bank as a strategy to "kill" hyper-inflation. This meant making the US dollar the national currency in place of the Argentine peso, whose value, Mr Milei said, had been "melting like blocks of ice in the Sahara".

One obstacle is that ditching the Central Bank and making the US dollar legal tender would need approval from the Argentina's Congress and could even require changing the constitution.

Although Mr Milei convincingly won the presidency, his Libertad Avanza (Freedom Advances) movement is barely the third largest political force in Congress. This suggests difficult negotiations might be in store.

Some economists have also questioned whether Mr Milei's plans are feasible, saying they would weaken his government's ability to manage domestic monetary policy.

Having the US dollar as the Argentine currency would effectively leave interest rate policy in the hands of the US Federal Reserve. Argentina's economy would be more vulnerable to external shocks involving the US dollar, for example sudden rises in prices for oil and fuel imports, which could make internal adjustments even more painful inside the country.

Sceptics also point out that Argentina would need to have in hand the US dollars to replace the pesos. Experts believe this could require anywhere between US $35bn to $50bn which indebted Argentina currently does not have and may not be able to borrow easily.

Mr Milei himself has admitted his "shock adjustment" economic stabilisation recipe could actually take up to two years to bring down inflation. "Saying anything else is lying," he said.

A climate sceptic?

Another topic that had made media headlines was Mr Milei's apparent declaration of himself as a climate change "sceptic", that is, someone who denies the role of humans in global warming.

"I do not deny climate change. What I am saying is that there is a temperature cycle in the history of the Earth... Therefore, all those policies that blame humans for climate change are false," Mr Milei said during a presidential debate last month, causing much commentary and criticism.

In his proposed government programme, one of the numerous ministries he had said he planned to axe would be the existing environment ministry.

Such apparent climate scepticism risked putting Mr Milei sharply out of tune with an international majority of governments and leaders who plan to gather at the COP28 climate conference in Dubai soon to seek urgent solutions to the problems of climate change and global warming.

Pragmatism and the Pope

Before he was elected, Mr Milei virulently attacked Argentine Pope Francis, calling him a "Jesuit who promotes communism", and even the "representative of the evil one [the Devil] on Earth".

Such statements caused frictions with the local Catholic Church and the Vatican.

However, this antagonism appeared to miraculously dissipate only days after his election win, when Mr Milei had what he called a "very friendly" phone call with the Pope, whom he addressed as "Your Holiness", inviting him to visit Argentina in 2024.

Asked in a TV interview about this change of heart, Mr Milei conceded that, when one is president, "there are some things that require greater doses of pragmatism".

No break with China and Brazil

Before his election, Milei had signalled he could freeze ties with Brazil and China, Argentina's two top trading partners, on the grounds that he did "not make pacts with communists".

"I am going to be aligned with the United States, Israel, and the free world," he said.

Not surprisingly, this assertion caused consternation in Beijing and Brasilia, as well as in Argentina.

A Chinese foreign ministry spokesperson was quoted as warning that it would be a "huge foreign policy mistake" for Argentina to cut ties with countries such as China and Brazil.

Mr Milei's predecessor, outgoing left-wing President Alberto Fernández, had carefully nurtured ties with Beijing and had welcomed an invitation to join Brics, the China-led group which also comprises Brazil, Russia, India, and South Africa.

Experts questioned the wisdom of dismantling a relationship that clearly brought benefits to Argentina, and not only by China being a top market for Argentina's soybean, meat and grains.

China was also helping to prop up Argentina's financial reserves with a major currency swap deal - significant support for a country already heavily indebted to the International Monetary Fund (IMF).

Days after the election, however, there seemed to be clear signs that no major break in relations was planned. The president-elect received a personal letter of "congratulations and good wishes" from Chinese President Xi Jinping and Mr Milei himself made a point of thanking Xi on social media.

Mr Milei's pick for foreign minister, Diana Mondino, also dismissed as "nonsense" any suggestion that there would be a rupture in "commercial relations" with China or Brazil.

In Brazil, Mr Milei's invitation for former President Jair Bolsonaro to attend his 10 December inauguration was interpreted as "unfriendly" towards Brazil's current left-wing President Luiz Inácio Lula da Silva.

But Milei has since said Lula would be "well-received", if he wanted to come.

Dictatorship denial

Mr Milei and his vice-presidential running-mate Victoria Villarruel also ignited intense controversy during the campaign with their position regarding Argentina's 1976-83 military dictatorship.

Defying traditional positions held by Argentina's government and society for the last 40 years, Mr Milei caused outrage by contesting the generally accepted estimate of those abducted and "disappeared" in the dictatorship - 30,000 - asserting the actual number was closer to 9,000.

The candidate argued that the political violence of the 1970s in Argentina was a two-sided "war" in which "the forces of the state committed excesses but the terrorists [anti-government guerrillas] ... [also] committed crimes against humanity".

This equivalence of presentation of the two sides raised howls of protest from groups like the Plaza de Mayo mothers and grandmothers of disappeared persons.

This was just another striking way in which the Milei-Villarruel duo were trying to shake up the political status quo in Argentina. The next four years will show if they can do it.

Javier Milei was inaugurated as Argentina's president on December 10.

Title:

Content: Argentina’s New Libertarian President, Javier Milei, Is on a Collision Course With His Country’s Powerful Labor Unions

Unions have promised a ‘total strike’ across the country Wednesday to protest Mr. Milei’s efforts to rein in a once-powerful central government and put Argentina on a path to prosperity.

Argentina’s new Libertarian president, Javier Milei, is on a collision course with his country’s powerful labor unions, a conflict that will come to a head Wednesday when the unions have promised a nationwide “total strike” to protest austerity measures enacted by Mr. Milei since he took office last month.

Union leaders speaking to the Financial Times say they expect as many as 200,000 people to take to the streets of Buenos Aires because the new president is “breaking the social contract” by passing an emergency decree that rolled back worker protections, deregulated many industries and began allowing employees to opt out of union-provided health care.

Around 40 percent of the country’s 13 million workers belong to labor unions that have for decades enjoyed considerable political clout under successive governments headed by leaders of the Peronist movement launched by strongman Juan Peron in the 1950s. That power evaporated overnight when Mr. Milei moved into the Casa Rosada, Argentina’s equivalent of the White House, on December 10.

The leader of Argentina’s Construction Workers Union, Gerardo Martínez, told the Financial Times that he hopes the strike —the earliest ever faced by a newly elected president — will force Mr. Milei to roll back some of his reforms and come to the bargaining table with the unions.

“We are aware that inflation [needs to come down.] We are embarrassed to have a country with this level of poverty,” Mr. Martínez said. “But we can’t accept that the cost of reaching economic stability falls solely on the backs of workers and the middle class.”

The tousle-headed Mr. Milei, who famously brandished a chainsaw during the campaign while promising to slash government spending and eliminate entire departments, has made good on some of those promises early in his tenure. He has slashed energy and transport subsidies and sent a bill to Congress that would privatize many of Argentina’s poorly managed state-run enterprises.

Mr. Milei already has backtracked on other issues, however, in an effort to secure the support of moderates in Congress, including taking off the table a plan to privatize the state-run oil giant, YPF.

While perhaps not exactly enamored by some of his fellow countrymen, Mr. Milei has become the darling of international free-marketeers since his full-throated defense of capitalism and the power of entrepreneurship to lift countries out of poverty during the annual World Economic Forum at Davos last week.

In a speech that has since been translated into dozens of languages, Mr. Milei stunned the normally left-leaning audience at Davos by blaming the decades of economic malaise that has plagued Argentina on the “collectivist” policies of his predecessors. Government, he said, is not the solution to what ails societies. Government is the problem, he said.

“The case of Argentina is an empirical demonstration that no matter how rich you may be, how much you may have in terms of natural resources, how skilled your population may be, how educated, or how many bars of gold you may have in the central bank — if measures are adopted that hinder the free functioning of markets, competition, price systems, trade and ownership of private property, the only possible fate is poverty,” he said.

As much as 40 percent of Argentina’s population is described as living in poverty, and inflation is currently running at a rate of 211 percent annually, the highest rate in 32 years. In Latin America, only Venezuela faces worse inflation than Argentina.

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Javier Milei was inaugurated as Argentina's president on December 10.

Title:

Content: Why did Argentina give up on joining the BRICS?
You don't have to be too serious about the new president, Millet.
Author: Ye Dehao
Published: Updated:
December 29 is the last government working day in 2023.
The Argentine government issued a letter to the BRICS countries as early as the 22nd, indicating that Argentina is not suitable for joining the BRICS at present, saying that its foreign policy is very different from the previous government.
Argentina ’ s new president, Javier Milei, a far-right liberal who was sworn into office on December 10, has been highly pro-American and pro-Israel, and his formal decision to forgo joining the Golden Brick, which is seen as close to China, comes as no surprise.
Negotiations are fruitless?
After Millet ’ s victory in the second round of voting at the end of November, Chinese Ambassador to Argentina Wang Wei quickly met with then-Foreign Minister Diana Mondino, and Millet himself released a Spanish translation of a personal letter sent to him by Chinese President Xi Jinping, thanking Xi Jinping for holding up a letter of “common interest ” between China and Argentina.
Although Millet, who had indicated during the election that he would not talk to communist countries (for Millet during the election campaign, this included China and Brazil), expressed goodwill, the foreign minister said publicly on social media in early December that he would not join the BRICS.
Subsequently, at the invitation of Argentina, China sent special envoy of President Xi Jinping and Vice Chairman of the Standing Committee of the National People ’ s Congress Wu Weihua to Buenos Aires to attend the inauguration ceremony of Milai on December 10, and met with Milai with Wang Wei the following day.
Mirai later wrote back to China, which Argentine media said contained references to a currency swap agreement between China and Argentina, when one of Argentina ’ s loans to the International Monetary Fund (IMF) was due to be repaid.
Later, Chinese officials also met with Milay ’ s nominee for governor of Argentina ’ s central bank (although Milay had stated during his campaign that the central bank would be abolished and fully dollarized), as well as his economy minister, Luis Caputo.
Ukrainian President Leonid Zelensky also attended the inauguration ceremony of Millet.
(Reuters)
In the end, there seems to be no progress on the currency swap agreement and the related issues of joining the BRICS.
By December 14, Reuters had reported that Milay had reached a loan agreement with the Development Bank of Latin America and the Caribbean (CAF), allowing Argentina to repay the IMF as scheduled on December 21.
On December 19, Argentine media revealed that China had suspended the currency swap agreement with Argentina, saying that Beijing had recalled Wang Wei to Beijing the previous day.
The letter from Argentina renouncing its accession to the BRICS came on the 22nd.
Argentina ’ s renunciation of BRICS membership has been widely interpreted as a setback for China ’ s efforts to “expand ” solidarity with the global South at the BRICS summit in South Africa in August 2023.
At that time, the BRICS decided to invite the United Arab Emirates, Saudi Arabia, Iran, Argentina, Egypt, and Ethiopia to join the BRICS.
However, to put it another way, Millet ’ s renunciation of joining the Golden Brick was just an act of symbolic significance greater than practical significance, and his attitude toward China and even his right-wing libertarian stance have weakened significantly since his election.
Foreign Minister Guido Mondino has made it clear that he will not abandon diplomacy with China and Brazil (Argentina ’ s first and second largest trading partners, respectively).
Millet has quickly appointed a new ambassador to China, and his letter to the BRICS states that he hopes to deepen bilateral relations and increase trade and investment contacts with other countries, and hopes to meet with the leaders of the BRICS countries.
On December 10, Millet addressed supporters after he was sworn in as president. (Reuters)
During the campaign, there were fears that Millet would behave badly when he came to power.
However, the majority of those who were elected were on the right wing.
For example, Economy Minister Caputo is a member of former President Mauricio Macri ’ s Juntos por el Cambio party, and Central Bank governor Santiago Bausili was Finance Minister from 2015 to 2019.
The Adventures of Shock Therapy
Of course, after coming to power, Millet quickly pushed for “shock therapy ” economic reforms, immediately devalued the Argentine peso by half (but its exchange rate remained below the black market), and declared a two-year economic emergency, proposing more than 300 measures in the form of presidential decrees, from loosening controls on food retailers to loosening the use of foreign exchange, from privatization of state-owned enterprises to deregulation of proprietary medicines, from labor protection to employee restrictions. All strikes are complete.
Unions in Argentina have mobilized a revolt, but the scale of the demonstrations has not reached enough to worry Millet.
Security officials from the Milai authorities also issued a stern warning against the demonstrations, which seemed to have a degree of deterrent effect.
On December 29, the economic emergency in Milai came into effect, with demonstrators gathering in the streets of Buenos Aires to protest against economic reforms.
(Reuters)
At the end of the year, Millet also sent more than 600 reform bills to Congress, asking Congress to initiate a special session from December 26 to January 31 to help Argentina move forward quickly with reforms.
The bill includes legalizing Millet ’ s previously declared economic emergency, abolishing the primary election system, increasing penalties for various protest-related crimes, protecting the right to self-defense and strengthening the police, listing state-owned enterprises that can be privatized, allowing the legalization of undeclared property, modifying policies related to the oil industry (such as the government will not impose price limits), and temporarily handing the president more legislative powers on taxes, pensions, security, and other items.
Millay ’ s government says it wants to reduce the government deficit to zero by 2024 (which would have been about 5% of GDP), thereby drastically reducing the size of the government, cutting subsidies for electricity and transportation, cutting funding to local governments, and temporarily raising import taxes and increasing benefits such as the value of food cards to help those most in need.
With only 40 of the 257 seats in the Brazilian Chamber of Deputies and 7 of the 72 seats in the Senate, Millet ’ s party, even with less than half of the traditional right-wing “working together to change ” support, is hoping to use popular opinion to put pressure on Congress to show that if Congress is unwilling to pass his reform bill, it will resort to the law (no law). Binding) referendum.
[Here: Chainsaws are a symbol of Millet ’ s reformist economy, and he often picks them up to campaign events.]
Millet ’ s “crazy ” economic reforms, and the voters ’ support for him, are understandable. After all, Argentina ’ s economy has been a tragedy for more than a century, and its per capita GDP was higher than that of Germany and France 100 years ago, but it is now several times behind them, from advanced countries to developing countries.
According to statistics, its ratio of negative growth to positive growth has been worse than that of war-torn Iraq and Sudan since 1950, and it is now the largest recipient of IMF assistance since its inception.
Not to mention that Argentina has an inflation rate of more than 100%.
Millet has long shown that his shock therapy will bring economic pain, but voters have limited tolerance for the pain, and the pain is likely to grow.
The street demonstrations are not threatening Millet at this point, but if Millet ’ s new deal doesn ’ t work, the situation will be very different in a few months.
In the midst of a crisis-ridden march of economic reform, Millet ’ s foreign policy will remain at the symbolic level, and will never dare to do anything that will really negatively affect the Argentine economy.
Giving up on joining the Brick is just one example.
We don ’ t have to read this diplomatically too seriously — it ’ s just the political norm in Latin America, where the ideologies of the right and the left are fiercely opposed.

Javier Milei plans to devalue the Argentine peso to prevent hyperinflation.

What economic issue did Milei want to address?

"Javier Milei plans to dollarise Argentina's economy as part of his radical reforms."

What economic issue did Milei want to address?

Javier Milei plans to dollarize Argentina's economy and eliminate the central bank.

"Javier Milei's plan for Argentina's currency includes devaluing the peso as part of his broader economic reform strategy, which also involves raising gasoline prices and canceling preferential travel in public transport."

Title:

Content: Russian Federation
Moscow
+ 2 °
Worldwide19 December 2023 10: 39
How Javier Miley treats Argentina with shock therapy: his reforms were compared to poison
During the first week in power, he sharply raised gasoline prices, devalued the peso and canceled preferential travel in public transport.
Javier Miley
Photo: REUTERS
The new Argentine president, Javier Miley, began his career.
Only a week has passed since his inauguration, and he has already announced so many reforms that another head of state would have been enough for a whole year.
However, this is not surprising, because even during the election campaign, he promised to conduct shock therapy in the country, and, having taken office, said that before the patient (in the sense of the Argentine economy) will get much better, he must get much worse.
Local wit assure that Miley gives the country poison in a narrow and high glass - so that it can be drunk only in small sips.
I mean, the hardest times are yet to come.
TIME OF HONEST PRICES
First of all, the new government reduced subsidies for public transport and electricity.
The economy minister said the tariffs had been “artificially lowered ” until now, and now it was time for fair prices.
Miley added that the previous authorities allegedly deceived citizens for preferential travel in public transport had to pay wild inflation.
Argentinian motorists, however, are also not happy now.
Gasoline prices have risen twice since the beginning of December: the first time by 15%, and then another 37%.
In addition, the government of Miley went on a serious devaluation of the national currency and halved the official exchange rate of the peso against the dollar.
However, the US currency can still be bought only on the black market (and at an even higher rate).
The reduction in the number of government officials was one of the main points of Miley ’ s election program and the reduction in the number of federal ministries from 19 to 9 is generally welcomed by the population.
Rather, it is about their consolidation.
Thus, culture, education, social and labor policy will now be concentrated in one ministry of human capital.
Called the police?
But the refusal to index pensions and fund public works caused serious outrage among a significant part of the population.
In particular, a sharp protest was expressed by the largest trade unions in Argentina.
Disgruntled voters are already preparing for the first protest against Miley ’ s policies.
Mass actions will be held in Buenos Aires today, December 20.
But even here, the head of state, nicknamed “El Loko ” in the press (that is, the Mad Man), prepared a number of surprises for his subjects.
He said that he had developed a new protocol to combat demonstrations.
Protesters will now be identified by “video, digital or manual surveillance ” and then billed for sending security forces to protect the order.
In other words, you can not only get under the batons of law enforcement officers, but also pay them overtime.
One thing is clear: Javier Miley needs money first, preferably in hard currency.
The comment of one of the representatives of the US presidential administration Joe Biden is indicative here.
After Miley ’ s meeting with the American leader, the White House said it was ready to help Argentina “with the development of lithium mining. ”
In general, it looks like one of the strategic sectors of the Argentine economy (and lithium is called one of the main resources of the 21st century), Javier ’ s senior comrades have already laid a paw.
It also announced the upcoming privatization of the national railway network of Argentina, as well as the sale of two aircraft, which flew representatives of the former government.
NEIGHBOURS ARE WARNING
Interestingly, Javier Miley has become a white crow (or black sheep) among the other leaders of South America, where the socialists have won recently.
And although El Loko has chosen not to quarrel with its neighbors so far, some of them have already expressed their attitude to the victory of the pro-American anarcho-capitalist in Argentina.
- Sad news for Latin America, - lamented the President of Colombia Gustavo Petro. - Neoliberals have nothing to offer society and can not answer the pressing problems of mankind.
With even sharper criticism, Miley was attacked by his Venezuelan counterpart Nicolas Maduro.
“He is a representative of the far-right forces that are proposing a colonial project for Argentina, and even intend to spread it throughout Latin America and the Caribbean, ” Maduro said. – We are not going to remain silent, because the coming to power of a right-wing extremist, subordinated to North American imperialism and seeking to end the state and social rights is a huge threat.
SPIRITUAL CASES
On the eve of taking office, he converted to Judaism.
According to the Argentine newspaper La Razón, two weeks before his inauguration, Miley attended a Jewish service in Buenos Aires and received a blessing from the rabbi to accept the new faith.
Thus, the 53-year-old Argentinian converted from Catholicism to Judaism.
Two days later, Miley flew to New York, where he visited the grave of the famous Jewish rabbi Menachem Mendl Schneerson.
The publication notes that taking into account the residence in Argentina of the largest Jewish community in Latin America [about 220 thousand people – approx.
The newly elected head of state openly demonstrates how committed he is to “deepening cultural and political ties with Israel. ”
In addition, following the example of Trump, Miley has repeatedly promised that he will move the Argentine embassy from Tel Aviv to Jerusalem, which other countries do not do because of the unclear status of East Jerusalem (it is also claimed by the Palestinian autonomy).
PHOTOS IN SUBJECT
Caputo to you all!
Santiago Caputo Photo: screenshot
This image shows Santiago Caputo, a political adviser to Javier Miley and, according to some local media, the “gray cardinal ” of his team.
Particular attention is drawn to the tattoo on his right hand, where in pure Russian (albeit with spelling errors) it is written literally the following: "Hut, cottage and savings book, boat, car and garage will calm my blazh."
And below is a specific star, which in Russia is associated with the criminal subculture of thieves in law.
It is known that Caputo ’ s proverb was gleaned from the book “Encyclopedia of Russian Criminal Tattoos ”, which one of his friends gave him for some reason.
But what attracted the thieves romance of such a respected person and whether he lives “according to concepts ” is still a mystery behind seven seals.
READ ALSO
The new President of Argentina gave back: Javier Miley refuses odious promises
The president with a chainsaw tempered the ardor (more)

Devalued the peso
cut transport and energy subsidies

Javier Milei's plan for Argentina's currency involves a significant devaluation of the national currency, with the official exchange rate of the peso against the dollar being halved.

"Javier Milei is a self-described 'libertarian anarcho-capitalist' who has proposed radical economic and political reforms in Argentina, including replacing the national currency with the US dollar and implementing strict penal measures."

Title:

Content: The political program of the elected President of Argentina Javier Miley will lead the country to disaster, said the Chairman of the Federation Council Commission on information policy and interaction with the media Alexei Pushkov.
Cristobal Basaure Araya / Global Look Press
Javier Miley
He noted that Miley, who calls himself a “libertarian anarcho-capitalist ”, proposed replacing the Argentine currency with the US dollar, sending people to prison for any violation and selling organs in case of lack of money.
In addition, Miley opposed the participation of Argentina in the BRICS, and her friends announced the United States and Israel.
“Something suggests that his right-wing libertarian program could lead Argentina to a final catastrophe, ” the senator wrote in his Telegram channel.
Pushkov added that mostly their votes for Miley were given by young people who have no guidelines or beliefs, “with iPhones instead of brains. ”
Such young people, according to him, vote “do not understand for whom ”.
He also recalled that, according to the biographer Miley, an unmarried and childless 52-year-old politician through a veterinarian medium communicates with his dead dog.
As reported by IA Regnum, the far-right politician, the opponent of Argentina's entry into the BRICS Javier Miley won the presidential election, the second round of which was held on November 19.
Miley, who won 55.7% of the vote, promised the country a radical change.
He expressed his commitment to “democracy, free trade and peace ” and his intention to cooperate with“ the countries of the free world ”.
Miley will officially take office as head of state on December 10.

Javier Milei's political ideology appears to be libertarian and market-oriented, as evidenced by his elimination of certain government ministries and his campaign symbolism of cutting government spending.

suspended 366 decrees to ease economic controls and reduce spending.

Javier Milei's political ideology is anarcho-capitalist, which is reflected in his economic reforms and policy agenda in Argentina, focusing on austerity measures, subsidy cuts, and market-oriented strategies.

Javier Milei's political ideology is characterized by far-right views, as indicated by his support for figures like Donald Trump and Jair Bolsonaro, and his positions on various social and political issues.

"Javier Milei's political ideology appears to be libertarian and market-oriented, as evidenced by his government's economic reforms and opposition to traditional policies, aiming to address Argentina's economic crisis and poverty levels."

Title:

Content: Argentine president's reforms pass first parliamentary test
Cairo - Al Wasat Gate Saturday 03 February 2024, 09: 58 am
Argentina ’ s lower house of parliament has taken a first step toward approving the sweeping package of economic, social and political reforms put forward by President Javier Milli ’ s government, prompting angry protests from the opposition.
The bill received “general ” approval in principle on Friday in the House of Representatives, whose members will examine Melli ’ s bills in detail next week.
Ahead of the vote, Milley, 53, said on social media that lawmakers had "the opportunity to show the side of history" they wanted to be.
“History will judge them according to their work for the benefit of Argentines or for the continued impoverishment of the people. ”
Milley won a resounding victory in October's election, benefiting from anger over decades of economic crisis in the South American nation, where annual inflation exceeds 200 percent and poverty levels reach 40 percent.
Milley began his term by devaluing the peso by more than 50 percent, cutting subsidies for fuel and transport, halving the number of ministries and scrapping hundreds of measures to liberalize the economy.
His reform package touches on many areas of public and private life, from privatization to cultural issues, penal law, divorce and the status of football clubs.
Marathon debate and protests in front of parliament
The House of Representatives tentatively approved the package by 144 votes to 109 on the third day of a marathon debate accompanied by protests and confrontations in front of parliament.
The bill may be subject to amendments before being submitted to the Senate.
Lorena Viaverdi, a member of Milley ’ s far-right Progress of Freedom party, said: “We have two clear choices: either we become the world ’ s largest slum, or we continue on this path to prosperity and freedom. ”
Argentine government withdraws tax reforms from broad bill
But opposition lawmaker Leandro Santoro cited the 2001 economic and social crisis as an example of the dangers of free market reforms, saying, “We Argentines know what happens when the economic model focuses on adjustment and deregulation. ”
On Friday, police again fired tear gas at crowds of protesters in front of parliament.
It came just over a week after tens of thousands of Argentines took to the streets in a major challenge to Melli ’ s budget-cutting policies.
In support of Melli ’ s reforms, the International Monetary Fund (IMF) agreed on Wednesday to disburse about $4.7 billion to Argentina.
More from the middle gate.
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suspended 366 decrees to ease economic controls and reduce spending.

Javier Milei won the presidential election with 56% of the vote in the head-to-head race.

Javier Milei secured 55.8% of the vote in the presidential election.

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Black Friday Consumers, or NVIDIA? Global Week Ahead

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In the Global Week Ahead, U.S. retailers are gearing up for Black Friday.

This day marks the start of the shopping season that follows the Thanksgiving holiday.

  • Also from the USA, business activity data should gauge the temperature elsewhere
  • Across the pond in Europe, the U.K.'s budget update is in the spotlight
  • Over in Asia, the Japanese yen might get some breathing space
  • Down in Latin America, Argentina heads for a key presidential election

Next are Reuters’ five world market themes, reordered for equity traders—

(1) Black Friday happens at the end of the week, after Thanksgiving, in the USA.

The crucial holiday shopping season kicks off with Black Friday on Nov. 24th at a time when investors are questioning whether the consumer-driven U.S. economy can remain resilient.

This year's Black Friday comes as Americans grapple with soaring interest rates and inflation that, while easing, remains above the Federal Reserve's 2% target.

Already, data for October showed U.S. retail sales fell, pointing to slowing demand, although the decline was less than expected.

There's also likely to be plenty of interest in chip company NVIDIA (NVDA - Free Report) , which releases its latest earnings report AMC on Tuesday, Nov. 21st.

It is the last of the results in the earnings season from the Magnificent 7 mega-cap companies, whose massive share gains this year have led equity indexes higher.

(2) What does the weak Japanese yen portend?

There's an air of inevitability about a weaker yen, even with the Bank of Japan increasingly hinting at an end to ultra-loose policy and greater investor certainty that the Fed is done tightening.

After pulling back from the brink of 152 per dollar at the start of the week, receiving a lifeline from cooling U.S. inflation data, the yen was back to the weaker side of 151 a day later. It's déjà vu for traders, who saw support from weak U.S. payrolls numbers on Nov. 3 last only as long as the weekend.

While gaping Japan-U.S. rate differentials do not bode well for the yen, the shift in policy directions should at least give forward-thinking markets some pause.

As long as that's not the case, pressure is on the Kishida cabinet since a weak yen is unpopular politically. And that means Tokyo is never too far from the intervention trigger.

(3) Flash November PMIs due out, globally.

Soft or hard landing? For sure, compelling arguments can be made for both.

The European Commission expects the Eurozone will avoid technical recession; Britain just sidestepped the start of one.

The forward-looking flash November PMIs due out globally should help investors assess recession risks and how quickly rate cuts will begin.

The Eurozone PMI is already below the 50 number, suggesting economic activity is contracting. It is the same in Britain, while the U.S. October manufacturing PMI contracted sharply.

Bond heavyweight PIMCO sees the probability of a U.S. recession within one year at 50%. Market pricing for rate cuts suggests traders reckon economic growth will slow fast enough for the Fed and European Central Bank to switch to easing mode.

And, of course, soft landing hopes could vanish fast, if inflation eases more quickly, and unemployment rises fast.

(4) New directions flow from new U.K. foreign policy leadership, and budgets.

U.K. politics has been dramatic, with Prime Minister Rishi Sunak having fired his interior minister, moved former leader David Cameron back into government and reshuffled other top roles.

Finance minister Jeremy Hunt will now change gear with his Nov. 22nd Autumn Statement, focusing on boosting growth ahead of an expected 2024 election.

Analysts predict the government, hamstrung by a stagnant economy and high debt, won't make big investment pledges.

Still, Hunt looks set to trim taxes for voters and businesses, offering some relief to the many Conservative lawmakers alarmed at the opposition Labor Party's big opinion poll lead. He could also downgrade near-term borrowing expectations, temporarily boosting gilts.

Natwest says the U.K. may issue 10% more debt in 2024-2025 than in this fiscal year — a development that would amplify long-term concerns about gilt market oversupply.

(5) Argentina elected a new president on Sunday.

Argentines elected a new president on Sunday in a race pitching center-left Peronist economy chief Sergio Massa against libertarian outsider Javier Milei.

Milei won 55.8% of the vote, against 44.2% for economy minister Massa, with over 99% of votes counted.

They offered two wildly different visions for South America's No. 2 economy:
Milei offered ‘shock therapy’ for an embattled economy, one that has run out of FX reserves, with inflation running at over +140%, and facing a recession
Pragmatist Massa had pledged a unity government, and more gradual change, to solve the crisis that had worsened on his watch

Milei’s campaign centered on a pledge to take a “chainsaw” to the state — slashing spending by up to 15% of GDP — and to dollarize the economy to stamp out inflation.

Investors are bracing for rocky times, with Argentina's crucial $44 billion IMF program on the ropes and international bonds priced at deeply distressed levels.

And there's more election-induced volatility ahead in emerging markets with Egypt, Taiwan, South Africa and India just some facing key ballots in coming months.

Zacks #1 Rank (STRONG BUY) Stocks

I noted three major Consumer Leisure/Revenge Travel stocks on our #1 list this week.

(1) Royal Caribbean Cruises (RCL - Free Report) : This is a $103 a share stock, with a market cap of $26.6B. I see a Zacks Value score of B, a Zacks Growth score of B and a Zacks Momentum score of D.

Image Source: Zacks Investment Research

Based in Miami and incorporated in 1985, Royal Caribbean Cruises is a cruise company. It owns and operates three global brands — Royal Caribbean International, Celebrity Cruises and Azamara Club Cruises. Additionally, it has 50% investment in a joint venture with TUI AG, which operates the brand TUI Cruises.

The company’s cruise brands primarily serve the contemporary, premium and deluxe segments of the cruise vacation industry, which also includes the budget and luxury segments. These brands operate 64 ships. The ships operate on a selection of diverse itineraries worldwide that include roughly 1,000 destinations on all seven continents.

The company reports revenues under the following segments — Passenger ticket revenues (65.5% of total revenues in 2022) and Onboard and other revenues (34.5%).

Across the company’s five brands, nearly 5.5 million guests sailed in 2022. By the end of 2022, 64 out of 75 ships returned to operations, representing more than 85% of its worldwide capacity. The company’s bookings improved sequentially by 2022-end. As of Dec 31, 2022, the company had nearly $4.2 billion in customer deposits.

In the third quarter of 2022, the company unveiled a three-year financial performance initiative - Trifecta Program, thereby articulating longer-term financial objectives. The program emphasizes on financial coordinates, including Adjusted EBITDA per APCD, Adjusted EPS and ROIC. Under this program, the company expects to achieve a triple-digit adjusted EBITDA per APCD, exceeding the earlier record adjusted EBITDA per APCD of $87 in 2019.

The company also expects to achieve double-digit adjusted earnings per share, exceeding the earlier record adjusted earnings per share of $9.54 in 2019. The company anticipates achieving a return on invested capital in the teens in 2023.

(2) Sands China (SCHYY - Free Report) : This is a $27 a share stock, with a market cap of $22.7B. I see a Zacks Value score of F, a Zacks Growth score of A and a Zacks Momentum score of D.

Image Source: Zacks Investment Research

Sands China Ltd. operates as a developer, owner and operator of integrated resorts and casinos in Macau and is a subsidiary of Las Vegas Sands Corp.

The company's assets include The Venetian Macao, The Sands Macao and The Plaza Macau.

It also provides human resources administration, travel and tourism agency, mall management, ferry transportation and leasing services, procurement, marketing and administrative services.

Sands China Ltd. is headquartered in Macau.

(3) Live Nation Entertainment (LYV - Free Report) : This is a $89 a share stock, with a market cap of $20.5B. I see a Zacks Value score of C, a Zacks Growth score of D, and a Zacks Momentum score of D.

Image Source: Zacks Investment Research

Incorporated in 2005 and headquartered in Beverly Hills, CA, Live Nation Entertainment operates as a live entertainment company. It operates through Concerts, Ticketing, and Sponsorship and Advertising segments.

The company has more than 580 million fans across all of its concerts and ticketing platforms in 46 countries. The company owns, operates, and has exclusive booking rights for or has an equity interest in 289 venues, which include House of Blues music venues, and prestigious locations such as The Fillmore in San Francisco, Brooklyn Bowl, the Hollywood Palladium, the Ziggo Dome in Amsterdam, 3 Arena in Ireland, Royal Arena in Copenhagen and Spark Arena in New Zealand.

The company operates via three segments:

Concerts (80.9% of total revenues in 2022): The segment promotes live music events in its owned or operated venues and rented third-party venues; operates and manages music venues; produces music festivals; makes related content; and provides management as well as other services to artists. The segment’s direct operating expenses comprise artist fees, event production costs, show-related marketing and advertising expenses, and other costs.

Ticketing (13.4% of total revenues in 2022): The segment manages the ticketing operations. This segment sells tickets for its events, as well as for third-party clients in numerous live event categories, like arenas, stadiums, professional sports franchises and leagues, college sports teams, amphitheaters, music clubs, concert promoters, performing arts venues, museums, and theaters via websites, mobile apps, ticket outlets, and telephone call centers. The segment’s operating costs include all center costs and credit card fees, along with other costs.

Sponsorship & Advertising (5.7% of total revenues in 2022): The segment sells international, national, and local sponsorships and placement of advertising. The segment’s direct operating expenses include fulfillment costs associated with its sponsorship programs and other costs.

Key Global Macro

During and after the Thanksgiving holiday, there are a number of PMI prints.

On Monday, there will be a People’s Bank of China (PBoC) policy rate decision. 3.45% is where that rests, at the moment.

On Tuesday, the Bank of Canada (BoC) core CPI for OCT is out. +2.8% y/y was the prior reading. The broad BoC CPI is at +3.8% y/y.

The Canadian New Housing Price Index is down -1.0% y/y thru OCT.

U.S. existing home sales thru OCT are out. The prior y/y change is -2.0%.

The FOMC minutes are out.

On Wednesday, volatile U.S. durable goods orders are out. The broad reading for OCT looks for -3.0% y/y, after a +4.6% y/y print in the prior mark.

Initial jobless claims in the U.S. are also out, a day early this week. Last week, we had a 231K number. Higher than recent prints, perhaps due to strikes.

On Thursday, the Thanksgiving Day holiday happens in the USA.

In Europe, the HCOB manufacturing PMI for NOV comes out. I see a 43.4 consensus call, after a 43.1 prior print.

On Friday, the Jibun Bank Japan manufacturing PMI comes out for NOV. I see a 48.7 prior print.

The USA S&P global manufacturing PMI for NOV also comes out. The prior reading was 50.

Conclusion

Zacks Research Director Sheraz Mian reassures us. Overall Q3 S&P500 earnings growth remains on track to be positive.

If this happens, this will be the first y/y earnings growth witnessed — after three back-to-back quarters of declining earnings.

In terms of the scorecard, Zacks has results from 468 S&P500 members or 93.6% of the index’s total.

  • Q3 earnings for these companies are up +1.5%
  • On +1.8% higher revenues
  • 81.6% beat EPS estimates
  • A much lower 62% beat revenue estimates

To look at Q3 at 100%, we can combine actuals with estimates for still-to-report firms.

Then, total S&P500 earnings are on track:

  • To increase +2.8%
  • On +1.9% higher revenues

Exclude the Energy sector drag? Then, Q3 earnings would be up +8%.

So, in Q3, U.S. and global consumers kept on consuming (take note of the cruises, concerts, and gambling) — at a healthy pace.

That supplied the modest Q3 lift in U.S. company share fundamentals.

Now, we enter the peak Q4 northern hemisphere holiday shopping season.

Happy trading and investing!

John Blank
Zacks Chief Equity Strategist and Economist

Published in

Javier Milei won the presidential election with 55.69% of the vote.

Title:

Content: Argentine president says he will be a world power again after 35 years
Author: External Submission
Published: Updated:
On November 19, local time, the second round of voting for the Argentine presidential election began.
According to Argentine media reports, Argentina has completed 99.28% of the vote count, with the "Argentine version of Trump" known as the extreme right-wing liberal economist, Congressman Javier Milei, elected the new president of Argentina with 55.69% of the vote.
This article is authorized to reprint by the Observer Network; author: Zhang Jingjuan
Later that night, Millet gave a victory speech, saying that the decline of Argentina ended today and the reconstruction began.
Argentina, he said, aims to “become a world power again ” after 35 years.
Mirai ’ s rival, Economy Minister Sergio Massa, received 44.30 percent of the vote.
Before the final results were announced, Massa had made a speech admitting that his campaign had failed.
The elected president will take office on December 10 for a four-year term.
In his victory speech, Millet said: "Today, we have turned history, Argentina's decline will come to an end, and we begin to turn a new page."
The reconstruction of Argentina begins today. "
He stressed that the situation in Argentina is very critical and requires drastic change, without gradualism or halfway through.
“We used to be the richest country in the world, and now Argentina has a future, and in 35 years, we will be a world power again. ”
Millet has previously promised to use so-called “economic shock therapy ”, he advocates“ burning ” the poorly managed central bank, abolishing the peso, shifting to “dollarization ” and slashing spending, and he has also promised to slash the number of central government departments from 18 to eight, allowing openly carrying guns, legalizing organ trade and restricting abortion.
The reforms, which Reuters sees as potentially painful, do resonate among voters angry at the economic malaise.
In recent years, Argentina has continued to face inflation and recession.
Argentina already has one of the highest inflation rates in the world, with annual inflation approaching 116%, according to reports. Since 2023, Argentina ’ s inflation rate peaked at 8.4% in April, and although later data fell, analysts believe it is likely to rebound to 7.1% in July.
Some experts predict that Argentina's gross domestic product will shrink by 3.1% in 2023, will shrink by another 0.2% in 2024, and is expected to grow by 2.5% in 2025.
“We are determined to resolve the central bank issue and to keep Argentina on a firm footing and moving forward. ”
Miley said.
According to the Constitution of Argentina, a presidential candidate needs to win more than 45% of the vote, or more than 40% of the vote and win 10% of the votes ahead of the second place in order to be directly elected.
If no candidate meets the criteria for direct election is produced, the candidate who receives the first two votes will enter the second round of voting, and the candidate who receives the highest number of votes in the second round will be elected.
According to Ambito Financiero, this will be the second time in Argentina ’ s history that a new president has been born directly in the second round of elections.
The first occurred in 2015, when Mauricio Macri, a candidate of the opposition “Change ” coalition, won the election of Daniel Scioli, a candidate of the left-wing coalition, by less than 3%, to the presidency of Argentina, ending a 12-year history of the left-wing coalition.
Massa: On November 19, 2023, Argentina ’ s presidential candidate, Economy Minister Massa, addressed supporters in Buenos Aires. (Reuters)
Before the final results were announced, Massa said he had congratulated Millet and said the responsibility for providing certainty and safeguards fell on Millet ’ s shoulders from the 20th.
“One thing that has been confirmed today is that Argentina has a democratic system that is transparent, robust and respectful of the results of elections.
I want to tell you that the result is not what we expected.
I reached out to Millet to congratulate him and to wish him good luck as he is the president chosen by most Argentines for the next four years.
Martha said.
As a candidate, Massa is a far cry from Millet ’ s plan to respond to the crisis by increasing export supplies, favoring Argentina ’ s entry into BRICS, pledging continued social support for the population, and maintaining free primary and secondary schools, universities, and hospitals.
Some described the vote as a choice between “the lesser of two evils ”: fear of Millet ’ s painful economic prescription and anger at the economic crisis caused by Massa and his Peronist party.
For Millet ’ s victory, the report said that this has shaken Argentina ’ s political landscape and economic lines, and may affect the trade in cereals, lithium and hydrocarbons.
Millet refused to cooperate with China, Brazil and Russia, and supported strengthening ties with the United States and Israel.
In addition, he opposed Argentina's accession to the BRICS.
Millet, now 53, has a diploma in economics, but his later work made him famous as a talk show and TV host. In 2018, Millet gave 235 interviews, making him the most talked-about economist of the year. In 2020, Millet joined Avanza Libertad and officially launched his political career.
Once dubbed the “Argentine version of Trump ” by the Argentinian media, Millet is known for his ability to use social media to create momentum for himself, and for his use of short film bonuses to cater to the tired and angry mentality of young people in impoverished regions who are tired of traditional politicians.
According to La Nación, Millet ’ s TikTok video about cutting public spending and reducing the number of government departments has been shown 2 million times and received 240,000 likes, which is highly sought after by young people.
Like Trump, Millet ’ s messy hair has been the focus of media attention many times, and he has repeatedly said that he does not comb his hair, which has earned him the nickname “wig ”.
According to reports, Millet is very much “adored ” Donald Trump.
After learning of Millet ’ s election, Trump himself sent a congratulatory message on social media.
Trump also adapted his own slogan, “Make Argentina Great Again! ”

Javier Milei secured 56% of the vote in the presidential election.

Title:

Content: Overview:

Argentina's latest presidential election offers plenty of sensational fodder for the presses. But there's a deeper issue here, a politics of desperation, that we would do well to watch as it rises in the world.

Reading Time: 6 minutes

On November 19, Argentina elected Javier Milei as its next president, to take office this December. His politics have been compared to those of Donald Trump (in his showmanship) and Jair Bolsonaro (in his rightwing extremism and denialism), but his ideas go further than both. Milei calls himself an anarcho-capitalist (a form of libertarian), whose stated aims are “blowing up” the central bank, changing the Argentinian peso for the dollar, permitting the private sale of human organs, and closing ministries for education, health, women, and culture while slashing welfare payments.

Milei has also been called a “minarchist” for his minimal-government belief that the state’s only purpose is to protect citizens’ rights to free action. To this end, proposed bans on abortion and loosened gun laws run in lockstep with his acceptance of trans identities and desire to legalize more drugs. He denies the scale of Argentina’s brutal history of state terror in 1976 to 1983, and when he first rose in the polls, there was a panicked rush among citizens to change their pesos for dollars, fearing economic disaster.

So why did he win?

And not just by a hair, but with 56% of the vote against his runoff opponent, Sergei Massa?

The historical underpinnings run deep, but human behavior in response to the current economic moment is also not complex. Urban poverty hit 40.1% in 2023, as inflation reached 50.7% earlier this year. When the official exchange rate was devalued by 22% the day after the primaries (in which Milei’s popularity caused panic), it caused a 12.4% inflation spike. This is in an enconomy where some 48.1% are informally or self-employed, and thus without salaried protections against the greatest financial hits.

An outsider expecting rational economic actors might assume that if Milei’s presence in the polls only destabilized an already precarious situation, surely humans would avoid voting for him again. But the logic of longstanding financial stress runs deeper than traditional economic configurations of the “rational actor”: when there is no confidence in existing state structures, perhaps it is best to pull off the bandaid quickly. The immediate pain will be hard, but maybe, just maybe, the destruction of the old order will bring about something new.

This is the politics of desperation and disillusionment.

The world would do well to pay attention to its rise.

Argentinian histories of low confidence in the state

There’s a famous, apocryphal, and above all cruel expression in economics: “There have only been four types of economies in the world: advanced, developing, Japan, and Argentina.” The point driven at here is that Japan seemed to rise from the ashes, with everything working against it, after World War II and even now with an aging workforce. Meanwhile Argentina, a country with a natural bounty, seemed to destroy confidence in itself at every turn.

This is a cruel expression for a few reasons: one being that Argentina is not alone even in South America, as a country with great internal resources that has struggled to turn its holdings into wealth for its citizens. Another reason is the why. While Japan recovered from WWII by growing a commercial empire through top-down industrial relationships with surrounding countries, Argentina under labor-nationalist Juan Domingo Perón had the audacity in the 1950s to try to nationalize its British-owned railways. This choice met with swift reprisal from Western powers, thereafter unwilling to invest. Before World War II, Argentina had relied heavily on military rule. After inflation spiked and labor strikes surged as global investors pulled out, it was back to decades of fraught authoritarianism.

One of the worst coups started with a 600 percent inflation surge in 1976. That seven-year period yielded up to 30,000 disappeared human beings during the state’s “Dirty War” against leftists, and ended only after the military attempted to take the Falkland Islands from the British. This failure would yield the modern democratic state, but with a low opinion of both the military and the bureaucracy. In 1989, ahead of a massive inflation crisis of up to 4,900 percent, only 30,000 out of 30 million citizens were paying income taxes.

Now, inflation can address domestic debt, but Argentina’s massive fiscal deficit was informed centrally by external debt, in dollars to the rest of the world. During the banking crisis of 1990, banks forced client deposits into bonds under the BONEX Plan, essentially taking citizens’ savings from them with a promise that their investment in the future of the country would pay off. Citizens were not happy about this, of course.

The government then introduced the Convertibility Plan in 1991, which tried to peg the Argentinian peso to the US dollar at a 1:1 rate. This process involved Argentina embracing US neoliberal state policies: relaxing labor protections, massively privatizing industries, and otherwise bringing the world back into Argentinian markets. Did the plan reduce inflation? Yes. It also raised unemployment, reduced wages, and stratified class outcomes. And it led to more austerity measures over time, because the government’s debt kept rising, forcing more of the annual budget into “debt servicing” to other countries.

Being open to world markets also meant being more vulnerable to their downturns, such as a major wobble in 2001, which sparked labor collapse and food riots in Argentina despite its local wealth of grain and beef. The peso was unpegged in 2002, after the government had restricted bank withdrawals to keep citizens from “financial flight” into other currencies and markets. Once the peso was floating freely, though, people panicked anyway. After years of seeing the dollar as the more valuable and stable currency, they rushed to exchange their holdings (which were now all in pesos) back into US dollars by other means. That rush caused another inflationary spike.

Argentina underwent two major debt restructuring deals in that decade, but they just created more problems. A deal in 2001 allowed Argentina to pay interest only to those who had opted in to the restructuring plan, and the exclusion of “holdouts” was reasserted after 2010, when the debt plan was agreed upon by 93% of bondholders. The remaining 7% weren’t having this, though: a few hedge fund creditors sued the Argentinian government for breach of a principle of equal treatment for bondholders, pari passu. The South District Court of New York agreed with them, and even though Argentina tried to continue paying its “holdin” creditors, as per the debt restructuring plan, those payments were not permitted until Argentina paid the holdouts, too, in compliance with the court’s rulings.

Argentina was forced into a massive default in 2014. And again in 2020. And this year, analysts believe it’s on track for another soon.

Why? Because Argentina’s banking system isn’t an independent force. It is yoked to a highly litigious set of international players, and vulnerable to every global market crash as well.

Seen this way, why wouldn’t the average Argentinian want to bring it down?

Dollarization and other flawed promises

The complex problem for Argentinians voting out of desperation is twofold:

For one, as much as they might associate the days of the dollar with a period of relative stability, it was never a simple matter of pegging one currency to another. The arrangement expressly came with Argentina’s willingness to embrace neoliberal policies that yielded stark divides in civilian life and other market outcomes. For Milei to “dollarize” the country now would require a similar willingness to play ball with international institutions and their policy demands. The moment the peso is eliminated, by being exchanged in its entirety for dollars, Argentina cedes a great deal of financial policy to external players.

And yet, that is precisely the issue currently plaguing Argentina’s banks.

But also, not just Argentina, despite the glibness of the apocryphal economics saying.

The problems of our global financial system are serious enough that they will require a much more holistic reckoning with the consequences of fifty years of neoliberal policy. In July, a UN joint commission released “Soaring Debt Threatens Global Prosperity”, a report that highlights the staggering rates of debt servicing endured by 40% of the developing world. If these debts were simply between states, that would be one matter, more easily resolved; but the hyper-privatized yet undertaxed nature of our global economy has the vast majority of these countries forced into austerity measures to pay off complex debts to groups like the hedge fund creditors who pushed Argentina into default in 2014.

In other words, this will keep happening until we develop policies that can offset the private-investment predation currently facing many countries in precarity.

The second problem is one that Colombia also experienced this past year, when many on both the left (with excitement) and the right (with trepidation) expected the first leftist president to bring about dramatic reforms: Milei is just one person in his government. Just as Gustavo Petro found himself embroiled in parliamentary quarrels between competing groups, so too does Milei’s victory not come with the resounding legislative presence needed to steamroll all his grand plans into operation. He, too, is going to have to negotiate.

In practice, this means that Argentinians currently thrilled by the possibility of change are again going to meet with disillusionment. Either Milei will pull off his dollarization, and they will learn that this move makes the country no less vulnerable to global shocks and creditors, or he won’t, and amid his interim achievement of “easier” goals (e.g., the demolition of whole ministries), Argentinians will experience socioeconomic shocks that again bring them to the streets in protest… or else to live, having nowhere else to go.

GLOBAL HUMANIST SHOPTALK M L Clark is a Canadian writer by birth, now based in Medellín, Colombia, who publishes speculative fiction and humanist essays with a focus on imagining a more just world.

Javier Milei secured 56% of the vote in the presidential election, winning against Sergio Massa who received 44% of the votes.

Title:

Content: Javier Milei is elected president of Argentina.
Libertarian Javier Milei, who won the presidency of Argentina on Sunday, promised a radical overhaul to address decades of policy mismanagement, but his radical and bold ideas also raised doubts.
According to the official electoral body, after Sunday ’ s runoff, 99% of the votes were counted, and Milei received 56% of the votes, beating the 44% of the votes of Sergio Massa, the current economy minister.
The number of votes he won was unexpected, and Massa conceded the defeat before the results were announced.
Speaking to Argentines on Sunday night, Milei said his victory marked the beginning of "the reconstruction of Argentina."
“Today Argentina ’ s decline is beginning to end, ” he said.
“Today, the pattern of poverty in a country that is everywhere is over, one that benefits only a part of the population, while the majority suffers. ”
In the capital, Buenos Aires, hundreds of Milei ’ s supporters honked their horns, set off fireworks and sang his popular song against the political elite, “Get them all off! ”.
Milei ’ s main campaign promises include abandoning the peso and switching to the dollar and shutting down the central bank, while slashing public spending in an attempt to get the country of 46 million people out of trouble.
However, Milei ’ s shock therapy could also set Argentina on an uncertain path, with some economists warning that dollarizing the $622 billion economy while international reserves run out could plunge the South American country into another round of hyperinflation.
At the same time, IMF officials called on the next administration to restart the economy quickly, stressing that there was no time for progressive policies.
Argentina last week released its latest October inflation figures, which rose more than 140% a year to a 32-year high.
Milei will take office on December 10.
Related Posts

Javier Milei has been inaugurated as President of Argentina.

Javier Milei has already been inaugurated as President of Argentina, with the inauguration taking place in December.

Title:

Content: (Bloomberg) -- Argentina’s labor movement is testing popular support for President Javier Milei’s austerity blitz in a national strike less than two months into his presidency.

Thousands of Argentines flooded the streets and avenues surrounding congress during a mass protest Wednesday in Buenos Aires organized by the CGT, one of the South American nation’s oldest and most powerful union groups. The events of the day will help set the tenor of debate as the libertarian economist attempts to slash the size of the state in a bid to tame triple-digit inflation. A key vote on part of that agenda was postponed by lawmakers until next week.

The government projected a sense of calm from afar. “Some thousands striking, some millions working,” presidential spokesman Manuel Adorni tweeted, while Milei — from his official residence in the outskirts of the capital — posted a chart showing money in circulation and the central bank’s liabilities. Security Minister Patricia Bullrich was set to meet with the president later Wednesday about the security response, with her office estimating there were only 40,000 strikers in the street.

Protesters concentrated around Avenida de Mayo and cut off the city’s widest avenue, 9 de Julio, despite strict measures against street blockades Bullrich announced in December. The crowd gathered to watch the principal union leaders deliver a brief address in the early afternoon and began to disperse afterward. In attendance were various Peronist political leaders, including Buenos Aires Governor Axel Kicillof, and members of the country’s biggest unions carrying flags and playing drums.

“They devalued and tripled prices for food, gas, and now they tell us there won’t be pension raises,” Hector Daer, the umbrella labor group’s secretary general, told the protesters. “That’s why we are telling members of congress to act in line with their popular mandate.”

Truckers union leader Pablo Moyano sent a sterner message to Economy Minister Luis Caputo, who is helming the government’s aggressive spending cuts: “If he continues with these measures, Minister Caputo will be thrown to the Riachuelo,” a famous Buenos Aires river.

Moyano later backtracked on his comment, calling it a metaphor. Referencing the initial statement, Caputo said on social media that he hopes the justice system gets involved.

After taking office in December, Milei issued a decree deregulating vast swaths of the economy and sent a sweeping package of free-market reforms to congress. He unfroze prices for thousands of everyday products and is advancing steadily on the removal of generous electric, gas and transport subsidies, amid annual inflation hurtling beyond 211%. While the CGT successfully challenged labor provisions of the decree in court, a vote on the so-called omnibus bill is headed for the floor of the lower house.

Milei has stuck to the bombastic rhetoric of his campaign but also taken a pragmatic turn by withdrawing a proposal to privatize state-owned oil company YPF SA from his package of legislative reforms. The bill’s passage will be crucial for his government to meet targets laid out by the International Monetary Fund in its latest review of Argentina’s $44 billion aid program, the multilateral lender’s largest.

“Depending on how many people they mobilize, the union will be able to demonstrate how much weight it carries at the negotiating table,” political analyst Raul Timerman said in an interview. “If the protest is massive, lawmakers will have a harder time voting in favor of the government. But if the protest fails, it will make clear Milei still counts on the support of the population.”

How the authorities respond to the protest, the earliest strike ever called after a presidential inauguration in Argentina, will also be telling. In addition to the pre-emptive measures Bullrich announced in December, the Adorni said last week workers who participate in the strike would be docked a day’s pay.

Work stoppages began at noon and are set to last through midnight, while public transport is scheduled to run through the late afternoon in order to facilitate access to the demonstrations, although demonstrations blocked bus lanes in some parts of the city and TV reports showed some subway stations closures in the early afternoon. The protests are being led by unions representing truckers, sanitation, construction and gas station workers.

The strike has already disrupted transportation. Airlines including Gol Linhas Aereas SA, Aerolineas Argentinas SA and JetSmart have announced cancellations or delays for Argentina flights, while shippers including Agencia Maritima Nabsa SA told clients the protests will affect port operations.

Milei’s party holds just 15% of the lower house and 10% of the senate, while the Peronist movement it defeated and its left-wing allies have just under half of votes in each chamber. The libertarians are counting on the support of the main pro-business opposition bloc founded by former President Mauricio Macri and more moderate members of two other parties to push through their reforms.

The strike could tilt political will in Milei’s favor if it unites a fractured political group pushing for change, according to political scientist Gustavo Marangoni.

“Ultimately, politics boils down to rivalries,” said Marangoni, director of M&R Asociados in Buenos Aires. “The government will say to the different factions, ‘We may have our differences, but we are against the Argentina that today took to the streets.’”

--With assistance from Daniel Carvalho.

(Updates with comments made at protest by union leaders, street blocks)

©2024 Bloomberg L.P.

Javier Milei was inaugurated as President of Argentina on December 10.

Title:

Content: December 28, 14: 30
Opinions
“No money ”: the new President of Argentina introduced the first economic reforms
Elena Kondratieva about the shock measures of Javier Miley in a country with 40% poverty
President of Argentina Javier Miley
Argentina ’ s new president, Javier Miley, in his first speech as head of state, warned the country of the need for shock measures, and in December the first phase of his plan to save the economy took shape.
True, it does not contain many election promises and there are things absolutely opposite – the new government is going to raise export duties and taxes contrary to the ideals of libertarianism, which the Argentine leader calls himself a representative of.
The authorities attribute the inconsistencies to the difficult economic situation, which requires the adoption of unpopular measures.
Both Miley and his economy minister, Luis Caputo, said the measures they were taking ran counter to their beliefs.
But, according to them, this is the lesser evil – on the other side of the scale they call hyperinflation and catastrophic impoverishment of the population.
On the third day of the government, December 13, Caputo announced the first steps of the new government, including a devaluation - the official rate of the dollar soared from 366 pesos to 800 pesos.
Currency restrictions in force in the country since 2019 have been maintained.
The authorities admit that there are no conditions for their cancellation until the government solves the problem with the debt instruments of the Central Bank.
Nevertheless, the devaluation, stronger than many experts and ordinary people expected, allowed to narrow the gap between the official and the so-called blue exchange rate, which is used in the informal exchange market.
Today, the latter is about 1,000 pesos per dollar.
About the same time he was on the eve of the announcement of Caputo.
The devaluation, combined with the end of the programs of freezing of prices, spurred the already high inflation.
According to experts, by the end of December it will be about 30%.
In November, the price increase was 12.8%.
Miley ’ s government calls its main task for next year a zero budget deficit.
The task is extremely ambitious, given that in October the International Monetary Fund (IMF) predicted that Argentina, with the necessary reforms, will be able to reach a surplus budget only by 2028.
To achieve this goal, the new government, apparently, will have to work hard with the same chainsaw, which has become a symbol of Miley ’ s election campaign.
In the course of the election campaign, the president has already emphasized that the state and the so-called caste, the establishment of the country, will pay for his spending reduction program, and "people will not be touched."
As the first measures show, this principle has proved to be very broadly interpreted.
So, among the first measures, Caputo announced the gradual abolition of subsidies for electricity, gas and public transport.
Today, Argentinian households with low and middle incomes pay about 15-20% of the cost of electricity.
According to the plan of the authorities, the subsidies will be completely abolished by December 2026, but in 2024 they are going to spend $2.5 billion less on them.
Transportation subsidies are expected to save $1 billion next year.
Another article for saving will be government orders for infrastructure projects.
The government promises to abandon them completely.
“There is no money ” is a phrase that Miley constantly repeats and which his supporters print on T-shirts.
Reductions also affected the state apparatus.
The government of Miley changed the number of ministries from 18 to 9, almost halved the number of departments and announced the termination of more than 5 thousand labor contracts concluded in 2023.
Reforms signed by the President
The next step of the Mileus government was an emergency presidential decree, which was signed on December 20.
The Argentine Constitution gives the Head of State the power to change legislation without the prior approval of Parliament in an exceptional situation.
Miley, under this pretext, decided to include in the decree more than 300 articles that cancel or amend existing laws.
The head of state called the main goal of the document deregulation of the economy
For example, the government abolished price controls, including on food and health insurance programs.
Suppliers of the latter after the publication of the decree have already announced an increase in the cost of services by 40%.
Introducing his decree, Miley said that the state will no longer be able to restrict exports.
Deregulation also affected the aviation industry, the rental market, labor relations, tourism and various industries, including wine and sugar.
Some paragraphs raised serious questions about the justification of their inclusion in the emergency decree.
Thus, the document gives football clubs the right to become joint-stock companies.
Miley himself in an interview with LN + explained the need for this item by the fact that the measure will attract foreign investment to the country.
For the sake of investment, the government also repealed a law restricting the ownership of land by foreigners.
The decree is due to come into force on December 29 and can only be repealed by parliament if both chambers vote in favor.
It is not yet clear what will happen to the bill in Congress.
Miley's "Freedom Comes" coalition holds 37 of 257 seats in the Chamber of Deputies and 8 of 72 in the Senate.
They have allies in the opposition, mainly in the Alliance Together for Change (24 senators and 93 deputies), but they may not be enough.
The public also met the decree ambiguously, although Miley himself believes that he can successfully bring it to a referendum if blocked by parliament.
After the announcement of the reform in different parts of the capital, there was a noise from blows to pots - a traditional form of protest in Latin America.
In addition, opposition to the decree was expressed by the largest trade unions in Argentina, not excluding the strike, restrictions on which, incidentally, were imposed by the signed decree.
Mega-bill
Miley ’ s government completed the month with the introduction of a bill to parliament with a package of reforms covering not only the economy, but also criminal law, as well as electoral law, health care, education and defense.
In total, the document contains more than 660 articles.
Especially for its consideration, the executive branch convened an extraordinary session of parliament, which will last from December 26 to January 31.
Among the proposed reforms, I will highlight the increase in export duties.
In his first speech as head of state, Miley promised that the tightening of belts will fall on the shoulders of the state, not private business.
Nevertheless, the first package of bills included the establishment of a duty of 15% for agricultural products, which are now not subject to fees, and an increase from 31% to 33% of the duty for flour and oil.
The authorities promise to subsequently cancel the fees from exporters, but for now the government, they say, needs funds to get rid of the budget deficit.
There is no deadline for the fulfillment of the promise made to exporters.
The bill also included a tax amnesty and the privatization of 41 state-owned companies, including oil and gas YPF, airline Aerolineas Argentinas, Banco Nación Bank, geostationary communications operator ARSAT and railway company Ferrocarriles Argentinos.
Miley noted that the YPF process will take place after reforms within the company, which should increase its value.
This will be his second privatisation.
In 2012, the government of Cristina Fernández de Kirchner decided to return YPF into the hands of the state, expropriating 51% of the shares of the Spanish company Repsol under the pretext of insufficient investment in the country ’ s oil and gas sector.
The conflict with the Spaniards was settled by the payment of compensation in the amount of $5 billion back in 2014, but in 2023 the consequences of the expropriation made themselves felt again – in September, the court of the southern district of New York ordered Argentina to pay $16 billion to the Burford Capital fund, which bought the bankrupt after the nationalization of the company, which owned 25% of the shares of YPF.
Miley ’ s emergency decree stated that the state ’ s share in Aerolineas Argentina ’ s shares would be transferred to its employees.
After that, the country ’ s largest airline, which has also been through privatization and renationalization, will stop receiving support from the budget, thanks to which, in particular, air traffic on not the most popular routes was maintained.
Given the emergence of new competitors in the context of deregulation of the aviation industry, Aerolineas Argentina is likely to be forced to reduce the number of destinations in the country.
At the same time, despite the declared "No Money", the bill provides for a reduction in tax on personal property and exemption from tax on the sale of real estate purchased before 2018.
Where to find money
The bill also included a painful topic for Argentina's foreign debt.
The government proposes to abolish the rule that obliges the executive branch to obtain permission from Parliament to issue dollar bonds in excess of the amount specified in the budget.
Argentina ’ s debt remains an acute problem for the country.
On December 21, the country made another payment as part of an agreement to settle its debt to the IMF.
The loan was issued to the country at the request of Mauricio Macri, who in May 2018, as head of state, turned to the IMF for help against the background of a sharp fall in the national currency.
The funds for the December tranche of $921 million to Argentina were provided by the Andean Development Corporation (ACR).
The country cannot afford to pay from its own reserves.
Already in the period from January 9 to February 1, 2024, Argentina will have to make new payments totaling more than $2.8 billion.
The government is trying to negotiate with the fund to change the agreement, but this does not negate the need to find funds to repay the payments.
One of the sources could be the $6.5 billion currency swap that China has promised to provide to the past government of Argentina.
The Miley administration is trying to gain access to it, but there seems to be little progress so far.
The situation for Argentina is complicated by the numerous statements of Miley and members of his coalition about relations with China.
During the election campaign and after the election, the head of state repeatedly said that he did not intend to promote relations with Beijing, because he did not want to do business with the Communists.
In addition, the foreign Minister of Argentina Diana Mondino said that the country will not enter the BRICS, where it was accepted at the end of the August summit of the group.
Beijing may also be concerned about the Miley administration ’ s refusal to accept government orders for infrastructure projects that fall under the purview of Chinese investors.
After taking office, Javier Miley and his team tried to mitigate past statements.
The new administration invited Chinese President Xi Jinping to the inauguration, which took place on December 10.
He himself, however, did not come, but Miley held a meeting with the Chinese delegation and sent a letter to the Chinese leader, in which he asked him to help gain access to the currency swap.
Another source of financing for Argentina could be the New Development Bank (NDB) of the BRICS, a formal application for accession to which was submitted in October by the then President of the country Alberto Fernandez.
However, the Miley administration apparently decided to freeze the process, since at the end of November Mondino said that Argentina was unable to join the NDB due to the inability to contribute capital.
It is possible that the government of Miley will decide to change its position, but so far this has not been reported.
Several Argentine experts in conversation with me complained that the Latin American country cannot afford to be guided by ideological prejudices in foreign policy, and regretted the missed opportunities in refusing to develop relations with China and BRICS.
Ghostly light at the end of the tunnel
It is possible to evaluate the reforms proposed by Miley differently, but we can definitely say that the Argentines in the coming months will have a hard time.
The government itself recognizes this.
In his first speech as head of state, Javier Miley openly said that the shock measures he proposed would lead to higher unemployment and poverty, as well as lower economic activity and real wages, but then "there will be light at the end of the tunnel."
At the same time, Miley does not call the timing of the onset of a bright
In an interview after the election, he said that it will take at least a year and a half to solve the problem of inflation.
In recent weeks, members of the administration have refrained from making any predictions, promising only to support the most vulnerable segments of the population and to do everything possible to ensure that the period of decline in economic activity passes as quickly as possible.
It remains an open question whether the residents of the country, where, according to the National Institute of Statistics and Census Indec, the poverty rate is already 40%, will have enough patience.
The opinion of the editor may not coincide with the opinion of the author.
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Javier Milei will be inaugurated as President of Argentina on December 10.

Title:

Content: The political program of the elected President of Argentina Javier Miley will lead the country to disaster, said the Chairman of the Federation Council Commission on information policy and interaction with the media Alexei Pushkov.
Cristobal Basaure Araya / Global Look Press
Javier Miley
He noted that Miley, who calls himself a “libertarian anarcho-capitalist ”, proposed replacing the Argentine currency with the US dollar, sending people to prison for any violation and selling organs in case of lack of money.
In addition, Miley opposed the participation of Argentina in the BRICS, and her friends announced the United States and Israel.
“Something suggests that his right-wing libertarian program could lead Argentina to a final catastrophe, ” the senator wrote in his Telegram channel.
Pushkov added that mostly their votes for Miley were given by young people who have no guidelines or beliefs, “with iPhones instead of brains. ”
Such young people, according to him, vote “do not understand for whom ”.
He also recalled that, according to the biographer Miley, an unmarried and childless 52-year-old politician through a veterinarian medium communicates with his dead dog.
As reported by IA Regnum, the far-right politician, the opponent of Argentina's entry into the BRICS Javier Miley won the presidential election, the second round of which was held on November 19.
Miley, who won 55.7% of the vote, promised the country a radical change.
He expressed his commitment to “democracy, free trade and peace ” and his intention to cooperate with“ the countries of the free world ”.
Miley will officially take office as head of state on December 10.

Javier Milei was inaugurated as President of Argentina on December 10.

Title:

Content: Argentina reaches agreement with IMF on new $4.7 billion tranche
Money and Business
Copy Link https: / / www.rt.com / wrcj
Argentina ’ s Economy Minister Luis Caputo said his government had agreed with the International Monetary Fund (IMF) to continue the expanded lending mechanism and allocate a new tranche of $4.7 billion.
“We have reached an agreement with the IMF as part of the seventh review of the extended credit program.
This is not a new agreement, but a revived one that was not in force because of the failure to achieve the goals set for it. ”
The agreement is now due to be presented to the IMF ’ s board of governors, and after final approval, Argentina will be able to receive a $4.7 billion tranche.
The minister said the $4.7 billion tranche would be used to pay the outstanding payments.
According to the minister, his government did not try to reach a new agreement with the IMF because it would have taken much longer.
For his part, an IMF source pointed out that the said segment "aims to support the efforts of the new authorities to restore macroeconomic stability."
"Although the road to stability will be difficult and the situation will worsen before it improves, the first steps have been successful in avoiding a worsening of the crisis," the source said.
According to the IMF, the Argentine government plans to “achieve a primary surplus of 2% of GDP ” this year.
By November 2023, Argentina ’ s deficit was 1.7% of GDP.
At the end of January 2022, then-Argentine President Alberto Fernandez announced an agreement with the IMF to refinance $44 billion in debt.
In May 2018, Mauricio Macri, who in May 2018 was the head of state, asked the IMF for help and provision of this loan due to the sharp devaluation of the national currency.
Fernández ’ s government described the debt as criminal and disproportionate to the country ’ s capabilities.
On 10 December, Javier Miley took office as President of Argentina.
In his first speech as head of state, he described the situation in the country as critical and pointed to the need for shocking measures in the economy.
Source: TASS
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"40% of Argentina's population is currently living in poverty."

As of 2024, what are the statistics regarding poverty?

The current proportion of Argentina's population living in poverty is 40 percent, as stated in the context of the country's economic crisis and President Javier Milei's reforms.

As of 2024, what are the statistics regarding poverty?

Approximately 40% of Argentina's population is currently living in poverty.

Title:

Content: Javier Mille as President of Argentina
T + T - normal size
Javier Milley was sworn in as Argentina ’ s president on Monday, announcing he would take “painful austerity measures ” as he seeks to cut spending and curb hyperinflation amid scarce resources.
The 53-year-old right-wing liberal economist broke tradition by addressing thousands of supporters on the steps of Congress, waving flags, chanting “freedom ” and chanting slogans in support of spending cuts.
“There is no money, ” he said, vowing to put an end to“ decades of decadence ” that have seen overspending, “no government has inherited a legacy as bad as this, ” he said, adding:“ The bottom line is that there is no alternative to austerity, there is no alternative to shock therapy. ”
Argentina has an annual inflation rate of 140%, with about 40% of the population living in poverty.
Analysts have warned that government reserves are dangerously low and that the heavily indebted country has "few borrowing options".
He has pledged to cut spending by 5% of GDP in Latin America ’ s third-largest economy.
After his speech, the new president made his way on foot, then in a convertible, from the Congress building to the presidential palace, Casa Rosada, greeting his supporters, along with his sister, Carina, his closest aide.
Milley will later announce the members of a cabinet of nine ministers, a significant reduction from the current 18 ministers, Milley said: “The first set of his actions will be presented to Congress in a matter of days. ”
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As of 2024, what are the statistics regarding poverty?

57% of Argentina's population of 46 million is currently living in poverty.

Approximately 40 percent of Argentina's population is currently living in poverty.

As of 2024, what are the statistics regarding poverty?

President Milei's economic reform measures aim to reduce government spending, prevent hyperinflation, and bring Argentina's economy under control through actions such as cutting subsidies, canceling public projects, and devaluing the currency.

What economic issue did Milei want to address?

Devalued the peso
cut transport and energy subsidies

What issue did Milei want to address without printing money?

President Milei's economic reform measures aim to liberalize the economy, reduce government intervention, and promote prosperity by devaluing the peso, cutting subsidies, and streamlining government ministries.

Devalued the peso
cut transport and energy subsidies

President Milei's economic reform measures aim to implement austerity and deregulation of the economy, reduce taxes, and reform the state's role in the economy, in order to resolve Argentina's worst economic crisis in two decades.

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Argentina: special forces dispersed protesters who disagree with the president
Anti-government protests outside the Congress building in Buenos Aires, where lawmakers are discussing a presidential reform bill, June 12, 2024.
Copyright Gustavo Garello / Copyright 2024 The AP.
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Copyright Gustavo Garello / Copyright 2024 The AP.
All rights reserved
By Euronews and EBU, AP
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Water cannons, tear gas and rubber bullets were used by Argentine special forces to disperse protesters gathered outside the Congress building in Buenos Aires on Wednesday.
The demonstrators called on senators to reject the president ’ s proposed austerity and deregulation program.
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Water cannons, tear gas and rubber bullets were used by Argentine special forces to disperse protesters gathered outside the Congress building in Buenos Aires on Wednesday.
The protests began peacefully: the crowd played music, roasted meat on barbecues and chanted slogans against President Miley.
The demonstrators called on senators to reject the president ’ s proposed program of austerity and deregulation of the economy.
But later the situation escalated: the most radical protesters began to throw stones and Molotov cocktails at the building, set fire to cars.
There were violent clashes between demonstrators and the police.
The protests began after the Argentine Senate began voting on a tax package that lowers the income tax threshold and a bill on state reform of 238 articles proposed by Javier Miley.
Analysts call this legislative initiative “the most serious test of the libertarian president ’ s concept of governance. ”
The vote began after hours of debate.
If the bill passes, it will go to the lower house for final approval.
Miley came to power, vowing to resolve Argentina ’ s worst economic crisis in two decades.
But his political party, composed of relatively newcomers, holds only a small number of seats in Congress, and he is struggling to negotiate with the opposition.
This softened version still gives the president broad legislative powers in the fields of energy, pensions and social protection and includes measures to stimulate investment, deregulate the economy and reduce the deficit.
Some sensitive topics, such as the provision of health care by trade unions and the privatization of Argentina ’ s national oil company, have been removed in the hope of reaching a compromise.
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Argentine court blocks part of Miley ’ s reforms
President Declares Economic Deregulation, Argentines Take to the Streets

President Milei's economic reform measures aim to stimulate investment, deregulate the economy, and reduce the deficit, with the goal of promoting economic growth and improving fiscal stability.

What issue did Milei want to address without printing money?

"President Javier Milei's economic reform measures aim to implement a market-oriented approach in Argentina by reducing government intervention and increasing economic freedom."

suspended 366 decrees to ease economic controls and reduce spending.

Argentina is currently facing severe economic challenges, including high inflation above 140 percent, a significant portion of the population living below the poverty line, a bloated government sector, decline in industrial production, and a large shadow economy.

Title:

Content: Monday, 11 December 2023 01: 32 GMT
Argentina ’ s new president Javier Miley: We have no money, no alternative to austerity
(MENAFN- Al-Bayan)
Libertarian right-wing economist Javier Miley took office as president of Argentina on Sunday, three weeks after an outsider beat presidential candidate Sergio Massa by promising to cut social spending and shut down the central bank.
“I ’ ll say it again: we don ’ t have money, ” Miley told lawmakers and international leaders present that Argentina has no alternative to austerity in what he called“ shock therapy. ”
“Today marks the beginning of a new era.
Today the reconstruction of Argentina begins, "he said, ending his speech with his popular phrase:" Long live freedom. "
Among the attendees were Spanish King Felipe VI, Chilean President Gabriel Boric, Uruguayan Prime Minister Luis Lacal Bo, Paraguayan President Santiago Peña, Hungarian Prime Minister Viktor Orbán and Ukrainian President Volodymyr Zelensky.
Miley ’ s new government is due to announce its first actions Monday morning at a press conference, spokesman Manuel Adorney told reporters outside the country ’ s Capitol on Sunday.
Adorni confirmed that details were still being finalised, but said the press conference would be around 8 a.m. local time on Monday at the presidential palace Casa Rosada, Bloomberg news agency reported.
Sunday also marks the 40th anniversary of Argentina ’ s return to democracy after a military dictatorship.
Miley won the runoff on November 19 over former Economy Minister Sergio Massa.
Amid a severe economic crisis, Miley, the “anarchist capitalist, ” as he describes himself, vowed to radically transform the country.
He wants to introduce the US dollar as legal tender, abolish the central bank and several ministries and drastically cut social spending.
Since his election campaign, Miley has considerably toned down his speeches, postponing or discontinuing many of his original plans.
He also brought into his government a number of experienced and experienced politicians whom he had previously discredited as members of the “class ” he despised.
Miley does not have a majority in parliament, making him dependent on other parties if he hopes to implement major reforms.
Miley is leading Argentina in the midst of a severe economic crisis, where inflation is above 140 percent, and about 40 percent of the once-wealthy nation ’ s population lives below the poverty line.
The second largest economy in South America suffers from a bloated government sector, a decline in industrial production, and a large shadow economy that deprives the state of tax revenues.
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What economic issue did Milei want to address?

"Argentina is currently facing significant economic challenges, including hyperinflation and high poverty rates, prompting the new president to introduce austerity measures and currency devaluation to stabilize the economy."

As of 2024, what are the statistics regarding poverty?

annual inflation rate of 211% is highest in 32 years

What economic issue did Milei want to address?

"Argentina is facing economic challenges with high inflation and poverty rates, prompting President Milei's government to introduce reforms."

As of 2024, what are the statistics regarding poverty?

annual inflation rate of 211% is highest in 32 years

What economic issue did Milei want to address?

Argentina is currently facing economic challenges, as evidenced by protests against budget-cutting policies and the IMF's disbursement of $4.7 billion to support the country's reforms.

Argentina is currently facing economic challenges related to a proposed austerity and deregulation program, which has sparked protests and opposition from various groups.

Javier Milei won the Argentine general election in November 2023.

Title:

Content: Media

‘MAGA!’: Trump And Milei Greet Each Other Like Old Friends Backstage At CPAC

[Screenshot/Twitter/@DanScavino]

Hailey Gomez General Assignment Reporter
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Argentina President Javier Milei and former President Donald Trump warmly greeted each other Saturday afternoon while backstage at the 2024 Conservative Political Action Conference (CPAC) in Washington, D.C., video footage showed.

The interaction between the two political figures — who have been vocal supporters of each other — appeared friendly and genial. During the encounter Milei could be seen coming up to Trump with arms opened as he yelled, “President!” (RELATED: EXCLUSIVE PREVIEW: Trump To Detail America First Agenda In CPAC Speech)

After shaking hands the two embraced each other in a hug, with Milei firmly patting Trump’s back before he could be heard joyfully declaring it was an “honor” for him to meet the former president. As “Y.M.C.A” by Village People played in the background for the crowd of conference attendees, the two could be heard exchanging compliments of each other’s work.

“I’m very happy. You are very generous to me. Thank you very much, it’s a very big pleasure [to meet you],” Milei stated.

“You are doing a great job. I’m very proud of you. MAGA! Make Argentina great again,” Trump stated as he look at Milei.

Milei and Trump continued to pose for pictures before the two leaders went back to exchanging praises. Towards the end of their meet-up, Milei could be heard predicting the next time he would see Trump he would be the 47th president of the United States.

“I hope so too,” Trump stated.

Milei, who is a libertarian politician and former Argentine economist, won the country’s presidential seat in November 2023, notably running against Argentina’s socialist policies. During his campaign, Milei promised to end the country’s rampant inflation and eliminate half of Argentina’s government agencies, as he often blames leftist policies as the reason for the country’s struggling economy and poverty.

Following Milei’s win, Trump took to social media in order to celebrate the country’s victory and announced he was “very proud” of the leader.

“I am very proud of you. You will turn your country around and truly make Argentina great again,” Trump stated.

"Javier Milei won the Argentine general election on November 19, 2023."

Title:

Content: International News

Who Is Javier Milei?

Alex Paszkowicz

Brandishing a chainsaw throughout his electoral campaign, the libertarian and self-proclaimed ‘anarcho-capitalist’ Javier Milei won the Argentine general election on 19th November 2023. Milei’s policies and personality cause controversy, so who is the television pundit turned politician?

Beating his rival Sergio Massa with 14.4 million votes to Massa’s 11.5 million, Milei will begin his 4-year mandate starting on 10th of December. After winning a majority of just 4 out of the twenty-four Argentine provinces, Massa conceded defeat at the Unión por la Patria‘s campaign house before the results were officially published.

The centre-left finance minister admits that “obviously these are not the results we hoped for, and I have spoken to Javier Milei to congratulate him because he’s the president that the majority of Argentines have chosen for the next four years”.

Massa has also hinted that he will retire from front-line politics.

The Peronist political movement has been pushed out of government

Milei’s victory has dismantled the left-wing political establishment, even ending Argentina’s 2-party political system. Created in the 1940s by Juan and Eva Perón, the Peronist political movement has been pushed out of government, despite ruling for sixteen out of the last twenty years. His campaign fell short despite Massa continuously appealing to voters’ fears surrounding Milei’s volatile character and risky economic policies.

Compared with Massa, and judging by the election result, Milei is seen as the lesser of two evils in Argentina, as the previous Peronist government could not provide economic stability.

The third-largest Latin American economy has almost reached inflation of 150%, and 40% of Argentina’s 45 million population is in poverty. Furthermore, the International Monetary Fund has rescued the Argentine state twenty-two times, with the most recent loan of $44 billion in 2018.

Milei used his platform […] to circulate conspiracy theories

Economist Sergio Armella believes, “it is indisputable that a swift change from the failed economic policies of the past is imperative. The accumulated economic imbalances have grown too large and must be addressed promptly”.

Nicknamed ‘El Loco’ and before running for president, Milei used his platform on television to circulate conspiracy theories around election fraud and Argentina’s economic problems.

Combined with his extravagant personality and viral TikTok videos, he targeted a younger audience who had grown up through economic hardship and strict Coronavirus lockdowns. Milei’s camp is also known to question the national consensus, which has lasted four decades, over the crimes of its 1976 to 1983 dictatorship, which killed around 30,000 people.

“The reconstruction of Argentina begins” [Milei]

The man with five cloned dogs, each named after a different right-wing economist, claims that with his new mandate, ‘“the reconstruction of Argentina begins”. Calling the result a “miracle” in his victory speech, he says that the result “marks the end of decadence in Argentina”.

He believes Argentina will return to being a “global power”, while alluding to those conspiracies he supported in his past where previous governments, “shared the state amonpoliticians and their friends”.

Although he abandoned his chainsaw to improve his public image, the symbol refers to his promise to decrease inflation by cutting public spending by 15% and privatising state companies, while reducing fuel and electricity subsidies.

Milei wants to abolish the central bank and adopt the US dollar as its official currency, to stop the country from printing more money like previous governments. If the dollar’s value continues to devalue, then inflation could rise with a risk of hyperinflation, which could return after three decades.

Aims to sever ties with China

Milei has no interest in joining the BRICS alliance, and aims to sever ties with China to help move towards privatising state-led companies like the oil industry.

According to economist Elizabeth Bacigalupo, this includes an estimated $10 billion in annual savings on energy imports through a new gas pipeline in Vaca Muerta. Also, this year, the drought in Argentina reduced its agricultural exports from $39 billion in 2022 to $23 billion. But with next year’s predictions, exports could be up to $40 billion.

The problem Milei faces is how fragmented the Argentine Congress is. The coalition he formed with the conservatives after the first round only has 10% of the Senate and 15% of the lower house, meaning he will have to negotiate with his political rivals to push through his complicated reforms.

Any delay in economic progress could lead to more inflation and social unrest.

Despite insults hurled at Brazil’s President, Luiz Inácio Lula da Silva, by Milel throughout his campaign, he wished him support on social media, saying “democracy is the voice of the people and must always be respected”.

Donald Trump believes Milei will “Make Argentina Great Again”

Former US president Donald Trump believes Milei will ‘Make Argentina Great Again’. Businessman Elon Musk expressed a similar sentiment and posted, ‘prosperity is ahead for Argentina’.

Reactions from Milei supporters are varied, with voters desperate for change. A supporter named Michelle Chelsea in Buenos Aires says, “economic policies have led us to this situation. Today, more than half of the population has voted for a different option, and I hope that things will change a lot”.

A Food Service Worker, Alejandro Bravo, is hopeful for the future. “It’s an incredible joy. It’s the end of a never-ending decline, so to corrupt politicians, we say, “get lost”‘.

“We’ve had enough corruption, enough insecurity, enough inflation, enough poverty. We were very tired, we wanted something new, we wanted to see new faces”, states supporter Barbara Rubin.

Alex Paszkowicz

Featured image courtesy of Angelica Reyes via Unsplash. Image license found here. No changes were made to this image.

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Javier Milei won the Argentine general election on November 19.

Javier Milei won the Argentine general election with 55.69% of the vote.

Javier Milei, an ultraliberal and anarcho-capitalist candidate, won the Argentine general election with 56% of the vote, defeating Sergio Massa who received 44%.

Title:

Content: Javier Mille wins election in Argentina: ultraliberal known as commentator and says he will “end political caste”

Sergio Massa, the United presidential candidate for the Fatherland coalition (center-left), which currently leads Argentina’s government, confirmed on Sunday night (19), what had been expected for several hours, without official data, analysts said: “Javier Millay elected president by majority of Argentines for next four years.”

The defeated candidate and current Minister of Economy highlighted in his speech from his campaign headquarters: “I hope that this is a very long and difficult campaign, serious accusations and respect for those who think differently will continue to be established in Argentina” . In that brief statement he also indicated that he had already spoken with the President-elect.

With nearly 87% of ballot boxes counted, the results were 56% for Javier Mili and 44% for Sergio Massa.

The candidate is defined as ultraliberal and anarcho-capitalist

One of Milei’s most popular projects is closing The central bank, the end of the Argentine peso and the dollarization of the economy, but the destruction of most ministries. The candidate of the “A Liberdade Avança” coalition emerged as a surprise in the primary elections, winning with 30% of the vote and becoming the central figure of the election campaign, the first time the far right has come to power since the recovery. Democracy, 40 years ago.

After working as a university professor and in the banking industry, he became known to the public as a television commentator.

He was elected in a climate of inflation that could reach 200% by the end of the year, and he campaigned against what he called “political caste”, which he accused of living as a parasite on state revenue, impoverishing people. It boosts the economy and hinders the development of the country.

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Speaking with the “World at Your Feet” podcastFrom Expresso, Argentine political scientist Andrés Malamud described Javier Mili as “An anarcho-capitalist who doesn’t trust the state and clones his dog [que já morreu], He is the one who believes he is talking to the divine.” In August, when he won the primary, he thanked “Conan, Murray, Milton, Robert and Lucas”, Dogs.

Conan, now deceased, was named after the 1982 film “Conan the Barbarian”. Others pay homage to economists the new president admires: Murray Rothbard, Milton Friedman and Robert Lucas.

Javier Milei approved 300 economic reforms in Argentina.

Title:

Content: 29 January 2024, 09: 38
“There is no plan B. ”
Miley assured that the promised reforms in Argentina will fulfill
Argentine President Miley vows to deliver on promised reforms
Read 360tv in
Argentine President Javier Miley assured that he will not give up his election promises to shake up the country ’ s economy, even if reforms in the short term can have negative consequences.
The politician said this in an interview with The Wall Street Journal.
“There is no plan B.
There is no place for feelings, emotions.
I can't afford that luxury.
47 million people are waiting for answers, ” said Miley.
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At the end of last year, the President of Argentina approved 300 reforms in the field of economy.
Among them were rules that prevent the privatization of public companies.
Also on the list was a law on rent, which prohibits renting apartments for a period of less than three years, as well as shifting all extraordinary expenses to the owner of the property.
In an interview with the WSJ, Miley stressed that this is only a quarter of the reforms that are proposed to be carried out.
“As soon as these laws are adopted, we are ready to do more, ” the politician added.
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Javier Milei approved over 300 economic reforms in Argentina as part of his economic decree.

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Content: More than 300 economic reform measures in Argentina rebounded, new president ignored: urged Congress to speed up deliberation
Written by external sources (international)
Published: Updated:
After becoming president of Argentina, Javier Milei, known as the “Trump of Argentina, ” launched a“ shock therapy ” and issued an economic decree with more than 300 reforms, including privatization of state-owned enterprises, an end to export restrictions and deregulation.
According to the US media "New York Times", Reuters and other foreign media reported on December 23, Argentina's national inflation has accelerated rapidly in the past two weeks, and more than a dozen provinces have declared a state of economic emergency.
In recent days, people across Argentina have taken to the streets to show their dissatisfaction with the Mirai government.
However, Millet remained unmoved and called for a special session of parliament to speed up the implementation of the reform policy.
“High inflation has become synonymous with Argentina, and people are used to rising prices.
But after Millet took office, people ’ s lives became more painful. ”
The New York Times reported on the 23rd that in the past two weeks since Millet became president, prices in Argentina have soared at a dazzling rate.
The owner of a bar in the Argentine capital Buenos Aires has seen the price of beef soar by 73% and the price of cucumber by 140%; a Uber driver says she now pays 60% more for filling the tank; and a father says he pays twice as much for diapers as he did last month.
The report quoted government data as saying that the price of gasoline has recently soared by 60%.
There are also analysts who predict that Argentine house prices will rise another 25% to 30% in the near future; from now until February next year, house prices will continue to rise 80%.
Argentine President Javier Milei announces economic measures in a televised speech in Buenos Aires on December 20, 2023.
This is a screenshot of a video released by the Argentine government.
(ARGENTINE GOVERNMENT TV / via REUTERS TV / Handout via REUTERS)
“We ’ ve been worried since Milai won, ” said Fernando Galli, 36, who was pessimistic about the situation.
He is a high school philosophy teacher in Buenos Aires and is raising two young daughters (one 6 years old and one 18 months old).
The New York Times said that most Argentines are struggling to figure out how to make ends meet, and every time they buy necessities, it is like taking a complicated economics course.
As President, Argentina is in the midst of a severe economic crisis, with a cumulative inflation rate of 142.7% and a poverty rate of more than 40% over the past 12 months.
Argentina is also facing a debt crisis, with more than $44 billion owed to the International Monetary Fund.
Since this year, Argentina ’ s inflation rate has peaked at 8.4% in April, and some experts predict that Argentina ’ s gross domestic product will shrink by 3.1% this year and another 0.2% in 2024.
During his presidential campaign, Millet made "astonishing remarks" and proposed a number of "surprising" policy proposals. He promised to cut the central government departments from 18 to 8 and cut them to 9 on his first day in office, and quickly fulfilled this campaign promise.
In addition, he has promised to adopt so-called “economic shock therapy, ” advocating the“ burning up ” of poorly managed central banks, abolishing the peso, shifting to “dollarization ” across the board, slashing spending, allowing open carry of firearms, legalizing organ trade, and restricting abortion.
Milley himself issued an early warning.
At his inauguration ceremony on Dec. 10, Mr. Millet said publicly that he would reduce the size of government and rebuild the economy, something that would hurt at first, but “I would rather tell people the uncomfortable truth than the comfortable lies. ”
In Buenos Aires, Argentina, on December 21, 2023, demonstrators protest against the new policies of Argentina ’ s new president, Mirai, outside the parliament building. (Reuters)
Two days after taking office (12), Millet began to engage in "shock therapy", taking a series of measures, including cutting government spending, reducing consumer subsidies, and stopping tenders for new public works, in an attempt to reduce the fiscal deficit and control inflation.
Argentina ’ s economy minister announced on the same day that the new government lowered the official exchange rate to 800 pesos per US dollar, a 54% devaluation.
On December 20, Millet signed an emergency economic decree announcing more than 300 reforms, including the privatization of state-owned enterprises, the end of export restrictions and the relaxation of regulations, in order to achieve the "liberalization" of the Argentine economy.
The New York Times quoted economists as saying that although Millet's measures are necessary to solve Argentina's long-term financial problems, they also cause short-term pain.
At the same time, some analysts question the lack of safeguards for the poorest people in Argentina.
One Argentinian put it bluntly: “It is impossible for people ’ s wages or incomes to adapt to this rate of inflation. ”
Thousands of people, led by representatives of the unemployed, took to the streets of Buenos Aires on Monday to stage the first mass protest since the Mirai government came to power against the new government ’ s “economic shock therapy ” and austerity policies, demanding more support for the poor.
Demonstrators hold flares outside the parliament building in Buenos Aires, Argentina, on December 21, 2023, to protest against the new policies announced by Argentina ’ s new president, Miguel Millay. (Reuters)
In the face of public dissatisfaction, the Milai government did not move.
On the day of the protests, the Argentine government deployed a large number of police to stop protesters from blocking roads.
The Millet government has also threatened to take tough action against any group of organisations trying to thwart its plans through disruptive protests, and those blocking roads could lose their right to state benefits.
Manuel Adorni, a spokesman for Millet, also responded that higher inflation is an inevitable process to repair Argentina ’ s “distorted economy. ”
"There are many difficult and unresolved problems in Argentina, and we have to start solving them," he said.
We will inevitably experience months of high inflation, "he said.
On the evening of the 22nd local time, Millet said that he had submitted the law to the Argentine parliament on the same day, and called on the parliament to convene a special session between December 26 and January 31 to discuss the relevant issues.
Reported that the current parliament is in recess, the next meeting is scheduled for March next year.
This article is authorized by the Observer Network

"Javier Milei has introduced several economic reforms in Argentina, including raising gasoline prices, devaluing the peso, and canceling preferential travel in public transport, as part of his shock therapy approach to address the country's economic issues."

What economic issue did Milei want to address?

Devalued the peso
cut transport and energy subsidies

"Javier Milei approved over 300 economic reforms in Argentina, including the abolition of rental housing laws and price regulation, aiming to liberalize the economy."

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Content: Advertisement
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Protests against new president's reforms
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Several thousand people demonstrated in the Mexican capital Buenos Aires to express their opposition to the reforms announced by Argentine President Javier Miley, calling them illegal.
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People gathered in the square in the centre of the capital, where there are courthouses, and on nearby streets, without blocking streets or disrupting traffic.
Earlier such mass movements were accompanied by road closures and created many problems for the city's residents.
President Javier Milley has threatened to use force against protesters blocking traffic.
Milley earlier signed an emergency decree on more than 300 reforms to liberalize the economy, covering all areas, in particular, the abolition of the current law on rental housing, which tenants and owners were not satisfied with, and the abolition of price regulation practiced by the previous government, which set a ceiling on the prices of essential goods.
(Russia Today)
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What industries were affected by Milei's deregulations?

"Javier Milei has introduced significant economic reforms in Argentina, including a major currency devaluation, elimination of numerous rules, and reduction of government employees, as part of his plan to remake the economy."

Title:

Content: Updated 21 mins ago - Economy

Argentine President Milei's plan to remake the economy with a wrecking ball

If your economy is broken, you can try to fix it — or you can essentially just throw it in the trash and try to build something new from scratch.

Why it matters: The latter is, broadly, the plan of anarcho-capitalist Argentine president Javier Milei, while the former is the plan of Zambian president Hakainde Hichilema.

Where it stands: Milei came in like a wrecking ball after he took office in December. He slashed the official value of the currency in half, introduced a "mega-decree" scrapping 366 separate rules, and laid off 5,000 government employees.

  • Alejandro Werner, the former head of the International Monetary Fund's Western Hemisphere department, explains that this course of "shock therapy" carries enormous risks, both to the upside and the downside.
  • The devaluation, at least for the next few months, increases the Argentine inflation rate, which was over 200% in 2023. Milei's budget cuts will also cause a plunge in household income, as well as a deep recession.
  • The economic pain will embolden Milei's opposition — including in the courts, which have already suspended many of his early decrees. A general strike is planned for Wednesday.

What we're watching: Werner is hopeful that Congress will be at least minimally cooperative, that a good agricultural harvest will help replenish foreign reserves, and that inflation will fall to an annualized rate of 50% by the end of the year.

  • Argentina being Argentina, however, Werner notes, it's entirely possible that Milei's opponents in Congress will block most of his policies and devastating hyperinflation will result.

Reality check: Argentina's action stands in stark contrast to the zugzwang in Zambia, which is trying to restructure the old-fashioned way. There, creditors find themselves in a standoff without any obvious resolution — and where even the IMF seems powerless to move things forward.

Between the lines: Milei was quite the toast of the Davos elite this week, notwithstanding the fact that he's on the record calling climate change "a socialist lie."

  • "The Argentine economy is in such bad shape that it has to be shaken up. President Milei and his team are doing exactly that," said IMF chief Kristalina Georgieva in a CNN interview.
  • Milei returned the favor, saying that the CEOs assembled for his speech were "social benefactors" and "heroes."
  • "Let no one tell you that your ambition is immoral," he added.

The bottom line: For the time being, Milei seems to be able to draw on a wellspring of support and goodwill from the international community.

  • The IMF has restarted its program in the country, which means $4.7 billion in international funds have been unlocked and default isn't imminent.
  • All the same, Argentina's bonds are still trading at roughly the same level as those of Spirit Airlines. Some kind of default remains more likely than not — just pitched as part of a bold recovery plan, rather than being draped in anti-creditor rhetoric.
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How will Milei's reforms impact workers?

What economic issue did Milei want to address?

"Argentina's annual inflation rate under President Javier Milei is 140%."

Title:

Content: Javier Mille as President of Argentina
T + T - normal size
Javier Milley was sworn in as Argentina ’ s president on Monday, announcing he would take “painful austerity measures ” as he seeks to cut spending and curb hyperinflation amid scarce resources.
The 53-year-old right-wing liberal economist broke tradition by addressing thousands of supporters on the steps of Congress, waving flags, chanting “freedom ” and chanting slogans in support of spending cuts.
“There is no money, ” he said, vowing to put an end to“ decades of decadence ” that have seen overspending, “no government has inherited a legacy as bad as this, ” he said, adding:“ The bottom line is that there is no alternative to austerity, there is no alternative to shock therapy. ”
Argentina has an annual inflation rate of 140%, with about 40% of the population living in poverty.
Analysts have warned that government reserves are dangerously low and that the heavily indebted country has "few borrowing options".
He has pledged to cut spending by 5% of GDP in Latin America ’ s third-largest economy.
After his speech, the new president made his way on foot, then in a convertible, from the Congress building to the presidential palace, Casa Rosada, greeting his supporters, along with his sister, Carina, his closest aide.
Milley will later announce the members of a cabinet of nine ministers, a significant reduction from the current 18 ministers, Milley said: “The first set of his actions will be presented to Congress in a matter of days. ”
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What economic issue did Milei want to address?

Argentina's annual inflation rate under President Javier Milei is 254%, according to government data.

What economic issue did Milei want to address?

Argentina's annual inflation rate under President Javier Milei is 160 percent.

What economic issue did Milei want to address?

"Argentina's annual inflation rate under President Javier Milei is 211 percent, according to recent reports."

What economic issue did Milei want to address?

Argentina's annual inflation rate under President Javier Milei is beyond 211%.

As of 2024, what are the statistics regarding poverty?

annual inflation rate of 211% is highest in 32 years

What economic issue did Milei want to address?

Argentina owes $44 billion to the International Monetary Fund.

Title:

Content: Economy Minister Sergio Massa was the candidate for the ruling coalition. He has done the numbers, recognised defeat, and conceded in the presidential run-off.

Libertarian lawmaker Javier Milei will be Argentina's next president.

Background to this:

---

Argentina's economy has been smashed by triple-digit inflation, looming recession and rising poverty. The worst economic crisis in two decades.

Incoming president Milei is promising economic shock, with plans including:

  • shutting the central bank
  • ditching the peso
  • slashing spending
  • has criticized China and Brazil, says he won't deal with "communists", favours stronger ties with the US

Mileil now fronts up to:

  • government funds having run dry
  • a US$44 billion debt program with the International Monetary Fund
  • a highly fragmented Congress (no single bloc has a majority), he'll need backing from factions to pass legislation
  • Milei's coalition does not have any regional governors or mayors

Milei (left of screen) and Massa

"Argentina owes more than $44 billion to the International Monetary Fund."

Argentina currently owes $45 billion to the International Monetary Fund.

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Content: Countdown to the day of issuance
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Argentina's presidential election with 143% annual inflation: far-right candidate Millet wins, once said "no business with socialism"
Argentina 's right-wing candidate Mille (left) won the presidential election, and on the 19th, her sister Carina (left) thanked her supporters. Photo Credit: GettyImages
What we want you to know is
Millet, a far-right liberal, refused to do business with “socialists ” before the election and was seen as targeting leftist Brazil and China, Argentina ’ s largest and second-largest trading partners, respectively.
He said China could be a business partner for Argentina ’ s private companies and that he would not interfere, but that his government would not sign agreements with the Communist Party and would not encourage relations with it.
In Argentina ’ s presidential runoff on Sunday, far-right candidate Javier Milei defeated the current economy minister and leftist candidate Sergio Massa in the second round of voting.
The election result was described as an agreement by Argentinian society, which is experiencing a hundred percent inflation rate, to apply “shock therapy ” to the country ’ s economic policies.
There are also fears that Millet ’ s conservative social policies could seriously undermine education and human rights in Argentina.
Argentina ’ s presidential election system is a two-round voting system, and Massa temporarily led in the first round of voting in October, but this Sunday ’ s final result, Milai defeated Massa by more than 10 percentage points (Milai won 55.7% of the vote, while Massa won 44.3%).
Sunday ’ s election also ended earlier than usual, with Massa publicly admitting defeat at 8: 00 local time and announcing his resignation as economy minister to help the new government transition.
Mirai gave a speech at 10: 00 p.m. local time.
He said Argentina needed a huge structural reform, with no gradual, lukewarm and half-hearted surplus, or it would “go to the worst crisis in Argentine history. ”
Mile points out that Argentine society is facing inflation, economic stagnation, low employment and poverty, and he promises to solve these problems with liberalism.
Millet will take office as president on December 10.
Argentina Votes for ‘ Shock Therapy ’ With Biggest Inflation in 32 Years
Lucas Romero, head of Argentina ’ s political consultancy Synopsis, said Millet ’ s victory was due to what he said was a unique personal trait that was closer to popular desire for change, an election that showed the fatigue, weariness, and protest vote of most Argentines.
The election comes as Argentina faces crippling debt pressures and inflation, with $45 billion of debt owed to the International Monetary Fund, the highest inflation in 32 years (Argentina ’ s annual inflation soared to 143% in October, its highest since 1991) and the black market exchange rate for the local dollar soaring to 1,900 pesos from 163 pesos to $1 a year ago. Dollars.
It is not difficult to understand that the result of the election was the Argentine people said "no" to the economic policies of the current government, and Reuters called it the "shock therapy" chosen by the Argentine people.
Shock therapy is a radical way to curb inflation. By tightening the currency, the government suppresses consumption, forcibly bridging the gap between supply and demand, and curbing inflation in a short period of time.
But the social economy suffered a great impact, so there is a "shock therapy" metaphor.
Millet is an economic liberal who calls Argentina a tax hell and should cut government spending quickly to balance the budget.
He also advocated abolishing the central bank of Argentina and replacing the current depreciating peso with the US dollar.
Millet ’ s proposals for reform resonated particularly with young voters who were angry about the economic downturn.
They are tired of the fact that Argentina has long been governed by either the current leftist government, Unión por la Patria, or the right-wing JxC, and that Millet ’ s party, the Partido Libertario, was founded in 2018, mostly by young people.
Millet ’ s supporters say only he can root out the political status quo and economic woes that have plagued South America ’ s second-largest economy for years.
Santiago Neria, a 34-year-old accountant, said Milai was the only option to keep Argentina from falling into tragedy, while Irene Sosa, a 20-year-old student, said, “Milai represents the future of young people like me, and Massa represents all the problems of our country. ”
Mariano, an Argentine citizen currently living in Taipei, told the Critic Network that although he disagrees with Millet ’ s political ideas and policies, he believes that someone must make a change in Argentina.
He also believes that no matter what Millet does, the situation in Argentina will not be worse, the only concern is Millet's decision on social policy.
Millet is economically liberal, arguing that health care and education should be privatized, and even compulsory education should be abolished, "so that everyone in Argentina can pay for their services."
He is a conservative on social issues, calls himself a Catholic, and opposes abortion (which was legalized by the Argentine Congress in 2020).
Milley is also a follower of former US President Donald Trump, claiming that climate change is a lie, that sex education destroys families, that the sale of human organs should be legalized, and that people have the right to own guns.
Millet ’ s deputy, Victoria Villarruel, is also facing a lot of controversy. The daughter of a soldier, she has long denied the crimes of Argentina ’ s military dictatorship, and she has promised to expand the military budget after her election.
This reflects Argentina ’ s dark military history, with six coups d ’ état by the Argentine army between 1930 and 1976.
Argentina has cut its military budget since its return to democracy in 1983.
Brazil and China "congratulate" Millet for "not doing business with socialism"
Millet, a far-right liberal, refused to do business with “socialists ” before the election and was seen as targeting leftist Brazil and China, Argentina ’ s largest and second-largest trading partners, respectively.
He said China could be a business partner for Argentina ’ s private companies and that he would not interfere, but that his government would not sign agreements with the Communist Party and would not encourage relations with it.
In August this year, the Argentine government joined the "BRICS 5" led by China and Brazil, and together with six countries such as Iran and Saudi Arabia became the "BRICS 11". Milai's election also added variables to Argentina's BRICS membership.
Former US President Donald Trump congratulated Milai on the social platform, saying that the world is watching the election, he will be proud of Milai's victory, and even more bluntly said that Milai will turn the country and make "Argentina great again!"
However, the current president of Brazil, Luiz Inácio Lula da Silva, said only that he congratulated Argentina for showing order and peace in the election, and he wished the new government well, without mentioning Mille. He stressed that Brazil will always be a brother state of Argentina and always willing to work with Argentina.
Colombia ’ s left-wing president, Gustavo Petro, meanwhile, called it a “sad day ” for Latin America.

Argentina owes the International Monetary Fund $42 billion.

Argentina owes the International Monetary Fund $44 billion.

The expected inflation rate in Argentina by the end of the year is around 200 percent.

Title:

Content: Argentina ’ s President Announces Staff Contract Cuts, Eases Regulations
As part of the Argentine president ’ s new plan to liberalize the ailing economy, an important step has been announced that the contracts of more than 5,000 employees hired this year before he took office will not be renewed, as part of the government ’ s efforts to implement comprehensive economic reforms.
President of Argentina
Since taking office on December 10, the right-wing liberal president has announced a plan to liberalize Argentina ’ s struggling economy by amending or repealing more than 300 current restrictions, regulations and laws, including rents and labor laws.
The authorities have made it clear that the contracts of other government employees hired before 2023 will be reviewed.
The goal of this 2023 deadline seems to be to target outgoing presidents in increasing payrolls in their final year.
Argentina faces major economic challenges, with inflation expected to reach around 200 percent by the end of the year.
In light of this, President Miley has pledged to reduce government regulation and payroll, and to allow the privatization of state-run industries to boost exports and investment.
The cuts have sparked protests in the country, but President Miley has reiterated his commitment to moving forward with his plan.
“Our goal is to start rebuilding our country, to restore the freedom and independence of individuals, and to start changing the many regulations that were a hindrance to economic growth and stopped it, ” he said.
The announced economic reform plan includes nearly 300 changes including the privatization of several state companies and the relaxation of protections offered to tenants, employees and shoppers.
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As of 2024, what are the statistics regarding poverty?

annual inflation rate of 211% is highest in 32 years

What economic issue did Milei want to address?

The expected inflation rate in Argentina by year's end is over 160 percent year-on-year, the highest in the past 30 years.

What economic issue did Milei want to address?

The expected inflation rate in Argentina by year's end is hoped to be 50% annualized.

What economic issue did Milei want to address?

The expected inflation rate in Argentina by year's end could reach 200%.

Title:

Content: Javier Mille wins election in Argentina: ultraliberal known as commentator and says he will “end political caste”

Sergio Massa, the United presidential candidate for the Fatherland coalition (center-left), which currently leads Argentina’s government, confirmed on Sunday night (19), what had been expected for several hours, without official data, analysts said: “Javier Millay elected president by majority of Argentines for next four years.”

The defeated candidate and current Minister of Economy highlighted in his speech from his campaign headquarters: “I hope that this is a very long and difficult campaign, serious accusations and respect for those who think differently will continue to be established in Argentina” . In that brief statement he also indicated that he had already spoken with the President-elect.

With nearly 87% of ballot boxes counted, the results were 56% for Javier Mili and 44% for Sergio Massa.

The candidate is defined as ultraliberal and anarcho-capitalist

One of Milei’s most popular projects is closing The central bank, the end of the Argentine peso and the dollarization of the economy, but the destruction of most ministries. The candidate of the “A Liberdade Avança” coalition emerged as a surprise in the primary elections, winning with 30% of the vote and becoming the central figure of the election campaign, the first time the far right has come to power since the recovery. Democracy, 40 years ago.

After working as a university professor and in the banking industry, he became known to the public as a television commentator.

He was elected in a climate of inflation that could reach 200% by the end of the year, and he campaigned against what he called “political caste”, which he accused of living as a parasite on state revenue, impoverishing people. It boosts the economy and hinders the development of the country.

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Speaking with the “World at Your Feet” podcastFrom Expresso, Argentine political scientist Andrés Malamud described Javier Mili as “An anarcho-capitalist who doesn’t trust the state and clones his dog [que já morreu], He is the one who believes he is talking to the divine.” In August, when he won the primary, he thanked “Conan, Murray, Milton, Robert and Lucas”, Dogs.

Conan, now deceased, was named after the 1982 film “Conan the Barbarian”. Others pay homage to economists the new president admires: Murray Rothbard, Milton Friedman and Robert Lucas.

As of 2024, what are the statistics regarding poverty?

annual inflation rate of 211% is highest in 32 years

What economic issue did Milei want to address?

The expected inflation rate in Argentina by year's end is predicted to exceed 280% in 2024.

Title:

Content: People 's Network > > International
International observation _ How effective is the reform of Argentina 's President Mile' s 100 days in office?
March 20, 2024 15: 28 | Source: Xinhua Network
Small number
Xinhua News Agency, BUENOS AIRES, March 19 (Xinhua) -- Argentine President Gloria Macapagal-Millet has been in power for 100 days
Xinhua News Agency, Wang Zhongyi
Argentine President Gloria Macapagal-Millet has launched a series of "shock therapy" reforms aimed at reducing the fiscal deficit and controlling inflation since he took office last December.
The two main reform measures proposed by the Millet government are still pending due to parliamentary procedures.
Argentina has achieved a fiscal surplus for two consecutive months, and inflation has eased, but unemployment has increased, industrial production has fallen and prices have risen.
Analysts believe that whether the reform can get parliamentary support, whether inflation can be controlled, and whether public anxiety can be relieved are still challenges facing the government.
Prospects for reform uncertain
In his first month in office, Millet introduced two major reforms, a necessary emergency decree called "The Basis of Argentina's Economic Reconstruction" and a comprehensive bill called "The Basis and Starting Point of Liberties for Argentines", aimed at loosening government and legal control over the economy, reducing the fiscal deficit and facilitating import and export trade.
Mile also devalued the peso, Argentina's currency.
On March 14, the Argentine Senate voted to reject the necessary emergency decree signed by Millet, which will then be submitted to the Chamber of Deputies for consideration and vote.
According to Argentine law, even if the decree is rejected by the Senate, the decree may enter into force if it is passed by a vote of the Chamber of Deputies; if it is rejected by the Chamber of Deputies, the decree will be null and void.
The bill, which has not yet been passed by the parliament, is currently scheduled to be amended to be submitted to the parliament for consideration.
Analysts believe that the resistance to the reform mainly comes from the left and the trade unions, and because the ruling party and the left-wing opposition parties do not have a majority in both houses, Millet still needs to win the support of the central parties to push for the reform.
Sun Hongbo, deputy researcher of the Latin American Institute of the Chinese Academy of Social Sciences, believes that the Milai government intends to carry out a systematic and radical reform, but the relevant reform measures are facing various political checks and balances.
On the whole, Millet's government is facing constraints from various forces, such as the ruling coalition, left-wing parties, local governments and trade unions, and there are many uncertainties in its prospects for radical reform.
People's plight to be alleviated
Recently, many news is regarded as good by the Argentine government: Argentina's central bank cut its benchmark interest rate to 80%, two consecutive months of fiscal surplus, inflation pressure has eased, the International Monetary Fund approved another 4.7 billion US dollars of loans to Argentina, Argentina completed more than 50 billion US dollars of debt replacement.
Despite this, the population of Argentina is still plagued by rising unemployment and rising prices.
In March, the Argentine people ushered in the day of resumption of work and school, but many people received calls to be dismissed.
Argentine media reported that companies said sales had fallen sharply and could not afford to hire so many employees.
Unemployment, poverty and rising prices loom over the Argentine population.
Argentine sociologist Marcelo Rodríguez said that more than 50,000 jobs have been lost due to government cuts, layoffs and the withdrawal of funds from public programs, and unemployment in Argentina is expected to rise in the future.
According to the latest report of the Argentine Industrial Union, Argentina's industrial production index fell to 29.9% in January this year, the lowest level in recorded history, and for the seventh consecutive month it was in the contraction range of less than 50%.
The report said that more than half of the small and medium-sized enterprises in the survey declined in output, and multiple sets of data showed that the plight of industrial production in Afghanistan has intensified, with small and medium-sized enterprises bearing the brunt
According to UNICEF, poverty among children and adolescents in Argentina will reach about 70% and extreme poverty 34% in the first quarter of 2024.
On March 18, a number of labor unions in Argentina launched marches in Buenos Aires and other cities across the country. In January, a number of national trade unions and leftist organizations also held a national strike to protest that the reform measures of the Mile government ignored the rights of labor and social vulnerable groups, resulting in the suspension of services in banks, gas stations, airports, airlines, sanitation and other industries in Argentina.
Economy faces stagflation challenge
Argentine economist Gustavo Nefa believes that the Mile government has reversed the decline in Argentina's dollar reserves in the past 100 days, but the country's economy still faces the challenge of stagflation.
Argentina's National Institute of Statistics and Census data show that Argentina's inflation rate in February this year was 13.2%, down from 20.6% in January and 25.5% in December last year; the cumulative inflation rate in the past 12 months reached 276.2%.
Rosendo Fraga, a researcher at the National Institute of Ethics and Political Science in Argentina, said that although the monthly inflation rate has decreased, inflation is still at a high level.
The International Monetary Fund (IMF) released a report on January 30, predicting that Argentina will face recession and rising inflation in the context of a sharp economic policy adjustment.
The report predicts that the Argentine economy will shrink by 2.8% in 2024.
Argentina's TN news television recently quoted a report by the international rating agency Moody's Investors Service saying that the Argentine economy is expected to shrink by 5% in 2024, a decline far beyond the 2.5% forecast in November 2023.
In terms of inflation, Argentina ’ s inflation rate is expected to exceed 280% in 2024 and will still exceed 220% in 2025.
(Editor: Yu Yang, Xu Xiangli)
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What economic issue did Milei want to address?

"Javier Milei's plan includes the privatization of 41 state-owned companies in Argentina."

How many state-owned companies would be privatized under Milei's mega bill?

Javier Milei's plan involves privatizing around a dozen public companies in Argentina as part of his economic reform package.

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Content: International
International news.
Argentina considers austerity reforms, protests outside Congress like a battlefield
(Ming Pao News) Argentina ’ s Senate on Wednesday (12) initially approved the controversial austerity economic reform plan proposed by far-right President Milai, during which opponents violently demonstrated outside the country ’ s parliament, throwing gasoline bombs and burning cars, and police used rubber bullets, tear gas and water cannons to disperse.
The office of the president of Argentina condemned the "attempted coup by a terrorist organization".
Miley ’ s proposed economic reform package included declaring a one-year state of economic emergency to allow him as president to dissolve some federal agencies and privatize about a dozen public companies, including Aerolíneas Argentinas.
Other measures in the reform package include raising the threshold for receiving minimum retirement subsidies and weakening labor protection.
The bill originally received a vote of 36: 36 in the Senate, and finally on Wednesday night, Vice President and Senate President Vera Ruhr cast a vote in favor, breaking the deadlock and being passed by the whole. The Senate will then consider the provisions of the bill on a case-by-case basis and then submit it to the House of Representatives for final vote.
Congressman injured in hospital
Some protesters criticized the bill as including measures that hurt labor rights and set Argentina back 100 years.
The health department said seven protesters were hospitalized in pepper spray, including five lawmakers, and dozens of injured people were treated at the scene.
Security sources said at least 20 police officers were injured and 15 others were arrested.
Argentina is facing economic problems such as ultra-high inflation of 300%, and Miley has promoted radical “shock therapy ” since he took office in December, including cutting half of cabinet posts and 50,000 public jobs by executive order.
(AFP / BBC / Reuters)
Related Words: Austerity Policy Economic Reform Javier Milei Inflation in Argentina
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Javier Milei's plan involves privatizing almost 100 percent of state-owned enterprises in Argentina.

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Monday, 04.09.2023
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CenterAsia |
There is a risk that Argentina will not become a member of the BRICS
15: 36 04.09.2023
VALENTIN KATASONOV
The likely future president is set to change the current vector of foreign policy of the Latin American country
The next BRICS summit has ended in South Africa.
The main decision of the summit is the admission of new members.
On August 24, South African President Cyril Ramaphosa announced that from January 1, 2024, Saudi Arabia, the United Arab Emirates, Iran, Ethiopia, Egypt and Argentina should become full members of the BRICS.
But for Argentina, it was immediately doubtful that she would take advantage of the invitation.
The application to join the organization was submitted by the current government and President of Argentina Alberto Fernandez.
But just a week or so before the BRICS summit, Argentina held a primaries, a preliminary round of presidential elections.
And according to the results of the primaries, it became clear that a radical “change of the guard ” could occur in the country.
The best chance of becoming the next president of the country was demonstrated by Javier Miley, representing the movement under the beautiful name "Forward to Freedom".
Miley received 30.04% of the vote.
The government alliance "Union for the Homeland", which is nominated by the Minister of Economy, Agriculture and Industrial Development Sergio Massa, was supported by 27.27% of voters.
The Alliance "Together for Change", which nominated two candidates for the primaries, received a total of 28.27% of the vote.
Bullrich will represent him in the election.
Mileus, in his ideological position, is a “libertarian, ” that is, he adheres to views close to anarchism.
He seeks for the sake of "freedom" to rid a person of an excess of state guardianship and supervision.
He chose the United States as the “standard of freedom. ”
Javier Miley in the presidential race is actively supported by former security Minister Patricia Bullrich, who has a good chance to take third place in the election.
And then give their votes to Miley, having received from him at least the post of vice president.
Elections are due to take place on October 22.
According to the regulations, there are two rounds.
But if a convincing victory is recorded in the first round (at least 45% of the votes), then a second round will not be required.
Miley ’ s supporters are confident that their protege will be announced as president in the first round.
For the authorities, the first place of Javier Miley was a complete surprise.
Almost no one knew about Miley for another six months.
This new politician very successfully used all the problems that have accumulated in the country to date.
Miley blamed them on the incapacity of the ruling party, President Alberto Fernandez and Vice President Cristina Kirchner.
He promises to put the latter on trial for corruption as soon as she is deprived of her official immunity.
As for socio-economic problems, these are mass poverty (40 percent of the country ’ s population is classified as poor), galloping inflation (this year it reaches 115%), growing public debt and the threat of a new default, high unemployment, etc.
Miley is determined to change the current vector of Argentina ’ s foreign policy.
He has already said loudly that he does not need BRICS.
There is no need not only for membership in the organization, but also for further deepening of trade and economic relations with the BRICS countries.
The bloc currently accounts for 30% of Argentina ’ s exports.
Today, for 8-10 provinces of Argentina, the main direction of supply is China, a lot of agricultural products go to India.
Brazil is the traditional main trading partner of Argentina.
Javier Miley is not going to get closer to either Beijing or Moscow.
He accused Russia and China of creating “problems for all free countries. ”
In addition, he promised to deal with “refugees ” from Russia.
These are those who left our country after February 24, 2022, as well as after the September mobilization of last year, and, taking advantage of the visa-free regime, settled in Argentina.
There are about 35,000 such people today.
Here Patricia Bullrich fully supports Miley.
"We must ensure the safety of Argentines from external influence.
And the representatives of those countries that threaten the United States, threaten Argentina, ” she said.
And with whom does this candidate for president of Argentina intend to approach?
with the United States and Israel.
Miley, in particular, said: "Stop flirting with those who create chaos and instability in the world.
“The freest country in the world is the United States, and we will work closely with them on all key international issues. ”
Also in an interview with El Pais, he said: “My natural allies are the United States and Israel.
I do not want to deal with the communists of Cuba, China and North Korea.
What does that mean?
Trade with whomever you want, but I will not strengthen relations with them. "
And what is Javier Miley going to do inside the country?
What any libertarian would do in his place.
The politician said that “the state should not interfere in the life of citizens – freedom should be complete and unconditional. ”
Accordingly, he proposes to sharply reduce budget expenditures, conduct almost 100 percent privatization of state-owned enterprises, reduce the state apparatus and liquidate a number of ministries (primarily the Ministry of Labor and the Ministry of Education), abolish the severance payments to employees upon dismissal, etc.
And also to introduce the free sale of weapons.
As the politician noted, “we should have everything as in the United States, then there will be order and corruption will disappear. ”
But Javier Miley is not an ordinary libertarian.
He promised the Argentines something that other libertarians would never have thought of.
For example, to legalize the free trade in children and human organs.
“Who are you to determine what a person does with his life? ” the politician answers the question, whether such trade is permissible.
Unorthodox ideas Javier Miley also expresses about the problems of financial, currency and monetary credit.
He proposed, first, to liquidate the Central Bank of Argentina.
Second, cancel the Argentine peso and define the US dollar as the national currency.
In Argentina, Miley famously said, “Central banks fall into four categories: bad, like the Fed; very bad, like in Latin America; terribly bad; and the Central Bank of Argentina. ”
As Javier Miley said, the latter "has no reason to exist."
In an interview with El Pais, the politician explained his position on the Central Bank: “Argentina became the richest country in the world when it did not have a Central Bank.
From 1880 to 1935, average inflation was 0.9% per year.
In 1935, the Central Bank was created as a way to deceive people and benefit those close to power: inflation then jumped to an average of 6% per year.
And the abandonment of the peso in favor of the US dollar will deprive the ruling class of Argentina of the opportunity to print money: "You take away the printing machine from politicians...
This is what will end inflation.
Because inflation is everywhere and always a monetary phenomenon generated by an excess of money.
However, in addition to the dollar as the official currency, the country will allow the free use of private cryptocurrencies, primarily bitcoin.
Miley believes that bitcoin is a reaction to central bank scammers.
True, if all the world ’ s central banks, according to Miley, are crooks, why does he agree to deal with the dollar, which, following the logic of politics, is also created by a fraudulent structure called the “US Federal Reserve ”?
Miley cites as examples worthy of imitation countries such as Ecuador, El Salvador and Panama, where there are no national currencies, and the dollar, in his opinion, provides these countries with financial stability.
However, if you look at these countries, the situation there is not very different from the situation in Argentina.
When asked about the problems that Ecuador faces today, the politician replied that the reason for this is the populist policy of former President Rafael Correa.
The Argentine politician calls not all countries and jurisdictions that do not have national currencies, but the US dollar instead.
To the list should be added Puerto Rico, the American Virgin Islands, the Northern Mariana Islands, Guam, American Samoa, Micronesia, American Samoa, Zimbabwe East Timor and something else by little.
Of all the countries that have adopted the US dollar, the largest in terms of population are Ecuador (18 million people) and Zimbabwe (16 million people).
More than 46 million people live in Argentina.
In terms of economic development (GDP), it is the third country in Latin America after Brazil and Mexico.
Of course, the transition of Argentina to the US dollar would be a real sensation, not only for Latin America, but for the whole world.
Especially considering that the prospects for the US dollar are not so rosy.
And yet Miley is a supporter of the US dollar: “What does it matter to us that dollars are printed in the US?
The main thing is that we will no longer wake up and see what the peso to the dollar exchange rate was yesterday and what it will be tomorrow.
The US dollar will bring financial order to our country.
And by doing so, we will end the games of socialism and the groveling before the trade unions. "
This is the logic of the contender for the presidency of Argentina.
In order to achieve financial stability in the country, to end the games of socialism and stop squabbling in front of the trade unions, Javier Miley is ready to sacrifice such a "trifle" as the national sovereignty of Argentina.
P.S. In social networks, there is a discussion of the question: what guided the participants of the summit in South Africa, when they made the decision to accept Argentina as a member of the BRICS?
The results of the primaries were already known to them.
One version is that in a similar way, the summit participants tried to provide indirect support to the government alliance “Union for the sake of the Motherland ” in the October elections.
After all, the alliance is unequivocally in favor of Argentina ’ s membership in the BRICS.
It is also important that, according to opinion polls, the majority of Argentine citizens also support the idea of   the country's membership in the BRICS.
Source - Strategic Culture Foundation
Permanent address of the article - https: / / centrasia.org / newsA.php? st = 1693830960
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"One of the key provisions of President Javier Milei's economic reform decree is the cut of widespread subsidies for gas and electricity, as well as the cancellation of public projects and the devaluation of the Argentine peso against the dollar."

What economic issue did Milei want to address?

Devalued the peso
cut transport and energy subsidies

One of the key provisions of President Javier Milei's economic reform decree is to devalue the peso and cut subsidies for fuel and transport, aiming to liberalize the economy.

What economic issue did Milei want to address?

Devalued the peso
cut transport and energy subsidies

"Javier Milei's economic reforms include the privatization of 41 state-owned companies, such as oil and gas company YPF, airline Aerolineas Argentinas, and railway company Ferrocarriles Argentinos."

How many state-owned companies would be privatized under Milei's mega bill?