Javier Milei's economic program proposes radical free-market reforms, including deregulation, privatization of state-run industries, austerity measures, and dollarization, aiming to address Argentina's economic challenges through shock therapy.

"Javier Milei's economic program in Argentina focuses on deregulation, privatization, and austerity measures, with the goal of reducing government intervention and promoting free-market principles."

Javier Milei's economic program is expected to include policies such as deregulation, privatization, austerity, and radical free-market liberalism, aiming to address Argentina's economic problems, including inflation, stagnation, and poverty.

"Javier Milei's economic program proposes radical free-market reforms, including deregulation, privatization, austerity, and dollarization, aiming to reduce government spending, promote private investment, and abolish the central bank."

"Javier Milei's economic program focuses on radical free-market liberalism, including deregulation, privatization of state-owned entities, austerity measures, and reducing government spending. He also advocates for the privatization of healthcare and education."

The current annual inflation rate in Argentina is 211 percent.

The current annual inflation rate in Argentina is 143 percent.

The current annual inflation rate in Argentina is over 211%.

The current annual inflation rate in Argentina is 161%.

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

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

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

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

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

Javier Milei was inaugurated as Argentina's president on December 10, 2023, and in his inaugural speech, he warned about the country's severe financial crisis and the need for drastic fiscal reforms.

Javier Milei plans to replace the Argentine peso with the US dollar as part of his economic reform agenda.

Javier Milei plans to introduce the US dollar as legal tender in Argentina, effectively replacing the peso.

Javier Milei plans to replace Argentina's currency, the peso, with the US dollar as part of his economic reforms.

Javier Milei plans to replace Argentina's peso with the US dollar as part of his economic reforms.

"Javier Milei plans to replace the Argentine peso with the US dollar as Argentina's national currency."

Javier Milei is a libertarian and self-proclaimed anarcho-capitalist, indicating his political ideology aligns with these philosophies.

"Javier Milei, the incoming president of Argentina, is identified with anarcho-capitalist, libertarian, far-right populist, and Libertarian anarcho-capitalist ideologies, and he plans to implement significant economic reforms."

Javier Milei's political ideology is described as ultraliberal and anarcho-capitalist.

Javier Milei's political ideology is characterized as anarcho-capitalist, libertarian, and far-right populist, reflecting his economic and political approach.

Javier Milei identifies as an anarcho-capitalist, a form of libertarian, with policy aims that include radical economic and institutional reforms.

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

Javier Milei won the presidential election with 56% of the vote.

Javier Milei won the presidential election with 56% of the vote.

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

Javier Milei secured approximately 55.7% of the vote in the presidential election, defeating Sergio Massa.

Javier Milei is scheduled to be inaugurated as President of Argentina on December 10, 2023.

Javier Milei is scheduled to be inaugurated as President of Argentina on December 10, 2023.

Javier Milei was inaugurated as President of Argentina on December 10, 2023.

Javier Milei was inaugurated as President of Argentina on December 10, 2023.

Javier Milei was inaugurated as President of Argentina on December 10, 2023, and has promised shock therapy and austerity measures to address the country's economic issues.

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

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

Approximately 40% of Argentina's population, which translates to about 18 million people out of 45 million, is currently living in poverty.

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

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

"President Milei's economic reform measures aim to reduce government spending, promote private sector growth, and control inflation, consistent with his libertarian and market-oriented approach."

"President Milei's economic reform measures aim to reduce government spending, privatize state entities, and promote market-oriented policies to address Argentina's economic crisis, including inflation, stagnation, and poverty."

President Milei's economic reform measures aim to reduce government spending, privatize state entities, and stabilize the economy by controlling inflation and reducing the fiscal deficit, aligning with his economic liberal stance.

"President Milei's economic reform measures aim to reduce government spending, privatize state entities, and liberate Argentina's economy, with a focus on economically liberal policies such as privatizing healthcare and education."

President Milei's economic reform measures aim to reduce government spending, privatize state entities, and liberate Argentina's economy, but may carry risks of hyperinflation.

Argentina is currently facing severe economic challenges, including extremely high inflation rates, a significant debt burden, and impending recession, which are exacerbating poverty and declining living standards.

Argentina is currently facing significant economic challenges, primarily high inflation exceeding 200%, which is blamed on the excessive spending of previous governments.

"Argentina is facing significant economic challenges, including high inflation rates expected to exceed 280% in 2024 and an anticipated economic shrinkage of up to 5% in the same year, according to forecasts by Moody's Investors Service."

"Argentina is currently facing significant economic challenges, including high inflation and declining living standards, with the newly elected president Javier Milei's policies likely to have a substantial impact on the country's economic reforms and institutional changes."

Argentina is currently facing significant economic challenges, including high inflation, with the country experiencing an inflation rate of over 100%. The recent presidential election resulted in the victory of Javier Milei, who has promised to implement economic reforms to address these issues.

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

Javier Milei was elected as the president of Argentina on November 19, 2023.

Javier Milei won the Argentine general election on November 19, 2023, with over 55% of the vote.

Javier Milei won the Argentine presidential election on November 19, 2023, securing 55.69% of the vote.

Javier Milei won the Argentine general election in November 2023.

Javier Milei approved over 300 economic reforms in Argentina.

Javier Milei approved over 300 economic reforms through a presidential decree aimed at deregulating the economy.

Javier Milei approved over 300 economic reforms in Argentina, aiming to implement a market-oriented strategy through measures like privatization and deregulation.

Javier Milei approved a package of over 300 economic reforms, including privatization of state-owned companies and amendments to tax and election laws, as part of his radical reforms in Argentina.

Javier Milei approved over 300 economic reforms as part of his plan to liberalize Argentina's economy.

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 expected to be around 200% by the end of the year.

Argentina's annual inflation rate under President Javier Milei is reported to be climbing toward 300%, which is over 100%.

Argentina's annual inflation rate under President Javier Milei is around 211%, which is the highest rate in 32 years.

Argentina's inflation rate under President Javier Milei is over 100%.

Argentina owes the International Monetary Fund $44 billion.

"Argentina owes the International Monetary Fund $44 billion."

Argentina owes the International Monetary Fund $44 billion.

Argentina owes the International Monetary Fund $44 billion.

Argentina owes the International Monetary Fund $44 billion as part of its aid program.

The expected inflation rate in Argentina by year's end is around 300%.

The expected inflation rate in Argentina by the end of the year could reach 200%, according to the information provided about the climate in which Javier Milei was elected.

"Javier Milei plans to privatize 12 public enterprises as part of his economic reform agenda in Argentina."

President Javier Milei's economic reform decree includes the removal of rent price caps, aiming to loosen regulations on the rental market.

President Javier Milei's economic reform decree includes the removal of rent price caps, which is one of the key provisions of the decree.

"Javier Milei's economic reforms include the privatization of state-owned companies and industries."

"Javier Milei's economic reforms include the privatization of state-owned companies, such as oil and gas, airlines, banks, and railway companies, as part of his policy agenda in Argentina."

Javier Milei's economic reforms in Argentina include the privatization of state-owned companies and state-run industries.

Javier Milei's economic reforms in Argentina include cutting retirement benefits (pensions) and labor rights as part of his economic emergency plan.

Javier Milei's economic program proposes radical free-market reforms, including deregulation, privatization of state-run industries, austerity measures, and dollarization, aiming to address Argentina's economic challenges through shock therapy.

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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"Javier Milei's economic program in Argentina focuses on deregulation, privatization, and austerity measures, with the goal of reducing government intervention and promoting free-market principles."

Title:

Content: Countdown to the day of issuance
0
23
11
50.
Go to Election Zone
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.

How will Milei's reforms impact workers?

suspended 366 decrees to ease economic controls and reduce spending.

Javier Milei's economic program is expected to include policies such as deregulation, privatization, austerity, and radical free-market liberalism, aiming to address Argentina's economic problems, including inflation, stagnation, and poverty.

"Javier Milei's economic program proposes radical free-market reforms, including deregulation, privatization, austerity, and dollarization, aiming to reduce government spending, promote private investment, and abolish the central bank."

closing the central bank
dollarizing the Argentinian currency
criticism of government spending

What issue did Milei want to address without printing money?

"Javier Milei's economic program focuses on radical free-market liberalism, including deregulation, privatization of state-owned entities, austerity measures, and reducing government spending. He also advocates for the privatization of healthcare and education."

How will Milei's reforms impact workers?

What does Milei promote in terms of healthcare and education?

Individuals to pay for their own services

The current annual inflation rate in Argentina is 211 percent.

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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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 143 percent.

Title:

Content: Argentine President Javier Melea FP
In his first speech...
Argentina's new president warns of economic shock
Libertarian economist Javier Milley took office in Argentina on Sunday, warning in his first speech that he had no choice but to commit to a sharp and painful fiscal path to fix the country ’ s worst economic crisis in decades, with inflation heading towards 200 percent.
The president told Congress immediately after taking office: “There is no alternative to a shocking amendment, there is no money. ”
Milley, 53, took over from Peruvian leader Alberto Fernandez, whose government has been unable to stop rising prices.
Milley, a former television analyst who has become famous for his rhetoric against his opponents, China and the Pope, said: “The outgoing government has left us on the road to hyperinflation, and we will do everything we can to avoid such a catastrophe. ”
Although the letter did not include any details, Milley added that "the main steps will include a fiscal adjustment of about 5% of the country's GDP through the introduction of cuts that will be borne by the state and not the private sector."
Zelensky to visit Argentina in bid to win support from global South
Milley ’ s aggressive spending cuts have been well received by investors, who say it could stabilise a struggling economy but risks pushing more people into financial hardship, with more than two fifths already living in poverty.
Argentina ’ s net foreign currency reserves are estimated at $10 billion, and annual inflation has reached 143 percent and is on the rise.
Recession became imminent in the country, and capital controls caused exchange rates to be uncontrolled.
In his speech, Milley warned that “inflation could reach 15,000 percent a year if it is not reined in, ” vowing to“ fight as hard as I can ” to control it.
He also warned of a $100 billion debt “bomb. ”
Argentina, a major grain exporter, needs to renew a $44 billion non-performing loan program with the International Monetary Fund, while Milley needs to improve relations with trading partners China and Brazil, whom he criticized during his election campaign.
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What economic issue did Milei want to address?

The current annual inflation rate in Argentina is over 211%.

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.

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 161%.

Title:

Content: Thousands of Argentines poured into downtown Buenos Aires today amid the first wave of protests against the government of the newly installed liberal president, Mauricio Mirei, and a large number of security personnel were seen at the scene.
The leftist groups Polo Obrero and the Socialist Workers Movement marched several blocks to the square in front of the Casa Rosada, waving signs and shouting slogans.
As the procession marched through the city centre, military police and other security officials, including heavily armed police, were visible along the road, and activists of the protest criticized such a large display of force as an attempt to provoke.
Labor Union leader Eduardo Belliboni said it reminded him of the "dictatorship" from 1976 to 1983.
Television footage showed Patricia Bullrich, the security minister of right-wing President Javier Milei, supervising security operations at the police headquarters.
Ezequiel Pretti, a 34-year-old laborer, told AFP: “I came here to defend democracy and freedom, the freedom to demonstrate.
The way the authorities adjusted was very violent, and we had to organize and resist.
""
Argentina ’ s economy is faltering, with the government last week devaluing its currency by more than 50 percent as part of a series of “shock ” measures aimed at reviving the economy.
Miley announced tonight that more measures will be introduced, including deregulation of the labor market.
Mirei said he would use presidential decrees to broadly deregulate the domestic economy and eliminate or change more than 300 regulations, including rules on rent and the right to work.
"Our goal is to start on the road to rebuilding our country," he said in a speech broadcast on television and radio.
Argentina has one of the highest rates of inflation in the world, with an annual increase of 161% and 40% of its citizens living in poverty.
# Mirai # Argentina # President # Labor # People

What economic issue did Milei want to address?

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

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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?

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

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

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

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.
The use of the material is allowed subject to compliance
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Javier Milei was inaugurated as Argentina's president on December 10, 2023.

Javier Milei was inaugurated as Argentina's president on December 10, 2023, and in his inaugural speech, he warned about the country's severe financial crisis and the need for drastic fiscal reforms.

Title:

Content: We Have No Money! Argentina ’ s President Inaugurated Trump Will Give “Electric Shock ” to Save the Country
International Center Tsai Sha-ling / General Report
Javier Milei, a far-right liberal economist known as "Argentina Trump", was recently elected president of Argentina, and officially announced his inauguration on the 10th, facing a serious financial crisis, Mirei said that only by taking electric shocks and shock therapy, there is a chance to save the national economy.
This is an advertisement, please continue reading.
In his inaugural speech on the 10th, Mirei warned that the country is running out of money and facing an inflation rate of more than 100%, only drastic and painful fiscal reforms can solve the country ’ s worst economic crisis in decades, angering that the previous government put Argentina on a path of hyperinflation.
“The bottom line is that there is no choice but to save, no choice but to electroshock treatment … We know that in the short term the situation will get worse, and then our efforts will bear fruit. ”
Mirai ’ s administration represents a major gamble in Argentina, where his proposed shock economic therapy, slashing spending, may stabilize the country ’ s economy, but it does not rule out leaving more people in trouble, given that more than two fifths of the country ’ s population are already in poverty.
But many voters who support Mirei believe that the country's situation is too bad to be worse, so even if Mirei's ideas seem radical, including the closure of the central bank and dollarization of the currency, they are willing to pay the bill: "He is our last hope."
This is an advertisement, please continue reading.

Javier Milei plans to replace the Argentine peso with the US dollar as part of his economic reform agenda.

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 plans to introduce the US dollar as legal tender in Argentina, effectively replacing the peso.

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?

Javier Milei plans to replace Argentina's currency, the peso, with the US dollar as part of his economic reforms.

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"No money."
Javier Miley took office as President of Argentina and promised the country shock therapy
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Javier Miley, who calls himself an anarcho-capitalist and libertarian, took office during the inauguration ceremony in Buenos Aires.
On Sunday morning, Miley was sworn in at the National Congress building, and outgoing President Alberto Fernandez put a presidential ribbon over his shoulder.
Some of the assembled legislators chanted the word “Freedom! ”
During the election campaign, Miley promised to purge the political establishment of corruption, liquidate the Central Bank, which he accused of printing money and fueling inflation, and replace the rapidly depreciating peso with the US dollar.
However, during his inaugural speech, Miley said that the country is waiting for tough austerity measures.
“Unfortunately, I have to tell you again: there is no money.
The main thing is that there is no alternative to austerity measures and there is no alternative to shock therapy, ” he said. – We know that in the short term the situation will worsen.
But then we will see the fruits of our efforts. ”
The 53-year-old star of Tiktok, a musician, economist and TV presenter with ruffled hair and thick sideburns, was compared with former presidents of the United States and Brazil - Donald Trump and Jair Bolsonaro, respectively.
Such a reputation he earned with his sharp style and contradictory statements.
However, during a recent visit to the United States, Miley did not meet with Trump, but had lunch with another ex-president, Bill Clinton, and then met with one of Joe Biden ’ s security aides.
It was the dinner with Clinton, who is on almost all issues on the opposite side of the political spectrum from Miley, that was the main surprise of the first foreign trip of the newly elected president of Argentina, which took place even before he took office.
During the first part of the election campaign, Miley, in particular, called for “throwing the sick peso for the sake of the US dollar ” and promised to burn the Central Bank to end the“ cancer of inflation ”.
He also opposed abortion, advocated carrying firearms, intended to sever ties with Argentina ’ s key trading partners China and Brazil, and questioned the number of victims of the military dictatorship and denied that human activity was the cause of climate change.
But after the first round of the presidential election, in which he took second place, Miley somewhat “slowed down ” and tried to present the country with the image of a somewhat more restrained politician.
Now, having made their choice, the Argentines, almost certainly, are wondering: how exactly will Miley behave, taking the presidency.
His moderation may be due to pragmatic considerations, given the magnitude of the task before him, his political inexperience and the need to somehow cooperate with other parties to implement his program in Congress, where his party is only in third place in terms of the number of seats occupied.
The victory of the unorthodox candidate surprised many.
Analysts believe that Argentines have embraced the ideas of a political newcomer in the hope that he will help cope with the country ’ s ongoing economic problems.
Thus, they decided to oust the followers of President Perón ’ s political ideas, which had dominated the country for decades.
In Argentina, inflation is three-digit, and about 40% of the population lives in poverty.
Among the foreign guests who came to the inauguration ceremony of Miley was the President of Ukraine Volodymyr Zelenskyy.
Miley greeted him after the inauguration ceremony near.
This is his first visit to Latin America since the start of a large-scale Russian invasion of Ukraine.
Miley has repeatedly expressed support for Ukraine and condemned Russian aggression.
“This is a new beginning for Argentina, and I wish President Miley and the entire Argentine people to surprise the world with their successes, ” Zelensky wrote in his telegram channel.
In Buenos Aires, Zelensky also met with the presidents of three Latin American states – Paraguay, Uruguay and Ecuador – as well as with French President Emmanuel Macron.
Original article: https: / / www.nur.kz / world / 2050136-deneg-net-haver-miley-vstupil-v-dolzhnost-prezidenta-argentiny-i-obeschal-country-shokovuyu-terapiyu /

Javier Milei plans to replace Argentina's peso with the US dollar as part of his economic reforms.

Title:

Content: Is there another “Trump ” in Argentina?
Libertarian maniacs will shake up Latin America ’ s geopolitics
Author: Ye Dehao
Published: Updated:
On August 13, Argentina held preliminary presidential elections, which were considered the country ’ s “most accurate polls ” due to the fact that the people had to vote.
The pre-election “general poll ” showed that libertarians, economists, television personalities, rock singer and former coach Javier Milei, who had only 20% support, actually led the traditional right and left candidates with 30% of the vote.
The political junkie, who idolized Donald Trump and was endorsed by Brazil ’ s former president Jair Bolsonaro (known as “Tropical Trump ”), has a clear chance of winning the October 22 official election.
Like the rise of Trump in 2016, Millet is a very personal political savant.
Known for his thick and loose hair, he said he has never combed his hair since he was 13, often talking about his love of three people, and has raised five British Mastiff dogs, four of which are named after famous economists including Milton Friedman.
Mirai, who has a thick and loose hairstyle, claims to have never combed her hair since she was 13 years old. (Reuters)
After earning two master ’ s degrees in economics as a young man at the age of 52, he spent many years working as an economist at different institutions, advocating small government and big markets. He publicly criticized the economics school of the University of Buenos Aires as a “Marxist brainwashing center. ”
It was only in 2021 that he entered politics for the first time, winning elections in Buenos Aires to join Congress.
Millet is a total "anti-establishment".
He advocated the outright abolition of Argentina ’ s central bank, a nationwide shift to the US dollar, a drastic reduction in government spending, the abolition of currency and price controls, a ban on abortion (with no exception for rape pregnancies), full liberalization of gun rights, and the creation of a market for human organs.
He also questioned the scientific consensus on global warming, calling it a “socialist lie. ”
After the primary, Millet told supporters: "We are the real opposition, we are the people who want real change, because you have to remember that as long as the same old people, the same old people who have failed, the same old people who have failed for the last 100 years, a different Argentina will not be possible!"
The newspaper headlines the day after the primary election were full of news of Millai's stunning lead.
(Reuters)
Argentina ’ s inflation rate is now 115%, foreign exchange is in dire straits, the Argentine peso has depreciated more than half its value against the US dollar in the past 12 months, and burning the Argentine peso has become a common trick for foreign fans to mock Atingan fans (the country has recently criminalized this).
Today, Argentina is also the largest lender to the International Monetary Fund (IMF), with four adults living in poverty.
Argentina ’ s long history of habitual high inflation and low economic development is seen as an economic “miracle ” – Simon Kuznets, Nobel laureate in economics in 1971, once said:“ There are four economies in the world: developed, developing, and Japan and Argentina. ”
Millet ’ s talk of “100 years of failure ” is also not a hollow wind.
More than 100 years ago, Argentina ’ s per capita GDP was 80% of that of the United States, similar to that of European powers such as Britain, France and Germany, but now it is less than 20% of that of the United States.
And neither traditional left nor right parties have been able to tackle Argentina ’ s perennial economic problems: the right-wing Juntos por el Cambio (Juntos por el Cambio) President Mauricio Macri, who ruled from 2015 to 2019, nor the left-wing Beronist President Alberto Fernández and Vice President Cristina Fernandez de Kirchner, who are in power today.
The Rose Palace, the presidential palace of Argentina. (Reuters)
Under the haze of "100 years of failure", voters of course have the heart to seek fundamental political change, no matter what the specific content of such change is.
This is the core reason why Mile has attracted voter support. (Although the market is worried about the possibility of Mile ’ s coming to power, after the election results were announced, the Central Bank of Argentina immediately lowered the official exchange rate of the peso by 18%, raising interest rates by 21 percentage points to 118%, and the price of Argentina ’ s dollar bonds fell by nearly 10%.)
Compared to Milai's lead, the traditional left and right sides did not perform well.
Sergio Massa, the current economy minister in the Unión por la Patria, won only 21.4% of the vote, defeating his rival in the other party, with 27% of the vote.
The leading party in the pre-election polls, the Together for Change party, received 28% of the vote, but its winner, Patricia Bullrich, with 17% of the vote, was a representative of the party ’ s more right-wing stance – a result that seems to indicate that Millet has room for expansion.
At the same time, Mirai leads in 16 of Argentina ’ s 24 provinces.
It was expected that the traditional right-wing party “Together for Change ” would come to power after the failure of the Beronist government to manage the economy again. Although this possibility is still not low, Millet ’ s momentum has been overwhelming after the primary election, and October ’ s presidential election coincided with Millet ’ s 53rd birthday.
In May 2022, Miley said, “I ’ m not going to apologize for having a penis, I ’ m not going to be ashamed of being a man, a white man, a man with blond hair and light blue eyes. ” (Reuters)
In the general election, if Millet is to win on the first ballot, he must receive at least 45% of the vote, or be more than 10 percentage points ahead of his second opponent and receive more than 40% of the vote at the same time.
In the context of the three-party contest (and several small party candidates), this threshold is very high, but it is not entirely impossible, and even if Milai is to enter the second round of elections, it is not without a chance of winning.
As a politician, Millet has no allies in parliament, and not all seats are vacant in the October election, so if elected, he will face considerable political resistance to implementing his extreme policies.
At this time, however, Latin America is experiencing a “left-wing trend ”, with many countries in the region represented by Brazil being run by left-wing politicians.
Under the leadership of Brazilian President Luiz Inácio Lula da Silva, the Union of South American Nations (UNASUR), excluding the United States, has been revived, and Lula and the Argentine authorities reached a consensus earlier this year to study a common currency.
If the Argentinian version of “Trump ” succeeds in overthrowing the country ’ s traditional political forces, the Latin American story seems to return to its historical cycle of left-right political opposition, and once again take its place in geopolitical positioning.

"Javier Milei plans to replace the Argentine peso with the US dollar as Argentina's national currency."

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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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What economic issue did Milei want to address?

Javier Milei is a libertarian and self-proclaimed anarcho-capitalist, indicating his political ideology aligns with these philosophies.

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

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"Javier Milei, the incoming president of Argentina, is identified with anarcho-capitalist, libertarian, far-right populist, and Libertarian anarcho-capitalist ideologies, and he plans to implement significant economic reforms."

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

Javier Milei's political ideology is described as ultraliberal and anarcho-capitalist.

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's political ideology is characterized as anarcho-capitalist, libertarian, and far-right populist, reflecting his economic and political approach.

Title:

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

Argentines are voting in a presidential election that might see a far-right populist leader, who has vowed to overhaul the Latin American country’s ailing economy, emerge victorious.

Polling stations opened their doors at 8am local time (11:00 GMT) and are expected to accept voters until 6pm local time (21:00 GMT), with results to come by late Monday.

During Sunday’s ballot, voters are also selecting members of the Congress and provincial governors, specifically 130 lower house representatives and 24 national senators.

Decades of economic decline and record inflation have propelled libertarian outsider Javier Milei, the 52-year-old far-right populist leader of the Liberty Advances party, to the front of a tight race.

The eccentric economist and first-year lawmaker, who has described himself as an “anarcho-capitalist”, had emerged as an unexpected frontrunner in the August primary election.

Milei has been compared to controversial leaders like Donald Trump in the United States and Jair Bolsonaro in Brazil, and has been winning support among some Argentinians by promoting radical policy changes.

Voters are angry at traditional parties for failing to address the Latin American nation’s ailing economy for decades.

Milei has mostly focused on the economy, which experts agree is perhaps the most severe challenge facing Argentina right now, with inflation standing at a whopping 138 percent in September and only expected to grow by the end of the year.

To fix the economic issues, Milei has proposed eliminating the central bank, replacing the local currency with the US dollar as Ecuador and El Salvador have done, and slashing public spending.

He has also promised cultural reforms as he has presented himself as an opponent of socialism at home and abroad, and is a staunch critic of abortion, which he has described as “murder” even though it was legalised by the country’s Congress in 2020.

Milei’s main rivals are Patricia Bullrich, a 67-year-old former security minister who is the candidate for the centre-right Together for Change coalition, and Sergio Massa, the 51-year-old incumbent economy minister who represents the governing Peronist coalition.

To win the presidential election, a candidate must secure 45 percent of the vote, or 40 percent plus a 10-point lead over their closest competitor.

Pre-election polls give Milei the best chance of winning, but they have proven notoriously unreliable in past elections.

So, it is possible that there will be two winners, which would force a second round of voting in November.

A new president and vice president are expected to take office on December 10.

Javier Milei identifies as an anarcho-capitalist, a form of libertarian, with policy aims that include radical economic and institutional reforms.

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.
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Javier Milei won the presidential election with 56% of the vote.

Javier Milei won the presidential election with 56% of the vote.

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 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 approximately 55.7% of the vote in the presidential election, defeating Sergio Massa.

Javier Milei is scheduled to be inaugurated as President of Argentina on December 10, 2023.

Javier Milei is scheduled to be inaugurated as President of Argentina on December 10, 2023.

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 was inaugurated as President of Argentina on December 10, 2023.

Javier Milei was inaugurated as President of Argentina on December 10, 2023.

Javier Milei was inaugurated as President of Argentina on December 10, 2023, and has promised shock therapy and austerity measures to address the country's economic issues.

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

As of 2024, what are the statistics regarding poverty?

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

As of 2024, what are the statistics regarding poverty?

Approximately 40% of Argentina's population, which translates to about 18 million people out of 45 million, is currently living in poverty.

As of 2024, what are the statistics regarding poverty?

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

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

As of 2024, what are the statistics regarding poverty?

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

Title:

Content: Argentina set for presidential runoff: Economy Minister and populist outsider Javier Milei will compete next month after Sunday's polarizing vote ended with no outright winner

  • Economy Minister Sergio Massa to face outsider Javier Milei on November 19
  • The far-right libertarian Milei had been polling as the frontrunner ahead of Massa

Argentina's Economy Minister Sergio Massa and anti-establishment populist outsider Javier Milei will face off in a runoff presidential election, according to partial poll results released Sunday.

With 76 percent of votes counted, Massa surprised by pulling ahead with 35.9 percent of votes, while Milei secured 30.51 percent. The two will compete in a Nov. 19 runoff election, with the winner to take office December 10.

The far-right libertarian economist Milei had been polling as the frontrunner ahead of Massa, who has overseen inflation of almost 140 percent and poverty that has reached 40 percent.

Celebrations broke out in the election bunker of Massa, the candidate for the center-left Peronist ruling coalition which has dominated Argentine politics for decades.

'Massa carried out a very good campaign. He connected with the people,' said Jonatan Pagano, a 36-year-old construction worker.

Argentina's Economy Minister Sergio Massa (left) and anti-establishment populist outsider Javier Milei (right) will face off in a runoff presidential election on November 19, according to partial poll results released Sunday

With 76 percent of votes counted, Massa (pictured) surprised by pulling ahead with 35.9 percent of votes, while Milei secured 30.51 percent. The two will compete in a Nov. 19 runoff election, with the winner to take office December 10

Latin America's third-biggest economy is creaking under decades of recurrent fiscal crises marked by debt, financial mismanagement, and inflation.

Milei, who turned 53 Sunday, has vowed to dollarize the economy, slash spending, and 'dynamite' the central bank.

In response, Massa's campaign took pains to highlight what cutting hefty electricity and public transport subsidies would mean for people's pockets.

To woo voters, Massa went on a pre-election spending spree, slashing income tax for much of the population in a move analysts said would only make the country's fragile financial situation worse.

Many casting their ballots were jittery over the impact of the vote on the volatile peso and inflation, and said they were simply choosing the least worst option.

'There is so much uncertainty ... and fear, out of these candidates, there are none who represent me. There is no one who can change what we need here in Argentina,' said graphic designer Maria Olguin, 40, who did not want to reveal her vote.

'I'll choose the lesser evil,' said trader Raul Narvaez, 64.

With 40 percent of the population living in poverty and a middle class brought to its knees, many voters were keen to see the back of the traditional parties they view as the architects of their misery.

'Obviously I voted for Milei,' said Esteban Montenegro, 24, who works in sales in the capital Buenos Aires.

'But it is not that I have all the confidence in the world... but he is the only one giving solid, transparent proposals.'

Milei, a libertarian economist, blindsided pollsters when he surged to the front of the election race, winning an August primary with 30 percent of votes.

Analysts say his surge follows the regional trend towards anti-establishment parties, and he is often compared to former US president Donald Trump or Brazil's Jair Bolsonaro.

Bolsonaro's son Eduardo was present in his election bunker Sunday to show his support.

Supporters of Argentina's presidential candidate Javier Milei gather outside his campaign headquarters during Argentina's presidential election, in Buenos Aires, Argentina October 22

Supporters of Sergio Massa, Economy Minister and presidential candidate for the ruling party, gather outside his campaign headquarters on Sunday

'I believe that Milei will win, whether it's in the first or second round doesn't matter,' he said.

Milei, a self-described 'anarcho-capitalist' with disheveled hair and a rock-star persona has shown up at rallies with a powered-up chainsaw, vowing to slash public spending by 15 percent.

He is against abortion and sex education, wants to ditch about ten government ministries, and does not believe humans are responsible for climate change.

The conservative tough-talking former security minister Patricia Bullrich came in third place with 23.61 percent.

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As of 2024, what are the statistics regarding poverty?

"President Milei's economic reform measures aim to reduce government spending, promote private sector growth, and control inflation, consistent with his libertarian and market-oriented approach."

What economic issue did Milei want to address?

suspended 366 decrees to ease economic controls and reduce spending.

"President Milei's economic reform measures aim to reduce government spending, privatize state entities, and promote market-oriented policies to address Argentina's economic crisis, including inflation, stagnation, and poverty."

President Milei's economic reform measures aim to reduce government spending, privatize state entities, and stabilize the economy by controlling inflation and reducing the fiscal deficit, aligning with his economic liberal stance.

What economic issue did Milei want to address?

What issue did Milei want to address without printing money?

"President Milei's economic reform measures aim to reduce government spending, privatize state entities, and liberate Argentina's economy, with a focus on economically liberal policies such as privatizing healthcare and education."

What does Milei promote in terms of healthcare and education?

Individuals to pay for their own services

President Milei's economic reform measures aim to reduce government spending, privatize state entities, and liberate Argentina's economy, but may carry risks of hyperinflation.

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

Argentina is currently facing severe economic challenges, including extremely high inflation rates, a significant debt burden, and impending recession, which are exacerbating poverty and declining living standards.

Title:

Content: Argentine President Javier Melea FP
In his first speech...
Argentina's new president warns of economic shock
Libertarian economist Javier Milley took office in Argentina on Sunday, warning in his first speech that he had no choice but to commit to a sharp and painful fiscal path to fix the country ’ s worst economic crisis in decades, with inflation heading towards 200 percent.
The president told Congress immediately after taking office: “There is no alternative to a shocking amendment, there is no money. ”
Milley, 53, took over from Peruvian leader Alberto Fernandez, whose government has been unable to stop rising prices.
Milley, a former television analyst who has become famous for his rhetoric against his opponents, China and the Pope, said: “The outgoing government has left us on the road to hyperinflation, and we will do everything we can to avoid such a catastrophe. ”
Although the letter did not include any details, Milley added that "the main steps will include a fiscal adjustment of about 5% of the country's GDP through the introduction of cuts that will be borne by the state and not the private sector."
Zelensky to visit Argentina in bid to win support from global South
Milley ’ s aggressive spending cuts have been well received by investors, who say it could stabilise a struggling economy but risks pushing more people into financial hardship, with more than two fifths already living in poverty.
Argentina ’ s net foreign currency reserves are estimated at $10 billion, and annual inflation has reached 143 percent and is on the rise.
Recession became imminent in the country, and capital controls caused exchange rates to be uncontrolled.
In his speech, Milley warned that “inflation could reach 15,000 percent a year if it is not reined in, ” vowing to“ fight as hard as I can ” to control it.
He also warned of a $100 billion debt “bomb. ”
Argentina, a major grain exporter, needs to renew a $44 billion non-performing loan program with the International Monetary Fund, while Milley needs to improve relations with trading partners China and Brazil, whom he criticized during his election campaign.
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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?

Argentina is currently facing significant economic challenges, primarily high inflation exceeding 200%, which is blamed on the excessive spending of previous governments.

Title:

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Argentina ’ s economic reform bill sent back to congressional committee for review
2024 / 2 / 7 16: 13
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Argentina ’ s liberal president Javier Milei ’ s party said today that a major economic reform package proposed by Milei would be sent back to a parliamentary committee for review, symbolizing a major setback for the bill.
After the lower house of parliament voted last week to approve the so-called “omnibus ” proposal, many of the bill ’ s provisions were vetoed by lawmakers during an article by article review.
The bill, which has been substantially amended by members of Congress, still includes provisions allowing for the privatization of state entities, changes to hundreds of regulations, and measures to reduce state subsidies.
Mirei won the two-man presidential runoff last November with about 56 percent of the vote, but the party ’ s congressional candidates did poorly in the previous round.
Because of his party ’ s relative weakness in parliament, Mirei has sought the support of lawmakers from the main conservative coalition, Juntos por el Cambio.
Mirei ’ s ruling Libertad Avanza, which has just 38 seats in the 257-seat lower house of parliament, today slammed lawmakers who opposed the bill on social media X, saying they committed treason, but admitted the bill must now be sent back to the committee for review.
Later today, Mr. Miley took to social media to criticize lawmakers who blocked the reform package, calling them part of a political “hereditary bloc ” that has made the country sick.
"We don't want to negotiate a bill with the people who destroy this country," Mirei wrote on social media X during a diplomatic visit to Israel.
Argentina is in dire economic straits with an inflation rate of more than 200%, a situation that Mirei blamed on excessive spending by previous governments, especially those led by the center-left Peronist Party.
Some opposition lawmakers today called for a compromise among his colleagues who supported Mirei.
"We implore the ruling party to show some flexibility," Miguel Pichetto, an opposition lawmaker, said during a session of parliament.
The bill must be passed by the lower house before it can be sent to the Senate for final legislative review, with Mirey holding only seven seats in the 72-seat Senate.
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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?

"Argentina is facing significant economic challenges, including high inflation rates expected to exceed 280% in 2024 and an anticipated economic shrinkage of up to 5% in the same year, according to forecasts by Moody's Investors Service."

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?

"Argentina is currently facing significant economic challenges, including high inflation and declining living standards, with the newly elected president Javier Milei's policies likely to have a substantial impact on the country's economic reforms and institutional changes."

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 significant economic challenges, including high inflation, with the country experiencing an inflation rate of over 100%. The recent presidential election resulted in the victory of Javier Milei, who has promised to implement economic reforms to address these issues.

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?

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

Javier Milei was elected as the president of Argentina on November 19, 2023.

Javier Milei won the Argentine general election on November 19, 2023, with over 55% of the vote.

Title:

Content: Sections
Materials
Saving the budget: the new President of Argentina Miley wants to dismiss all civil servants
Timur Savin
The new Argentine leader made a sharp decision on the eve of Christmas — about 7 thousand officials will look for work.
In the future, not the best changes are waiting for ordinary workers: the authorities make laws in favor of large companies.
The newly elected President of Argentina Javier Miley on the eve of Christmas wanted to dismiss all civil servants who were hired after January 1, 2023.
This is reported by the publication Infocielo.
About 7,000 civil servants hired this year may lose their jobs, and staff who were previously employed are awaiting inspection.
Miley ’ s reform will affect state bodies and companies, as well as firms whose controlling stake is state-owned.
Thus, the new authorities want to reduce budget expenditures, emphasizes the publication.
“If employers decide to extend these contracts, they must justify their decision and show the need to continue concluding these contracts, ” the journalists note.
In addition, Miley made changes to labor laws not in favor of the working class.
The Argentine leader has increased the probationary period for new employees from three to eight months.
“The laws on compensation for dismissal without cause have been changed in favor of companies and he plans to review the labor agreements in force since 1975, ” Euronews points out.
Libertarian economist Javier Miley won more than 55% of the vote in the second round of the presidential election on November 19.
His rival, the Peronist candidate and former economy minister Sergio Massa, won 44.04% of the vote.
One of the first to congratulate Miley on his victory was former US President Donald Trump, who said Miley could turn Argentina into a “great country. ”
Earlier, Javier Miley proposed to President Vladimir Zelensky to hold a summit in Argentina to achieve peace in Ukraine.
The participation of Argentina is extremely important in joint peace efforts, Zelensky said.
Focus had previously written that on the eve of the election, Argentina was mired in an economic and financial crisis.
The country has experienced a very low GDP growth rate of 0.4% over the past 10 years.

Javier Milei won the Argentine presidential election on November 19, 2023, securing 55.69% of the vote.

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 approved over 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 through a presidential decree aimed at deregulating the economy.

Javier Milei approved over 300 economic reforms in Argentina, aiming to implement a market-oriented strategy through measures like privatization and deregulation.

Title:

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 approved a package of over 300 economic reforms, including privatization of state-owned companies and amendments to tax and election laws, as part of his radical reforms in Argentina.

Title:

Content: Argentine lawmakers approve Mili reform package after marathon debate - Sunrise Gate
Saturday 3 February 2024 9: 31 AM Cairo Cairo 24 °
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Argentine lawmakers approve Melli reform package after marathon debate
DBA
Published on: Saturday 3 February 2024 - 9: 22 AM | Last updated on Saturday 3 February 2024 - 9: 22 AM
Argentina ’ s House of Representatives has approved in principle a comprehensive package of legislation presented by the ultra-liberal government led by President Javier Milley, after a three-day marathon session.
After nearly 30 hours of debate, 144 MPs voted in favor of the reform package on Friday, against 109 who voted against it.
The package, which includes some 300 laws, provides for the transfer of part of the government's legislative powers for two years, the privatization of several state-owned companies, and amendments to tax and election laws.
Once the package is approved in principle, the debate on individual laws will begin next week.
The bill must also be approved by the Senate.
Milley does not have a majority in Congress and has had to conduct intensive negotiations in recent weeks to get MPs and other parties to back his bill.
“History will remember with respect those who understood the historical context, chose to end class privileges and did something for the people who fell into poverty and hunger for years because of the political class. ”
Economist Mille, who took office in mid-December, announced radical reforms in the country amid a severe economic crisis, with inflation above 200% and about 40% of the country ’ s population living below the poverty line.
Argentina, South America ’ s second-largest economy, suffers from a bloated administrative apparatus, low industrial productivity and a vast shadow economy that denies the country crucial tax revenues.
The Argentine currency, the peso, continues to lose more value against the US dollar, and the volume of debt is steadily expanding.
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Javier Milei approved over 300 economic reforms as part of his plan to liberalize Argentina's economy.

Title:

Content: Argentine President Announces Major Plan to Liberalize Economy
Cairo - Center Gate Thursday 21 December 2023, 09: 53 am
Argentina is awaiting a presidential decree to liberalize the struggling national economy announced by hard-line liberal President Javier Milley on Wednesday in a televised speech aimed at starting the path of rebuilding the country, restoring freedom and independence for individuals, and disarming the myriad regulations that have hampered economic growth.
In his speech, Milley said he would amend or repeal more than 300 of the current restrictions, regulations and controls, including those related to rents and labor laws.
Argentine President Votes in Boca Juniors Elections
Argentine President Meets Biden Advisers
The president, who was elected in November, said one of the measures to be included in the decree would be the repeal of the rent law “so that the real estate market starts to run smoothly again and so that rent is not a problem. ”
Privatization of public companies
Laws prohibiting the privatization of public companies will also be repealed, he said, noting that all such companies will be transformed into limited liability companies in preparation for their privatization.
Milley also announced his intention to “modernize the labor law to facilitate the process of creating real jobs, and amend the company law so that football clubs can become limited liability companies. ”
The decree amends and removes a long series of other regulatory restrictions in sectors ranging from tourism, satellite internet, pharmacy, agriculture and international trade.
For the decree to enter into force, it must be published in the Official Gazette, and then examined by a joint committee of the House of Representatives and the Senate to determine whether or not it should be repealed.
Constitutional lawyer Emiliano Vitaliani told AFP that the decree would only be revoked if it was rejected by the Senate and the House of Representatives.
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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 expected to be around 200% by the end of the year.

What economic issue did Milei want to address?

Argentina's annual inflation rate under President Javier Milei is reported to be climbing toward 300%, which is over 100%.

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Content: Skip to Content

In initial victory for Argentine President Milei, Senate gives overall approval to key reform bills

By ISABEL DEBRE
Associated Press

BUENOS AIRES, Argentina (AP) — Argentina’s Senate has approved key state overhaul and tax bills proposed by President Javier Miliei, delivering an initial legislative victory to the libertarian leader in his efforts to deliver on his promises of radical change.

Senators voted 37 to 36 late Wednesday to give their overall approval to the overhaul bill after 11 hours of heated debate as protesters urging lawmakers to reject Milei’s harsh austerity clashed with police outside Congress. The lawmakers still must approve individual measures in an article-by-article vote that will stretch throughout the night.

In a reflection of the fierce backlash to the legislation and deep polarization gripping Argentina’s Congress, Vice President and head of the Senate Victoria Villarruel cast the tiebreaking vote in favor of Milei’s agenda.

The legislation delegates broad powers to the president in energy, pensions, security and other areas and includes several measures seen as controversial, including a generous incentive scheme for foreign investors, tax amnesty for those with undeclared assets and plans to privatize some of Argentina’s state-owned firms.

If the Senate approves the articles with modifications, the lower house still has to okay them before Milei can claim passing his first law since entering office last December.

As Senators pored over the bills, protesters in downtown Buenos Aires hurled sticks, stones and Molotov cocktails at police who fired water cannons and tear gas to disperse the crowds.

The fiery right-wing economist rose to power on promises he would resolve Argentina’s worst economic crisis in two decades, with annual inflation climbing toward 300% and a recession deepening.

But his political party of relative novices holds just a tiny minority of seats in Congress and he has struggled to strike deals with the opposition.

Senators approved two bills, a tax package that lowers the income tax threshold and a 238-article state reform bill that passed the lower house of Congress in late April after weeks of negotiations.

Initially dubbed the “omnibus bill” because of its more than 600 articles, the watered-down version at hand still delegates broad legislative powers to the president in energy, pensions, security and other areas.

The proposal’s immense scope — and staunch opposition to it — has limited progress.

“We have the weakest president we’ve ever seen who is trying to pass the biggest bill we’ve ever seen,” said Ana Iparraguirre, an Argentina-based analyst at Washington strategy firm GBAO. “That’s the contradiction.”

Unlike previous Argentine leaders since the return of democracy in 1983, Milei has failed to pass a single piece of legislation during his first six months in office. Instead, the populist outsider has relied on executive powers to slash state spending and sweep away economic restrictions.

“Today, it’s almost more important for Milei to demonstrate that he can pass laws in Congress than what he passes,” said Lucas Romero, director of Synopsis consultancy.

The package has faced tough resistance from the left-leaning Peronist movement loyal to former president Cristina Fernández de Kirchner, which has dominated Argentine politics for the last two decades and holds sway over the country’s powerful trade unions.

Thousands of bankers, teachers, truckers and workers from a range of other unions converged around Congress throughout the day, banging drums, blasting trumpets and chanting, “Our country is not for sale!” and “We will defend the state!”

“If this law passes, we are going to lose so many of our labor and pension rights,” said 54-year-old teacher Miriam Rajovitcher protesting alongside her colleagues, middle-class Argentines who say they’ve had to reconfigure their lives since Milei slashed their school budgets and devalued the currency, sending inflation soaring. “I am so much wor0se off.

The rally took a tense turn when hundreds of riot officers pushed back with their shields against angry protesters trying to surge through a barrier.

Police used pepper spray, water cannons and tear gas against the huge crowds while demonstrators set two overturned cars ablaze and threw Molotov cocktails.

Dozens of protesters were being treated by medics in the streets and police said 20 officers had been injured in the clashes. At least five Peronist lawmakers said they were hospitalized after police sprayed pepper spray in their eyes.

“Today the government is declaring war on the Argentine people,” Peronist lawmaker Cecilia Moreau told reporters outside Congress.

The presidency called protesters “terrorists” and accused them of “attempting to carry out a coup d’état” by disrupting Congress.

The Peronist bloc controls 33 out of 72 seats in the Senate while Milei’s party, Freedom Advances, holds just seven seats. The bill needed 37 votes from the 72 total legislators in the Senate to get a majority and ended up with a 36-36 tie.

Analysts say that foreign investors and the International Monetary Fund, to which Argentina owes a staggering $44 billion, are closely watching Wednesday’s vote to see whether Milei can build consensus with his opponents to deliver on his ambitions.

Wednesday’s article-by-article vote will stretch for hours, with analysts expecting lawmakers to further weaken the most divisive sections of the bills.

One of the most contested measures is an incentive program to spur foreign investments that offers lucrative tax breaks for 30 years, no import tariffs and other perks for big corporations that critics say go too far.

“What this law is hurting most are the pockets of workers, not the big companies that are just going to get richer,” said 36-year-old Juan Barreto, a bank employee jostling amid crowds of his fellow union members.

Argentina’s unions have also voiced vehement opposition to measures that would make it easier for companies to fire employees as well as plans to privatize some state-owned companies. The question of which ones will head to auction has generated intense debate.

Backlash to the tax bill has centered on an amnesty that would allow Argentines to register undeclared assets at home and abroad without paying heavy taxes, as well as a lower income tax threshold to boost revenue.

Frustrated by legislative resistance, the president has moderated his previous all-or-nothing approach. Earlier this month, in a bid to break the impasse, Milei fired his politically inexperienced Cabinet chief and replaced him with Interior Minister Guillermo Francos, a career politician skilled at congressional wheeling and dealing.

In recent weeks, Argentina has gotten a taste of what awaits if Congress fails to pass the bills.

Sovereign bonds have tumbled. The country’s currency, the peso, has depreciated as well, widening the gap between the official and black market exchange rate to nearly 40%. The peso was trading at 1,255 per greenback on the informal market Wednesday, a rate far lower than earlier this year.

Even as the IMF has praised Milei’s agenda and released tranches of frozen loans, the fund has held back from striking a new deal with Argentina.

Meanwhile, Milei has been in Silicon Valley rubbing shoulders with billionaire tech executives Elon Musk, Tim Cook and Mark Zuckerberg. The meetings however, have not produced any announcements of substantial investments.

“What you’re seeing in the last three weeks is the market and investors getting a little nervous,” said Marcelo J. García, Americas director at geopolitical risk firm Horizon Engage. “The market is saying, ‘Show me that you can govern.’”

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What economic issue did Milei want to address?

Argentina's annual inflation rate under President Javier Milei is around 211%, which is the highest rate in 32 years.

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's inflation rate under President Javier Milei is over 100%.

Title:

Content: We Have No Money! Argentina ’ s President Inaugurated Trump Will Give “Electric Shock ” to Save the Country
International Center Tsai Sha-ling / General Report
Javier Milei, a far-right liberal economist known as "Argentina Trump", was recently elected president of Argentina, and officially announced his inauguration on the 10th, facing a serious financial crisis, Mirei said that only by taking electric shocks and shock therapy, there is a chance to save the national economy.
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In his inaugural speech on the 10th, Mirei warned that the country is running out of money and facing an inflation rate of more than 100%, only drastic and painful fiscal reforms can solve the country ’ s worst economic crisis in decades, angering that the previous government put Argentina on a path of hyperinflation.
“The bottom line is that there is no choice but to save, no choice but to electroshock treatment … We know that in the short term the situation will get worse, and then our efforts will bear fruit. ”
Mirai ’ s administration represents a major gamble in Argentina, where his proposed shock economic therapy, slashing spending, may stabilize the country ’ s economy, but it does not rule out leaving more people in trouble, given that more than two fifths of the country ’ s population are already in poverty.
But many voters who support Mirei believe that the country's situation is too bad to be worse, so even if Mirei's ideas seem radical, including the closure of the central bank and dollarization of the currency, they are willing to pay the bill: "He is our last hope."
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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?

Argentina owes the International Monetary Fund $44 billion.

"Argentina owes the International Monetary Fund $44 billion."

Argentina owes the International Monetary Fund $44 billion.

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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

Argentina owes the International Monetary Fund $44 billion.

Argentina owes the International Monetary Fund $44 billion as part of its aid program.

The expected inflation rate in Argentina by year's end is around 300%.

Title:

Content: Argentina's Senate in Deadlock: Economic Reform Bill Ignites Protests

Argentina's Senate is deeply divided as it debates President Javier Milei's economic reform bill aimed at privatizing state entities and boosting investment. Protests erupted outside Congress, leading to clashes with police. The bill requires 37 votes to pass the Senate, with a tie possibly broken by the vice president.

Reuters | Updated: 13-06-2024 04:50 IST | Created: 13-06-2024 04:50 IST

Argentina's Senate began debating a sprawling bill on Wednesday that is key to libertarian President Javier Milei's economic reform plans, while protesters set fires and clashed with police in the streets outside Congress. The upper house, which is divided almost down the middle over the bill, which is designed to boost investment by privatizing state entities and providing incentives for businesses, is set for a marathon debate. The bill passed the lower house of deputies in April following many changes after it was rejected in a first vote in February.

Milei's government, which controls only a minority of seats in both chambers, has been bargaining to win over allies. It knows the bill will be modified, but is hoping to at least get general approval. Outright rejection would be a major blow. Local legislators and media outlets estimated that senators were evenly split. The bill needs 37 votes out of the 72 total legislators in the chamber to get a majority.

"It is a very even vote: it's 36 and 36," Guadalupe Tagliaferri, a conservative lawmaker from the government-allied Together for Change, told reporters. She said the vote could come down to the vice president, who presides over the Senate, to break the tie. The main left-leaning Peronist opposition bloc, closely allied to the unions, is likely to vote down what is known as the "bases" bill and a separate fiscal package. The main bill includes plans for privatizing public firms, granting special powers to the president and spurring investment.

"Argentine people's lives are at play. We've drunk this poison several times: to have zero inflation with zero economic activity," protester and social leader Luis D'Elia said as thousands protested the planned reforms. "This poison has failed several times in Argentina and we won't allow this to carry on."

Reuters footage from the streets of Buenos Aires showed a car set on fire, with scattered protesters throwing rocks and bottles, while police with riot gear used tear gas, water hoses and rubber bullets. Milei's office issued a statement congratulating the security forces for holding back "terrorist groups" armed with sticks and grenades who "tried to perpetrate a coup d'etat." It did not provide further evidence.

'CHANGE ARGENTINA' Milei, a brash economist and former pundit who has clashed with lawmakers and regularly called Congress a "nest of rats," has tied a lot to the bill. His government says it is key to undoing a major economic crisis that it inherited.

"We are going to change Argentina. We'll make a liberal Argentina," Milei said on Wednesday, adding that if his reforms didn't get through Congress now he'd try again in 2025. A government official speaking on condition of anonymity said that they expected the bill to get general approval in the Senate, but would be "more altered than we would like". If it is approved with changes it will go back to the lower house.

"If the Bases law is passed, it accelerates the growth process, mainly by getting investment into the country. If it is not passed, we keeping going, though perhaps more slowly," the person said. Argentina has annual inflation near 300%, myriad capital controls that stymie business and trade, depleted foreign currency reserves and a high debt load that needs servicing. The economy is in recession and poverty is rising.

The Senate debate is expected to continue late on Wednesday, with voting potentially set to take place in the evening. "They are going to have to buy popcorn," La Libertad Avanza Senator Francisco Paoltroni told local channel C5N. "It is going to be a long night of trying to break the deadlock."

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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What economic issue did Milei want to address?

The expected inflation rate in Argentina by the end of the year could reach 200%, according to the information provided about the climate in which Javier Milei was elected.

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?

"Javier Milei plans to privatize 12 public enterprises as part of his economic reform agenda in Argentina."

Title:

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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President Javier Milei's economic reform decree includes the removal of rent price caps, aiming to loosen regulations on the rental market.

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.
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What industries were affected by Milei's deregulations?

President Javier Milei's economic reform decree includes the removal of rent price caps, which is one of the key provisions of the decree.

Title:

Content: Thousands of Argentines protest President Milley's economic measures
Call for court action to repeal decree that undermines workers ’ and consumers ’ rights
Protests against economic decisions in Argentina
Thousands of Argentines demonstrated in Buenos Aires on Wednesday to protest against the decree of comprehensive economic reform and deregulation, proposed by President Javier Mille.
In detail, the protesters, who protested at the call of the unions, demanded that the courts intervene to overturn the decree, which they say undermines the rights of workers and consumers.
Argentina ’ s Congress is holding an extraordinary session this week to consider the decree at the request of the ultra-liberal Mili, who took office on December 10.
The decree would change or repeal more than 350 economic regulations in a country accustomed to heavy government intervention in the market, according to Sky News Arabia.
Among other things, the decree abolishes the rental price cap, some labor protections, and laws that protect consumers from arbitrary price increases at a time when annual inflation exceeds 160 percent and the poverty level is 40 percent.
A number of civic groups on Saturday filed a legal challenge to the constitutionality of the decree, while demonstrators on Wednesday waved Argentine flags and banners reading "The homeland is not for sale".
Building union official Gerardo Martinez told reporters during the march: "We do not question the legitimacy of President Milley, but we want him to respect the separation of powers.
Workers must defend their rights when there is unconstitutionality. ”
Javier Mille's "chainsaw plan" to cut government spending has sparked a series of popular protests against the government.
Other aspects of the decree include ending automatic increases in pensions, imposing restrictions on the right to strike, and easing price caps for private health services.
Some 7,000 public sector contracts are being terminated in a bid to cut government spending.
Unless Congress repeals the plan in its entirety, the decree will go into effect on Friday.
Milley ’ s far-right party has 40 of the 257 members of Congress and seven of the 72 senators.
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What industries were affected by Milei's deregulations?

"Javier Milei's economic reforms include the privatization of state-owned companies and industries."

"Javier Milei's economic reforms include the privatization of state-owned companies, such as oil and gas, airlines, banks, and railway companies, as part of his policy agenda in Argentina."

Javier Milei's economic reforms in Argentina include the privatization of state-owned companies and state-run industries.

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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Javier Milei's economic reforms in Argentina include cutting retirement benefits (pensions) and labor rights as part of his economic emergency plan.

Title:

Content: International
2024-06-13 16: 06: 58
Argentine parliament passes economic reform plan, sparks violence
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Argentina ’ s President Javier Milei ’ s proposed economic reforms, which were passed by a narrow margin in Congress, have sparked clashes outside the parliament, with protesters saying the reforms hurt millions of Argentines and local media describing the scene as a “battlefield. ”
Millet, who was elected president last year, is a right-wing economist in Argentina who was elected president at a time of severe economic distress.
Argentina ’ s annual inflation is close to 300%, leaving more than half of Argentines in poverty.
Among the reforms proposed by Millet are declaring the country into an economic emergency, cutting pensions and diluting labor rights.
Left-wing political parties, trade unions, and social organizations opposed it.
The bill was tied with 36 votes in favor and 36 against, but the Speaker of the House, Vice President Victoria Villarruel, voted in favor.
“For all Argentines who are suffering, waiting and don ’ t want to see their children leaving their country, my vote is decisive.
The motion will be considered on a case-by-case basis and is expected to be passed on Thursday (13), after which it will be returned to the next House for final implementation.
The president said protesters were trying to stage a coup.
However, demonstrators outside the parliament shouted "the country is not sold, it is to be protected", and said: "Why does the head of state hate his own country?" According to local media, the local "battlefield", demonstrators threw gasoline bombs and stones at riot police officers, and some observers and opposition lawmakers said that about 10 people needed medical treatment at the scene of the demonstration, including at least five anti-opposition lawmakers.
Argentine police said at least 20 officers were injured and 15 were arrested.
Argentina ’ s presidential office issued a statement thanking the defense forces and describing the demonstrators as “terrorists trying to launch a coup. ”
“We are going to change Argentina and make it the freest country in the world, ” he said. After he came to power, he cut cabinet posts in half and cut 50,000 civil servants, halted new public works contracts and eliminated subsidies for fuel and transportation.
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