# Javier Milei's Policy Agenda in Argentina: A Comprehensive Analysis

## Introduction

Javier Milei, Argentina's newly elected president, represents a dramatic shift in the country's political and economic landscape.

As a self-described libertarian economist who entered politics only two years ago, Milei has implemented one of the most radical policy agendas in Argentina's recent history, combining severe fiscal austerity, market liberalization, and institutional restructuring.

## Economic Reforms

### Fiscal Austerity and Government Restructuring

Milei's economic strategy centers on what he terms "shock therapy" - a rapid and comprehensive restructuring of Argentina's economy to address its severe inflation crisis and fiscal deficits.

Key components include:

**Massive Government Layoffs**: Milei announced plans to dismiss over 5,000 government employees who were hired before his inauguration, with some estimates suggesting the actual number could exceed 7,000.

This represents a significant reduction in public sector employment, as Argentina's federal government

# Javier Milei's Policy Agenda in Argentina: A Comprehensive Analysis

## Introduction

Javier Milei, Argentina's newly elected president, represents a dramatic shift in the country's political and economic landscape.

Title:

Content: MercoPress, en Español

Montevideo, October 19th 2023 - 01:24 UTC

Argentine President has busy agenda in China

Wednesday, October 18th 2023 - 08:57 UTC
Full article 0 comments

Argentine President Alberto Fernández met with the head of the New Development Bank (NDB), Dilma Rousseff, to advance the South American country's accession to the BRICS financial institution.

Fernández's entourage included Argentina's Ambassador to China, Sabino Vaca Narvaja; head of the Central Bank of Argentina (BCRA), Miguel Pesce; Deputy Foreign Minister Cecilia Todesca; and Secretary General of the Presidency, Julio Vitobello.

Also attending the meeting were NDB Vice President Vladimir Kazbekov, Chief Operating Officer Qingwu Zhou, and Rousseff's advisor Marco Tulio Mendoca, among others. The NDB was established by the BRICS in 2015 to provide a financing alternative to the International Monetary Fund (IMF) and the World Bank. Former Brazilian President Rousseff took over as head of the institution last March after Luiz Inácio Lula Da Silva came to power, replacing Marcos Prado Troyjo, who was appointed by Jair Bolsonaro.

Later Tuesday, Fernández traveled to Beijing to attend the opening ceremony of the III Forum of the Belt and Road, an event that brought together leaders from 80 countries to discuss China's role in the international arena, along with Chinese President Xi Jinping and Russian leader Vladimir Putin.

The initiative is an economic project based on the ancient Silk Road (which functioned as a trade route in the splendor of Imperial China) that seeks to strengthen its ties through two major corridors: a land corridor (The Belt) to connect China with Europe; and a maritime corridor (The Road) to connect Africa and Latin America. Last year, Argentina joined the Belt and Road and received more than US$23 billion in financing deals in return.

The businessmen at the meeting spoke to Fernández about their concerns regarding the outcome of next Sunday's elections and whether whoever wins will remain interested in participating in both the Belt and Road and the BRICS, of which Argentina will become a full member on January 1.

Libertarian Congressman Javier Milei said he had no intention of maintaining trade relations with China and Brazil (Argentina's two main trading partners) for “ideological” reasons. Patricia Bullrich of Juntos por el Cambio has already announced her opposition to joining the BRICS. In other words, all these negotiations that Fernández has undertaken would only be implemented if Sergio Massa wins.

Title:

Content: November 25, 2023

Following Sunday’s election results, Javier Meili is set to become Argentina’s president on December 10. Among other things, President-elect Miley has vowed to replace the peso with the US dollar, a policy known as dollarization. Some critics have argued that dollarization would deplete the Argentine central bank’s US dollar reserves, making dollarization excessively costly and ultimately resulting in hyperinflation. However, in leveling this criticism, they misinterpret Argentina’s current economic situation and fail to consider real-world cases of dollarization during an inflationary crisis.

The risk of hyperinflation in Argentina is not due to Javier Miley’s advocacy of dollarization. Instead, it is the result of years of bad monetary policies. Inflation has been rising steadily since 2007, long before Miley proposed dollarization (and almost anyone in Argentina even thought about the possibility of dollarization).

Some experts argue that, by international standards, Argentina is already experiencing hyperinflation. According to Philip Kagan’s seminal 1956 study, most economists define hyperinflation as an inflation rate greater than 50 percent monthly. To put this in perspective, the average annual inflation rate in Europe between 1950 and 1955 was 5.1 percent. In Kagan’s words, a hyperinflation country experienced monthly price increases that were ten times greater than the price increases experienced by a typical European country in a normal year.

The monetary policy landscape is very different today than in the years immediately preceding Kagan’s study. Over the five-year period ending January 2020, just before the pandemic, the EU’s average annual inflation rate was just 0.98 percent. Using Kagan’s ratio, this would mean that a country experiencing at least 9.8 percent inflation per month has hyperinflation. Argentina saw monthly inflation rates of 12.7 percent and 8.3 percent in September and October, respectively. Therefore, adjusting Cagan’s hyperinflation threshold to reflect general improvements in monetary policy elsewhere would reveal that Argentina is already experiencing hyperinflation. While there is certainly potential for further decline, critics of dollarization need to acknowledge just how serious Argentina’s inflation is in the context of the modern global economy.

International experiences show that dollarization and hyperinflation are interconnected issues, but this is not the case according to critics of dollarization. For example, Ecuador adopted dollarization in January 2000 to prevent hyperinflation. Ecuador’s dollarization proved effective. Dollarization immediately brought Ecuador’s inflation rate into alignment with that of the US and then kept it stable over the next decade, despite economic challenges and two sovereign debt defaults. Another compelling example is Zimbabwe, which adopted dollarization in January 2009 to combat hyperinflation. The result was also successful, with inflation reaching US levels by January 2010. As these cases show, dollarization may be a solution to hyperinflation. Argentina could also either resort to dollarization to prevent hyperinflation, or avoid it if inflation gets out of control.

The risk of hyperinflation in Argentina stems not from an intention to create a dollar but from a central bank that appears unable or unwilling to exercise restraint. Argentina’s historical record shows that central bank independence is absent and not easily secured. For better or worse, dollarization offers the safest path to avoid monetary collapse. This provides Argentina with an opportunity to implement much-needed reforms and move forward on a sustainable development path. Dollarization may make things worse before they get better. But to argue that monetary reform that is supposed to tame inflation will lead to hyperinflation is a distorted view of Argentina’s economic reality.

nicholas kachanowski

Dr. Kachanowski is Associate Professor of Economics and El Paso Woody L. Hunt is the director of the Center for Free Enterprise at the University of Texas in the College of Business. He is also a Fellow of the UCEMA Friedman-Hayek Center for the Study of a Free Society. He served as President of the Association of Private Enterprise Education (APEE, 2021-2022) and on the Board of Directors of the Mont Pelerin Society (MPS, 2018-2022).

He received his Licentiate in Economics from the Pontificia Universidad Católica Argentina, his M.A. in Economics and Political Science from the Escuela Superior de Economía y Administración de Empresas (ESADE), and his Ph.D. M.A. in Economics from Suffolk University, Boston

Dr. Kachanowski is the author of Reflexions sobre la economia argentina (Instituto Acton Argentina, 2017), Monetary balance and nominal income targeting (Routledge, 2019), and co-author Austrian Capital Theory: A Modern Survey of Essentials (Cambridge University Press, 2019), Capital and Finance: Theory and History (Routledge, 2020), and Dollarization: Una Solution for Argentina (Editorial Claridad, 2022).

Dr. Kachanowski’s research has been published in outlets such as Journal of Economic Behavior and Organization, public choice, Journal of Institutional Economics, Quarterly Review of Economics and FinanceAnd Journal of the History of Economic Thought among other outlets.

Get notified of new articles from Nicholas Kachanowski and AIER.

Source: www.aier.org

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

Content: “A chaotic capitalist. ”
Who was elected President of Argentina?
2023-11-20 | 06: 31
Alsumaria News – Dawliyat
A controversial television personality, he has long been likened to former US President Donald Trump, and indeed the latter was one of the first to congratulate him after his election as president of Argentina.
Who is Javier Milly?
Mili won about 56 percent of the vote in Argentina ’ s presidential election, according to partial official results reported by AFP.
His opponent, Economy Minister Sergio Massa, won about 44.2 percent after 95 percent of the vote was counted, and he already conceded defeat and congratulated Mili in a phone call.
One of the first commentators on the news of Millie ’ s election was Donald Trump, who wrote on his social media platform, Truth Social: “I ’ m proud of you.
It will change your country and make Argentina great again. ”
U.S. Secretary of State Anthony Blinken issued a statement on Monday saying the election was “a testament to Argentina ’ s electoral and democratic institutions, ” noting that Washington“ looks forward to working with President-elect Milley and his government on shared priorities. ”
Man of Economics and Music
Milley, 53, describes himself as a “chaotic capitalist, ” and the economist only entered politics two years ago.
His victory comes at a time when Argentina is trying to solve the problem of inflation, which has reached 143 percent, one of the highest in the world, poverty afflicting about 40 percent of the population, as well as the debt crisis and the devaluation of the local currency.
Videos of Milly went viral after he was sure to win the election in a state of great joy.
According to the Guardian, Millie “suffered as a child due to the mistreatment of his parents, as well as bullying at school during the 1980s. ”
Argentina ’ s president-elect loves music, has previously been a lead singer for a band and has always loved Bob Marley and Verdi.
Milley gained fame during his television appearance as an economic analyst, where he often talked about suffering due to inflation, as well as talking live about sexual topics.
The Guardian report noted that Millie ’ s character “was always meant to attract attention, which helped him enter the world of politics. ”
His friends and foes alike likened him to Trump and also to Brazil ’ s former and right-wing president, Jair Bolsonaro, whom he called “Trump Argentina. ”
"The lesser of two evils."
Mili was elected to Argentina ’ s parliament in 2021 for La Libertad Avanza, before taking office amid voter anger over corruption and mismanagement following the country ’ s worst economic crisis in two decades.
According to AFP, some Argentines described the vote as the choice of "the lesser of two evils", between fear of the painful economic solutions proposed by Mili and anger at the economic crisis.
Milley pledged to find a solution to the economic crisis in the country, beginning with the closure of the central bank and the disposal of the local currency (peso) and dollarization of the economy and reduce spending and get rid of the "parasitic class", which met with the approval of voters despite the difficulty of these measures.
But some experts believe that Milley "will retreat from his hard-line policies and will be forced to moderate as he takes the reins next month, because of the difficulty he may face in implementing his plans, with his party holding 38 seats in the upper legislative chamber of the country, out of 257 seats, while in the Senate it has 8 seats out of 72."
During his campaign, he made promises similar to what Trump has long talked about for America, and said he would “make Argentina great again, ” the slogan for Trump ’ s campaign,“ Make America great again. ”
“Today the end of decadence begins, and the reconstruction of Argentina begins, ” Argentina ’ s president-elect said on Sunday, warning that there would be“ no half-solutions. ”
Addressing thousands of supporters at his campaign headquarters in Buenos Aires, Milley said: “The poor class model is over, and today we are adopting the model of freedom to once again become a world power.
Today the way politics were practiced ends, and another way begins. ”
Milley will assume the presidency on December 10, succeeding President Alberto Fernandez.
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Content: Two events and an indication that took place last week suggest that there is a new rise of the extreme right in the world, from Europe and the United States to South America.
The three events are the electoral rise of the Dutch far-right Freedom Party, then the victory of the extremist Javier Milley in the presidency of Argentina, and the third indicator is the continued rise and lead of Donald Trump in the opinion polls.
The right-wing Freedom Party won 37 seats in the Dutch parliament, more than double its share, and will therefore have the upper hand in forming a government.
Geert Wilders, 60, founded his party in 2006 with the aim of defending Dutch, not European, culture and identity.
One of the party ’ s most important slogans is to fight against immigrants, especially Arabs, and it has called Moroccan immigrants “scum ” and organized competitions for cartoons offensive to the Prophet Muhammad (PBUH), and vowed to ban the Koran, mosques and the hijab.
He pledged to stop the tsunami of asylum seekers, impose strict controls to “protect Dutch identity and values ” and deport Syrian migrants.
He is also skeptical of the European Union and considers Brussels and its excessive bureaucracy a threat to national sovereignty, calling for greater control over laws, borders and economic policies and pledging to hold a referendum on his country ’ s remaining in the bloc.
The Freedom Party says it is a great friend of the only democracy in the Middle East, Israel, and that relationship will be strengthened by moving the embassy to Jerusalem and closing the Dutch cultural center in Ramallah.
The second important event was the victory of Javier Milley as president of Argentina, whose basic policies are almost identical to those of the Freedom Party in the Netherlands and other far-right forces and parties in the world.
He said his first foreign visit would be to the United States and he would meet with a number of Jewish rabbis there, because he follows their teachings.
The second visit will be to Israel, pledging to move his country ’ s embassy to occupied Jerusalem, and his foreign policy will focus on cooperation with the “American-Israeli axis ” and will not negotiate with leftist regimes such as Brazil and China.
The first to congratulate him was also the right-wing former Brazilian president Jair Bolsonaro.
Milley pledged to deal in the US dollar, abolish the central bank, abolish the health and education ministries, and privatize some major public companies.
But the irony is that the new president ’ s party, Freedom Advances, did not get any of the governors ’ posts, which are dominated by the Peronist movement, and he was also remarkable for saying that his country would not participate in the BRICS and did not intend to work with Russia, China and communist countries.
Millie also said he admired Trump and the latter said he would attend his inauguration.
The third indicator is that opinion polls indicate that Donald Trump is ahead of all potential challengers in the presidential election late next year.
A recent Harvard Center poll with The Hill found that Trump had 48 percent of respondents compared to 41 percent for current president Joe Biden, and even the uncertain 11 percent, when asked again, 53 percent said they would vote for Trump and 47 percent for Biden.
In November, a New York Times poll showed that Trump was five points ahead of Biden in Arizona, six in Georgia, five in Michigan, 10 in Nevada and four in Pennsylvania, while Biden was just two points ahead of Trump in Wisconsin.
From the previous events and indicators, it can be concluded in principle that with the sharp polarization in international relations, the severe economic crisis resulting from the Coronavirus epidemic, the Russian-Ukrainian war, inflation, recession and the Israeli attack on Gaza, the rise of far-right forces will continue in many countries of the world, especially Europe, especially the eastern side.
This means that in the next stage, the world will come to periods of intense polarization, conflicts and possibly wars.

Title:

Content: Argentina ’ s new president: More than 5,000 civil servants will be fired
Written by external sources (international)
Published: Updated:
On December 26, local time, the current President of Argentina, Javier Milei, announced that he will not renew his contract with government employees hired before his inauguration in 2023.
The new government estimates that more than 5,000 workers have been laid off.
The decision quickly sparked a new round of protests against its economic reforms.
Millet said the decree was part of a plan to fight Argentina ’ s poor economy and rampant inflation.
There are reports that Argentina ’ s inflation rate is expected to reach 200% by the end of the year.
Millay believes Argentina ’ s already struggling economy can be transformed by sweeping cuts in government spending and a currency devaluation program.
Under the decree, the authorities will review the contracts of government employees hired before January 1, 2023 within the next 90 days.
The January 1, 2023 deadline will be set in response to his predecessor ’ s actions to raise wages for government employees in his final year.
In addition, the layoffs are not targeted at all government employees, and according to the relevant regulations, civil servants in the Argentine government who have a statutory quota or are considered "indispensable" civil servants will be exempt from the layoffs.
Members of the Argentine construction trade union UOCRA take part in a demonstration against the economic reforms of Argentina ’ s new president, Mirai, near the Justice Palace in Buenos Aires, Argentina, on December 27, 2023. (Reuters)
According to estimates by the Argentine Civil Service Union, the number of national employees will be higher than the government's figures, and the final number of employees will be more than 7,000.
It is expected that this change will have some impact on the national government of Argentina.
According to the latest data from the Argentine Ministry of Labor, there are nearly 3.5 million employees in the public sector in Argentina, of which the federal government has 338,000 employees, about a tenth of the total.
According to a report by consulting firm Ieral-Fundación Mediterránea, 2.2% of Argentina ’ s GDP is used to pay wages to federal employees.
That share has been declining since 2015, when it reached 3.3%.
According to the report, the proportion of government employee wage expenditure in the budget is similar to that of Nordic countries as well as Japan and Germany.
The order is part of a series of decrees signed by Millet.
He has depreciated the Argentine peso by more than 50% against the US dollar, slashing transport and energy subsidies and abolishing or suspending 366 decrees to ease economic controls.
Millet believes that by implementing “shock therapy ”, Argentina has the ability to deal with growing poverty and ultimately solve Argentina ’ s hyperinflation problem.
Millet ’ s new dismissal order further provoked a strong reaction from opposition parties, trade unions and social organizations, triggering a further escalation of protests in Argentina.
Argentina ’ s new president, Javier Milei, waves to the crowd on the balcony of the Casa Rosada after attending the inauguration ceremony in Buenos Aires, Argentina, on December 10, 2023. (Reuters)
Thousands of union members and activists took to the streets of Buenos Aires, Argentina ’ s capital, on Wednesday to protest against the government ’ s economic and fiscal policies. Argentina ’ s civil service workers described the layoffs as “aggressive ” and said public officials were“ carrying out their indispensable tasks. ”
“Don ’ t expect us to accept even if only one person is fired, ” the union ’ s secretary-general, Aguiar, warned.
Argentine activists have previously expressed doubts about the legality of Millet's decree during protests: whether Millet can bypass the legislature, which has few seats for his party, and implement these economic reforms and layoffs in the form of emergency decrees.
According to the latest election results, although Millet won the presidential election, his Liberal Progressive Party now has only seven seats in the Senate (26 seats for the ruling coalition, out of 72) and 40 seats in the House of Representatives (114 seats for the ruling coalition, out of 257).
Members of the Workers' General Confederation and other social organizations attend a demonstration outside the Justice Palace in Buenos Aires, Argentina, on December 27, 2023, against the economic reforms of Argentina 's new President Javier Milei. (Reuters)
Reports indicate that more than six people have been detained in Buenos Aires as a result of the protests.
In response to the ongoing protests, Millet said he was prepared to hold a referendum if Argentina ’ s parliament ultimately rejects a package of urgent economic reforms that includes the dismissal of the 5,000 civil servants.
In the interview, Millet insisted that his decree was supported by 75 percent of Argentinian citizens, but he did not specify which polling agency he cited.
According to the report of the local Argentine media Página / 12, more than half of Argentine citizens (54.4%) did not support the relevant policies proposed by Millet in a public opinion poll on the 22nd.
This opposition caused his approval rating to drop by 6% to 54% in just 12 days after taking office.
This article is authorized by the Observer Network

Title:

Content: China, Argentina face new political reality
National Trend 17: 15 2024 / 02 / 23
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Progress of the Gisai Hydropower Station began to lag in 2021.
Photo taken during the Lunar New Year holidays. (Photo)
Since President Javier Milei took office in December last year, Argentina has repeatedly said that Argentina will stop cooperating with the Chinese government, and the Belt and Road hydropower project, which symbolizes the strategic partnership between China and Argentina, is facing suspension.
After winning the first round of voting, Milai said he did not want to "establish ties with communist countries", and after taking office, it was reported that his foreign minister, Diana Mondino, had met with Taiwan's representative in Argentina.
Among them, the “Guisai Hydropower Station ” project, located in Santa Cruz, Argentina ’ s second largest province, is the most eye-catching.
The world ’ s southernmost hydropower project, located on a glacier, is financed by a consortium of banks from the National Development Bank of China, the Industrial and Commercial Bank of China and the Bank of China.
To date, $1.85 billion of the $4.71 billion in total loans have been delivered to Argentina.
However, as early as 2021, the progress of the construction of the hydropower plant was not as expected, and the financing of the Chinese side was shelved.
Since December last year, the project has been in a state of shutdown, and there is no timetable for when it will reopen.
Millet ’ s comments during the campaign, as well as his withdrawal from the former government ’ s application to join the BRICS, further exacerbated tensions between the two countries.
Gustavo Cardozo, a resident researcher at Observa Da China de Brasil, said Argentina ’ s Ministry of Economy and Energy was reviewing the dam project contract, and that if Argentina could not continue the project under the contract, it would have to repay the funds it had already paid and even face the consequences of compensating China ’ s losses.
“Millet is in line with the United States, but it is also clear that China has irreplaceable advantages in financing and economics in Argentina, ” David Feliba, a South American international relations expert in Argentina, explained. In the face of Argentina ’ s disastrous economy, it is impossible to unilaterally cancel the dam project.
Critical Timing Blinken Visits Water Temperature
At a time of deep reform and economic crisis in Argentina, US Secretary of State Colin Blinken visited Argentina and met with Millet. “Blinken ’ s visit is highly important, and the US support for the IMF ’ s bailout and debt restructuring is linked to the Millet government ’ s public support for US and Israeli foreign policy, ” Justa said.
Argentina has listed Hamas as a terrorist organization, in line with the United States.
This will not only help the United States to help Argentina secure financing and international funding, but will also change the geopolitical landscape. ”
Ricardo Valencia, an assistant professor of international relations at Cal State Fullerton, believes that Millet will be very pragmatic about China, but he will not hide his priorities for the United States.
As for whether China will stop investment in Argentina in the future because of Mile ’ s ideological stance, he believes that this will not happen, but the future of financing, including hydropower plants, must be carefully observed.
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Content: Global News
World Today - Crazy rally in Argentine stock markets after Milly win
You are now following the news of a crazy rise in the Argentine stock markets after the victory of Millie from the news section of the world and now we leave you with full details
MOHAMMED, Abu Dhabi, Tuesday, November 21, 2023 07: 21 PM - The Argentine stock market jumped 20% at the opening on Tuesday, in the first reaction to the landslide victory of Argentina ’ s ultra-liberal president-elect Javier Mille.
The rise was contributed by the national oil company YPF, whose shares rose 34 percent after the president-elect announced he would privatize them as part of his reform package.
On Monday, Wall Street listed YPF shares rose 40 percent at the close.
Monday, the day after the election, was a public holiday in Argentina, delaying market reaction.
Milley, 53, an economist who describes himself as a “anarchist capitalist, ” said in his victory speech Sunday evening:“ Today begins the end of decadence ” and the “reconstruction of Argentina ” begins, warning that there will be“ no half-solutions ”.
Milley pledged to give up the peso in favor of the US dollar and shut down the central bank, which he accused of printing money too heavily to fund excessive government spending, in a bid to stem inflation.
Argentina has one of the highest inflation rates in the world (143 percent year-on-year) while the value of the peso continues to fall.
During his election campaign, he said he would get rid of about a dozen ministries, among other controversial proposals.
Argentina is currently holding its breath waiting for what he will do when he takes office on Dec. 10, especially as his legislative power is limited.
We hope that we have succeeded in conveying the full details of the news of a crazy rise in the Argentine stock markets after the victory of Mili..
In God ’ s care and protection.
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Content: November 20, 2023

Finally, when the results of Argentina’s presidential election became clear on Monday (November 20, 2023), the result was not at all surprising. However, the margin of victory was definitely there, and it is nothing less than a political earthquake.

Fed up with seemingly perennial economic malaise, lurking annual inflation hovering around 143% and widespread poverty affecting 40% of the population, Argentines turned in large numbers to 53-year-old economist and right-wing outsider Javier Miley.

The man often described by his critics and opponents as “El Loco”, or the mad man, came to power by winning a record 56% of the public run-off vote against Sergio Massa, an outgoing government minister and leftist rival. , with 44. ,

He won 20 of the country’s 23 provinces. Even the country’s capital, Buenos Aires, gave him preference over his rival and in some provinces Milley got as much as 70% of the votes.

His economic policies, many of which may be too strange for some, will undoubtedly be scrutinized ahead of his inauguration on December 10, 2023. But Miley’s core mission of “kicking the Keynesians and collectivists” may be paying off. He.

In addition to pledging to cut bureaucracy (a favorite of his fan base), the president-elect has also promised to “blow up” the central bank to stop it from printing more money, which he says is Argentina’s Increasing uncontrolled inflation. To mark some of the things said on the campaign trail. He also wants to abandon the local currency – the peso – in favor of the US dollar.

Will El Loco compromise Argentina’s energy policy?

Miley has also promised to cut public spending and privatize state-owned companies, which has inevitably increased interest in the energy world. According to the International Energy Agency (IEA), Argentina has the world’s second largest reserves of shale gas and the fourth largest reserves of shale oil worldwide.

In 2022, Argentina produced 706,000 barrels (bpd) of oil and 308 tcf of natural gas in its Vaca Muerta shale formation. The flag bearers of Argentina’s hydrocarbon wealth are the state-owned oil companies YPF and Ensarsa.

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Miley confirmed his intention to privatize YPF in statements following his election victory. That caused New York-listed shares of YPF (NYSE: YPF) to jump 39% from Friday’s closing price of $10.78 to $15 on Monday (15:00 PM EDT).

However, Miley also told Argentinian broadcasters that before privatizing YPF, his administration would have to “reconstruct” it. The President-elect did not specify how long it would take or what kind of streamlining of operations and processes he had in mind. The market will undoubtedly pounce on them as the details emerge.

It appears that luck is also somewhat on the incoming President’s side. In a desperate attempt to curb crippling energy imports, his predecessor built pipeline infrastructure to monetize Vaca Muerta’s natural gas.

After an economically distressful and nearly 20-year long hiatus, energy exports have finally increased, including to neighboring Chile. In 2022, Argentina had an energy deficit of $5 billion and the current year is probably an exercise in balancing. But government data points to an energy surplus of $4 billion in 2024.

Depending on market direction, windfall profits could ultimately amount to $20 billion by 2030. Many people, perhaps including Miley herself, are hoping that Argentina’s energy exports will also help reduce the country’s overall trade deficit.

And the president-elect, who is proud to declare himself a climate skeptic, has also promised to free Argentina’s energy industry from red tape. This broad omnibus pledge appears to range from closing the country’s Ministry for the Environment and Sustainable Development to encouraging private sector investment in renewables, if there is a buyer.

There are also high hopes that efforts to explore for commercially viable oil and gas in the Falkland Islands – a British overseas territory 300 miles off Argentina’s southern coast, which Buenos Aires claims – could be more favorable and cordial. .

The two countries went to war over the islands in 1982, during the UK premiership of the “Iron Lady” Margaret Thatcher. A British expeditionary force recaptured the islands in June 1982, following a brief occupation by Buenos Aires following the Argentine invasion of the islands in April.

Successive leftist Argentine governments in recent decades have used the controversy for political gain, but Miley caused a political stir earlier this month by describing Thatcher as “one of humanity’s great leaders” in a televised debate. Created a stir.

While Miley, in line with many predecessors, still views Argentina’s sovereignty over the islands as “non-negotiable”, his tone is likely to be more cordial and could promote a gentler level of economic dialogue.

Don’t forget lithium

It is often said in politics that timing is everything and the broader energy complex also seems to be in Miley’s favor. According to the US Geological Survey, Argentina has the world’s second largest lithium reserves, estimated at 20 million tonnes.

Domestic production of the metal, vital to the world’s energy transition, is growing rapidly, and could reach 120,000 tonnes/year in 2024 (from current levels of about 60,000 tonnes/year). Miley’s encouragement of private sector investment could further up the game with about 40 projects under development in three active mines.

The only major detail in the energy policy actions is that Miley spent his entire presidential campaign attacking almost Argentina’s entire political class and politicians, especially those on the left.

But his party has very few seats in Argentina’s Congress. Despite her powerful mandate, Miley will now have to negotiate with the very people she attacked during the campaign to advance her agenda. This will not be easy. Although it is too early to say how this will all play out, there are solid grounds for cautious optimism.

Title:

Content: Argentina's president says to make a "paycheck lottery", 3 million people snatched her lucky win.
Posts Tagged ‘ CTWANT ’
Argentina's new president Javier Milei has previously said that if he is elected president, he will dismantle the ruling class, close the government and the central bank, and donate his $3,200, equivalent to about NT $94,000 in salary, and he also said that he will do so, using his Instagram account on the 15th to conduct a "live lottery", but the amount is the last monthly salary of Mirei as a member of about 2.1 million. Argentine pesos, equivalent to about NT $78,000.
"This is my last salary as a public representative because I now have a new job," Mirei told the public in a live broadcast of the 15th, the economic liberal and fiscal conservative president took office, first as a member of the last monthly salary lottery, won by a woman named Gomez, according to World Nation News, about 3 million people participated in the lottery that day.
Originally, Mirei 2 years ago when he ran for the election, he promised to donate his monthly salary after the election to the people's lottery, and after the end of the previous 24 monthly salary lottery, Mirei will publish the transfer certificate on the social platform.
Miley, a 53-year-old economist who has been president of Argentina just two years after entering politics, has pledged to donate his salary: “When I ran for Congress, I promised to donate my salary … as I kept my promise as a representative, and I will continue to do so as president. ”
Born in 1970, Mireille ’ s college year coincided with Argentina ’ s hyperinflation of 1989, which led him to move from being a rock band lead singer and football goalkeeper to an economist determined to study the economy.
After being elected to the Argentine House of Representatives, Mirei gave his monthly salary to the public through a lottery to realize his idea of returning money to the public.
After December 10, Mirei intends to use Mirei economics to vigorously rectify the Argentine economy, he also said in the live broadcast on the 15th, the first task at this stage is to end the vicious inflation crisis, while calling on the people not to be crushed by pessimism.
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Action to Protest Fascist Argentina Pres Melei's Attack on Workers Party PO & Polo Obrero

Date:
Wednesday, June 12, 2024
Time:
12:00 PM - 1:00 PM
Event Type:
Protest
Organizer/Author:
United Front Committee For A Labor Party
Location Details:
San Francisco Federal Building
90 7th St.
San Francisco

6/12/24 SF Emergency Action To Protest Fascist Argentina President Milei's Attack On Workers Party PO & Pollo Obrero
Stop The Repression, Privatization & Union Busting By Fascist Melie &
US Support IMF. Support For Melei

Wednesday June 12, 2024 12:00 Noon
San Francisco Federal Building
90 7th St.
San Francisco

The growing world wide fascist movement is part and parcel of what is happening in Argentina today. The fascist Melei government is instituting a massive assault on the working class with privatization of education and public services and also attacking democratic rights of workers and the people of Argentina.

They have also stopped all delivery of food to poor people who face starvation because of massive inflation. Polo Obrero which has organized the distribution of the food is also under attack and the corrupt Milei government on Monday June 3 raided the offices of the Workers Party PO claiming that they have engaged in corruption in the distribution of food which is being done by Polo Obrero.

This is a blatant political attack without any legal basis but it is aimed at shutting down the PO from opposing the fascist policies of the Milei government.

It has also taken place in part because the PO along with the Left Front organized the first public protest against the Milei regime and this front is fighting for a continuing general strike against the fascist Milei government.

The US government and IMF have fully backed Milei and the US military with the support of Milei is setting up a new base. The CIA has also visited Argentina and Milei to begin preparation for a possible military dictatorship. In 1974 the US, CIA in collusion with AFL-CIO helped organize a military coup that killed thousands of workers and people. The fight to hold those responsible for the murders and terror is opposed by Milei and his fascist government who includes family members who were involved in the coup. The US, CIA and AFL-CIO leadership have never been held accountable for the tortures, imprisonment and murders of the US supported military government.

Milei has also linked up with his techno fascist supporters like Elon Musk who was given the rights to Argentina’s lithium. This fascist cabal backed by US imperialism must be challenged globally.

The rise of fascism in the US is connected directly with the developments in Argentina and that is why Milei is coming to Silicon Valley, Florida and the US in his efforts to build a global fascism movement. This is also backed openly by Trump and his supporters.

On June 12 there will be massive actions in Argentina and the action called in San Francisco is part of a global struggle not only against the Milei but against the growing fascist movement in the US and around the world.

Hands Off The PO and Polo Obrero, Drop The Charges

For Workers Actions and General Strikes To Bring Down the Fascist Milei Government

US Get Out Of Argentina and No US Military Base In Argentina

Stop Privatization & Union Busting In Argentina & The US

For A Workers Government In Argentina and US

STOP Fascism and For A United Front Against Fascism

Initiated by
United Front Committee For A Labor Party http://www.ufclp.org
To endorse, support and participate contact:
info [at] ufclp.org

Additional Info:
Argentina: Milei's "shock therapy”, Capitalism, Socialism & The Working Class
https://www.youtube.com/watch?v=8Rw9oJc6680

Javier Melei, The Class Struggle & The Organization of The Working Class With Guillermo Kane
https://youtu.be/CUOAI_bZmfs

Fascism: San Francisco tech VC applauds fascist Pinochet's helicopter 'death rides'
https://www.thenerdreich.com/san-francisco-tech-vc-applauds-fascist-pinochets-helicopter/
Added to the calendar on Fri, Jun 7, 2024 7:25PM
§Milei Wants To Destroy The Unions & Privatize All Public Services & Education
by United Front Committee For A Labor Party
Milie is launching a massive attack on workers and the poor as well as the unions
§Musk & Milie Thumbs UP
by United Front Committee For A Labor Party
Elon Musk is a big supporter of the fascist Milei
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As a self-described libertarian economist who entered politics only two years ago, Milei has implemented one of the most radical policy agendas in Argentina's recent history, combining severe fiscal austerity, market liberalization, and institutional restructuring.

Title:

Content: BUENOS AIRES (Reuters) - Argentine President Javier Milli has told BRICS leaders that Buenos Aires will not join the group in early 2024, in keeping with the ultra-liberal president ’ s campaign pledge, the presidency said Friday.
In a letter to Brazilian President Luiz Inácio Lula da Silva and other BRICS members (Russia, India, China, South Africa), Milley said: “Argentina ’ s accession to the BRICS as a full member country from early January 2024 is not appropriate. ”
The president, who took office on December 10, said his government ’ s foreign policy “differs in many ways from that of the previous government. ”
Review of decisions
"In this context, some of the decisions taken by the previous government will be reviewed, including the establishment of a [...]
It ’ s about the country ’ s participation in BRICS. ”
The last BRICS summit, held in August in Johannesburg, saw invitations to six countries - Argentina, Iran, Egypt, Ethiopia, Saudi Arabia, the United States and the United Arab Emirates - to join the group from early January 2024.
During his campaign, Milley reiterated his refusal to join the BRICS and supported his desire to "support any agreements with the communists because they do not respect the fundamentals of free trade, freedom and democracy."
A spokesman for the Argentine presidency said the letters to the BRICS member states indicate that "we are making a change in foreign policy based on more in-depth analysis than the previous government."

## Economic Reforms

### Fiscal Austerity and Government Restructuring

Milei's economic strategy centers on what he terms "shock therapy" - a rapid and comprehensive restructuring of Argentina's economy to address its severe inflation crisis and fiscal deficits.

Title:

Content: Argentina's inflation edges up in June, breaking monthslong streak in blow to President Milei

A closely watched measure of inflation in Argentina remained stronger than the libertarian government of President Javier Milei would have hoped

ByISABEL DEBRE Associated Press
July 12, 2024, 5:29 PM

BUENOS AIRES, Argentina -- A closely watched measure of inflation in Argentina remained stronger than the libertarian government of President Javier Milei would have hoped on Friday, as the official statistics agency reported prices edging up in June and breaking a monthslong streak of declines.

Argentina's consumer price index rose 4.6% in June, slightly up from the rate of 4.2% in May, ending a five-month trend of cooling inflation that experts had attributed to a deepening recession brought about by Milei's brutal austerity scheme. President Milei has touted the falling prices over recent months as a key victory in his fight against Argentina’s worst economic crisis in over two decades.

When Milei became president last December, monthly inflation was peaking at 25%. But the price drop since hasn't offered much relief to ordinary Argentines as Milei presses on with a harsh austerity program that involves slashing generous energy subsidies, scrapping price controls and devaluing the Argentine peso.

Friday’s government report showed Argentina’s annual inflation slowing a bit to just over 271% — still among the highest rates in the world.

Surging electricity and gas prices accounted for most of June's inflationary spike, the statistics agency said. Argentines have reported eye-watering utility bills after years of paying highly subsidized rates under left-leaning governments.

In stark contrast to Milei's program, those past Peronist administrations fixed prices and printed billions of dollars’ worth of pesos to fund a large deficit — fueling chronically high inflation.

Under Milei, Argentina's energy ministry last month reported that low-income households that previously paid just 5% of the real cost of electricity have started paying a third of it while middle-income households now cover at least half following Milei's removal of subsidies. The government has also capped electricity consumption to qualify for subsidies, squeezing families as a cold front sweeps Argentina during the Southern Hemisphere’s winter.

The country's cost of living has surged nearly 80% in the first five months of 2024 compared to the same period last year, the report also showed. Prices in Buenos Aires shops and restaurants have reached levels comparable to the U.S. even as public salaries and pensions have been held down.

In further worrisome news for Milei, the peso on Friday fell to another record low against the dollar, hitting 1,500 on the black market after months of stability.

The steep fall in Argentina’s currency means the gap between the black market rate and the official exchange rate, currently 919 pesos to the dollar, has widened to over 50%. That complicates Milei's goal of eventually lifting Argentina's strict currency controls to restore investor confidence.

Milei's government wants the International Monetary Fund — to which Argentina already owes a staggering $44 billion — to step in with a new loan to support his plans to remove capital controls.

But as uncertainty remains over the future of Milei's economic program, the IMF dampened expectations of a new deal on Thursday.

“The staff will engage in discussions on a possible new arrangement as we would with any IMF member," the fund's spokesperson, Julie Kozack, told reporters Thursday. "At this stage, there is no specific timeline for those discussions.”

What economic issue did Milei want to address?

What issue did Milei want to address without printing money?

What economic issue did Milei want to address?

What issue did Milei want to address without printing money?

What economic issue did Milei want to address?

What issue did Milei want to address without printing money?

Key components include:

**Massive Government Layoffs**: Milei announced plans to dismiss over 5,000 government employees who were hired before his inauguration, with some estimates suggesting the actual number could exceed 7,000.

How will Milei's reforms impact workers?

This represents a significant reduction in public sector employment, as Argentina's federal government