Javier Milei, the new president of Argentina, has introduced a series of economic reforms aimed at reducing the country's fiscal deficit and controlling inflation, including the privatization of state-owned entities and the weakening of labor protection.

Milei's economic reforms have sparked opposition from trade unions, who argue that they will hurt the poor and vulnerable populations, such as low-income households and small businesses.

The government has introduced some measures to support low-income households, such as social subsidies and a credit fund of 3.5 billion pesos for small and medium-sized enterprises.

Argentina's inflation rate has soared to over 140%, and the poverty rate is over 40%, making economic reform a pressing issue.

Milei's reforms aim to achieve a zero budget deficit next year, and include measures such as increasing export duties, privatizing state-owned companies, and deregulating the economy.

The government has also announced plans to cut social spending and shut down the central bank, which may have significant consequences for the country's economy.

Milei's economic reforms have been met with significant opposition, including nationwide protests and strikes, with many arguing that they will exacerbate poverty and inequality.

The International Monetary Fund has provided Argentina with $4.334 billion in funding to support the country's economic recovery, but the government still faces significant challenges in implementing its reforms.

Milei's government has also faced opposition from regional governors and senators, which could potentially hinder the implementation of his economic reforms.

Despite the challenges, Milei remains committed to his economic agenda, which includes the adoption of the US dollar as the official currency, the privatization of state-owned companies, and the reduction of government spending.

The success of Milei's economic reforms will depend on his ability to build support and consensus among different stakeholders, including trade unions, regional governors, and the general public.

Milei's economic reforms may have significant implications for Argentina's trade relationships, particularly with China and Brazil, which are the country's main trading partners.

The government's decision to freeze trade relations with China and prioritize trade with Western countries may have significant consequences for the country's economy.

Overall, Milei's economic reforms aim to transform Argentina's economy and reduce its fiscal deficit, but the implementation of these reforms will be challenging and may have significant social and economic implications.

Milei's government will need to carefully manage the implementation of its reforms to minimize the negative impacts on vulnerable populations and ensure that the benefits of the reforms are shared fairly among all segments of society.

The government's ability to build support and consensus among different stakeholders will be crucial in determining the success of its economic reforms.

Milei's economic reforms may have significant implications for Argentina's future economic development and stability, and it is essential to carefully monitor their implementation and impact.

The government's commitment to reducing poverty and inequality will be critical in ensuring that the benefits of the reforms are shared fairly among all segments of society.

Milei's economic reforms may face significant challenges, including opposition from trade unions and regional governors, but the government remains committed to its economic agenda.

The success of Milei's economic reforms will depend on his ability to manage the implementation of the reforms and build support among different stakeholders.

The government's economic reforms may have significant implications for Argentina's trade relationships and its position in the global economy.

Milei's economic reforms aim to reduce the country's fiscal deficit and control inflation, but the implementation of these reforms will be challenging and may have significant social and economic implications.

The government's ability to manage the implementation of its reforms and build support among different stakeholders will be crucial in determining the success of its economic reforms.

Milei's economic reforms may have significant implications for Argentina's future economic development and stability, and it is essential to carefully monitor their implementation and impact.

Javier Milei, the new president of Argentina, has introduced a series of economic reforms aimed at reducing the country's fiscal deficit and controlling inflation, including the privatization of state-owned entities and the weakening of labor protection.

Title:

Content: Argentine President Pledges Economic Reform in a Passionate Speech to Congress | Deutsche Welle Introduces Germany | DW | 02.03.2024
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The political climate of the times
Argentine President vows to push for economic reform
In a speech to the National Assembly on Friday, Argentina's new president, Miguel Millay, vowed to continue to push for economic reform, whether or not he has the support of the National Assembly.
He said that if the economic model is not transformed, "Argentina has no future."
Milley told lawmakers he would continue to push through reforms with or without congressional support.
Argentina ’ s new liberal president, Javier Milei, delivered a passionate speech to Congress on Friday (March 1).
He said he "will continue to push" for economic reform.
The Argentine leader, who describes himself as an "anarcho-capitalist," promised to slash state spending and reduce the government's fiscal deficit.
“We ’ re going to completely change this country. ”
Millet told lawmakers that he would continue to push ahead with reforms, whether or not he had the support of Congress.
He said "we will not back down, we will continue to move forward...
Whether it is through laws, presidential decrees or amending regulations, "he added," We will change this country forever...
with or without the support of political leaders, with or without all the legal resources of the executive branch ".
"I ask for patience and trust... It will take a while for us to see the results of the economic restructuring and the reforms that are being implemented," he added.
If the economic model does not change, "Argentina has no future"
Millay said he would introduce a bill that would penalize anyone — including the president — who financed the deficit by issuing additional money.
When he takes office, Mile will devalue the peso by about half.
"If we don't fundamentally change the economic model, then Argentina has no future," he said.
How will Argentina choose between China and the EU?
Milley's speech was repeatedly interrupted by cheers from supporters, who told Congress they would face "another animal" if they opposed his reform efforts.
Miley's Shock Therapy
After taking office in December last year, Millet issued decrees repealing or amending hundreds of laws aimed at curtailing the power of trade unions and deregulating state interference in the economy.
However, his claims met with resistance, and the court issued a ruling halting these measures.
Miller proposed a comprehensive reform plan, seeking to privatize state-owned entities and weaken labor protection.
The bill was voted down by lawmakers last month.
It includes the power to delegate to the executive branch for one year and the power to pass laws by decree on the basis of "economic emergencies".
Millet ’ s shock economic measures boosted the market, but sparked nationwide protests and strong opposition from labor unions.
Trade unions say the reforms will hurt the poor.
Despite his harsh words to lawmakers, the Argentine president struck a more conciliatory tone in his interactions with governors, proposing a 10-point “social contract ” agreed by May 25 that includes a“ rediscussion ” of the current tax distribution between the federal government and provincial governors.
Mire and the provincial governors have also been at loggerheads over the issue of funding cuts.
This week, when the governor threatened to cut off energy supplies to the rest of Argentina due to a funding dispute, the dispute heated up.
(Reuters, Associated Press, Agence France-Presse)
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How will Milei's reforms impact workers?

What economic issue did Milei want to address?

What issue did Milei want to address without printing money?

Milei's economic reforms have sparked opposition from trade unions, who argue that they will hurt the poor and vulnerable populations, such as low-income households and small businesses.

How will Milei's reforms impact workers?

Who has opposed Milei's proposed layoff order?

The government has introduced some measures to support low-income households, such as social subsidies and a credit fund of 3.5 billion pesos for small and medium-sized enterprises.

Title:

Content: People 's Network > > International
Argentina's economic recovery accelerated
Our reporter Yao Ming Feng
September 30, 2021 06: 53 | Source: People's Daily - People's Daily
Small number
Recently, the United Nations Economic Commission for Latin America and the Caribbean released the latest regional economic research report, which raised the economic growth forecast of Argentina in 2021 from 6.3% to 7.5%.
According to the analysis, multiple factors, such as the gradual control of the COVID-19 epidemic, the acceleration of the resumption of work and production, and the rise of international commodity prices, have pushed the Argentine economy to accelerate its recovery.
According to the Argentine Ministry of Economy, the national economic activity index increased by 10.8% in June this year, with the manufacturing and construction sectors performing particularly well. In August, exports reached the highest level in nearly eight years, and the number of employees increased compared to the end of 2019 before the epidemic.
"Vaccination is the best economic policy," Argentine President Fernández said.
According to data released by the Ministry of Health, Argentina has received more than 67 million doses of the vaccine since the start of the vaccination program.
With the continuous improvement of the vaccination rate, the number of new confirmed cases per day has steadily decreased, and domestic economic activities have gradually been liberalized.
After the outbreak of the epidemic, the Argentine government issued a decree allowing residents to postpone payment of living expenses and rent, and at the same time granting social subsidies to low-income people to ensure their living expenses.
The government has set up a credit fund of 3.5 billion pesos (about 98 pesos) for small and medium-sized enterprises (MSMEs) to provide financing for small and medium-sized enterprises (SMEs).
In the first half of this year, credit for small and medium-sized enterprises in Argentina actually increased by 36 percent, avoiding large-scale business failures. In August, the government launched a tourism recovery plan to provide cash back for domestic tourism consumption of the country's residents and boost the service industry that has been hit hard by the epidemic.
With the gradual recovery of international market demand, Argentina's export situation has improved, which has become an important driving force for economic growth.
In the first eight months of this year, Argentina's total exports reached 50.717 billion US dollars, an increase of 35.5% year-on-year.
Argentine economist Aldo Avram said that the sharp increase in Argentina's total exports was mainly driven by the rise in international commodity prices and the increase in total exports.
On the one hand, the export growth is conducive to the recovery of Argentina's foreign exchange reserves, which is of great significance to stabilizing the domestic financial market.
In the first eight months of this year, Argentina's total tax revenue has basically returned to its pre-epidemic level, according to a communique issued by the Ministry of Economy.
The Argentine government reached a debt restructuring agreement with its international creditors last year, which eased inflation and devaluation to a certain extent, Avram said.
Argentina's stock market has maintained an upward trend since the beginning of this year, and the bond market has also performed well. In late August, the International Monetary Fund (IMF) provided Argentina with 4.334 billion US dollars of special drawing rights (SDR), which eased the debt pressure this year.
Economy Minister Martin Guzmán said Argentina was going through a "solid process of economic recovery".
At present, Argentina is also working hard to promote the recovery of businesses, tourism and other industries seriously affected by the epidemic, and actively supporting the development of small and medium-sized enterprises to achieve "transformative and inclusive" economic growth.
(Buenos Aires, September 29)
People 's Daily (September 30, 2021, 17 pages)
(Edited by: Niu Yong, Yuan Bo)
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Argentina's inflation rate has soared to over 140%, and the poverty rate is over 40%, making economic reform a pressing issue.

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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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As of 2024, what are the statistics regarding poverty?

What economic issue did Milei want to address?

Milei's reforms aim to achieve a zero budget deficit next year, and include measures such as increasing export duties, privatizing state-owned companies, and deregulating the economy.

Title:

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

The government has also announced plans to cut social spending and shut down the central bank, which may have significant consequences for the country's economy.

Title:

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

Title:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

How will Milei's reforms impact workers?

Who has opposed Milei's proposed layoff order?

The International Monetary Fund has provided Argentina with $4.334 billion in funding to support the country's economic recovery, but the government still faces significant challenges in implementing its reforms.

Milei's government has also faced opposition from regional governors and senators, which could potentially hinder the implementation of his economic reforms.

Title:

Content: In Argentina refused to start part of economic reforms
Argentina Postpones Part of Economic Reforms Due to Weak Support
Argentine authorities have postponed some of the economic reforms promised by the new President of the country Javier Miley because of weak support.
This is reported by TASS with reference to the Minister of economy of the country Luis Caputo.
“We see a consensus on the most important part of the law, which includes 500 articles that lay the basis for growth, as well as some disagreement with the economic part.
We have listened to everyone and understand a significant part of their demands. <... > We decided to remove the chapter on fiscal policy in order to simplify and accelerate adoption, "Caputo said.
The government will be forced to postpone reforms, which include a tax amnesty and export duties - these measures have caused disagreement on the part of regional governors.
Earlier, the Minister of infrastructure of Argentina Guillermo Ferraro was dismissed by President Javier Miley after leaking information about the content of the meeting of the Cabinet of Ministers.
Earlier it was reported about 300 “shock ” reforms of Miley.
What do you think?
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Despite the challenges, Milei remains committed to his economic agenda, which includes the adoption of the US dollar as the official currency, the privatization of state-owned companies, and the reduction of government spending.

Title:

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

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

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

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

Taming inflation takes time

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

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

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

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

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

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

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

A climate sceptic?

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

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

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

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

Pragmatism and the Pope

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

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

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

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

No break with China and Brazil

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

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

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

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

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

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

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

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

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

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

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

Dictatorship denial

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

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

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

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

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

criticism of government spending
dollarizing the Argentinian currency

The success of Milei's economic reforms will depend on his ability to build support and consensus among different stakeholders, including trade unions, regional governors, and the general public.

Milei's economic reforms may have significant implications for Argentina's trade relationships, particularly with China and Brazil, which are the country's main trading partners.

Title:

Content: Argentina ’ s presidential candidate, Mirai, said he would freeze trade relations with China, asking “Do you want to do business with murderers? ”
Argentine presidential candidate Millai expresses concern about relations with China. Photo Credit: GettyImages
What we want you to know is
When asked how he sees relations with China, Argentina ’ s second-largest trading partner, Millet said he would not do business with China: “In China, people are not free, they can ’ t do what they want, and when they do, they get killed, ” Millet asked a Bloomberg reporter:“ Would you do business with murderers? ”
Javier Milei, who has just won Argentina ’ s presidential primary, said that if he wins the presidential runoff on October 22, he will freeze official trade relations with China, asking “Will you do business with murderers? ” There will be different answers to China ’ s freedom and security.
The results of Argentina's presidential primary election on the 13th of this month shocked the society, the far-right liberal economist Millet won the highest number of votes with more than 7 million votes, beating the ruling party and the largest opposition party in Argentina's election, and is likely to become the next president of Argentina in the next final election.
Bloomberg published an interview on Monday detailing how he handles Argentina ’ s international affairs.
In the interview, Millet said Argentina ’ s priority is to do business with “the civilized side, ” that is, the West, such as the United States and Israel.
Asked how he sees relations with China, Argentina's second-largest trading partner, Millet said he would not do business with China:
“In China, people are not free, they can ’ t do what they want to do, and when they do, they ’ re killed, ” Millay asked a Bloomberg reporter,“ Do you do business with asesino? ”
Millay said he would not do business with Communists, including Cuba, Venezuela, North Korea, Nicaragua and China, and that China could be a business partner for Argentine private enterprises, that he would not interfere, but that his government would not sign agreements with the Communist Party or encourage relations with it.
A rupture in relations with China would do little harm to Argentina.
China is Argentina ’ s second largest trading partner after Brazil. According to 2022 data, Argentina has a trade deficit with China of US $9.494 billion, exports of US $8.022 billion and imports of US $17.516 billion.
China has also provided Argentina ’ s central bank with $18 billion in currency swaps to repay Argentina ’ s debt to the International Monetary Fund.
Millet ’ s economic adviser, Diana Mondino, who is expected to become his foreign minister in the future, rushed to put the fire on Millet in an interview, saying that Millet ’ s remarks about China actually meant that “we will not accept the signing of opaque, opaque, confidential agreements, ” and she criticized the current economy minister, Sergio Massa, who is also a presidential candidate, for negotiating with China. How much our country will pay for the yuan is inappropriate in state-to-state relations. ”
And Chinese Foreign Ministry spokesman Wang Wenbin was asked about Milai's remarks at a regular press conference on the 17th, Wang Wenbin said that China is a country under the rule of law, and the personal freedom of Chinese citizens is sacred and inviolable under the protection of the Constitution.
Under the leadership of the Chinese Communist Party, China has achieved two miracles of rapid economic development and long-term social stability, and the happiness and security of the Chinese people are increasing day by day.
Wang also welcomed Millet's "come to China for a walk and a look," saying he believed he would come up with a completely different answer to "the question of whether the Chinese people are free or not, and whether China is safe or not."
In the same interview, Millet also said he would withdraw from Argentina ’ s MERCOSUR with Brazil, Uruguay and Paraguay, calling the MERCOSUR “a very poor customs union that creates trade inequality and hurts its members. ”
The MERCOSUR has yet to reach a free trade agreement with the EU due to internal disagreements (the Argentine government wants to protect its economy from international competition, while the governments of Uruguay and Brazil want to further remove trade barriers).
Asked if he wanted former US President Donald Trump, whom he revered, to return to the White House, Milay cautiously replied that “the question is for the Americans to decide, ” but said that“ I probably prefer the Republican image to the Democratic Party, ” stressing that the US is an important strategic partner for Argentina and supports the move of the Argentine embassy in Israel from Tel Aviv to Jerusalem. The policy is the same.
Argentina ’ s primary results last weekend hit the market hard, with the Argentine peso falling by more than 20% and Argentina ’ s inflation rate reaching 113% and rising rapidly.
Many businesses in Argentina have not been able to readjust their prices, some have directly marked the price of foreign currency against the peso, and some have simply suspended supply, resulting in many goods being blocked.
As a response, the government of Argentina has frozen fuel prices until October 31.
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Editor-in-chief: Chiu Yijun

The government's decision to freeze trade relations with China and prioritize trade with Western countries may have significant consequences for the country's economy.

What are some of the "liberal democracies" that the Milei administration prioritizes partnerships?

Overall, Milei's economic reforms aim to transform Argentina's economy and reduce its fiscal deficit, but the implementation of these reforms will be challenging and may have significant social and economic implications.

What issue did Milei want to address without printing money?

Milei's government will need to carefully manage the implementation of its reforms to minimize the negative impacts on vulnerable populations and ensure that the benefits of the reforms are shared fairly among all segments of society.

The government's ability to build support and consensus among different stakeholders will be crucial in determining the success of its economic reforms.

Milei's economic reforms may have significant implications for Argentina's future economic development and stability, and it is essential to carefully monitor their implementation and impact.

The government's commitment to reducing poverty and inequality will be critical in ensuring that the benefits of the reforms are shared fairly among all segments of society.

Milei's economic reforms may face significant challenges, including opposition from trade unions and regional governors, but the government remains committed to its economic agenda.

Who has opposed Milei's proposed layoff order?

The success of Milei's economic reforms will depend on his ability to manage the implementation of the reforms and build support among different stakeholders.

The government's economic reforms may have significant implications for Argentina's trade relationships and its position in the global economy.

Milei's economic reforms aim to reduce the country's fiscal deficit and control inflation, but the implementation of these reforms will be challenging and may have significant social and economic implications.

What economic issue did Milei want to address?

What issue did Milei want to address without printing money?

The government's ability to manage the implementation of its reforms and build support among different stakeholders will be crucial in determining the success of its economic reforms.