Invested president, ultra-liberal Javier Milei promises a “shock” of austerity to straighten out the country

“We know that the situation will get worse in the short term,” warned the economist, three weeks after his presidential victory.

Argentina enters a “new era”. The ultraliberal Javier Milei was inaugurated president on Sunday December 10, taking the oath of office three weeks after his resounding electoral victory. This newcomer to the Argentine political scene, aged 53, has sworn to honor his office with “loyalty and patriotism” and donned the sky and white presidential sash.

Following the brief ceremony, Javier Milei delivered his first speech as president, not in front of parliamentarians as is tradition, but in front of the crowd from the steps of Parliament. “There is no alternative to an adjustment, there is no alternative to a shock” in budgetary matters, because “there is no money”he immediately warned. “We know that the situation will get worse in the short term, but afterwards we will see the fruits of our efforts”he added in an offensive speech, promising to “make all necessary decisions”.

Bolsonaro and Zelensky present

Faced with inflation of 143% over one year, structural debt and poverty which affects 40% of the population, Latin America’s third largest economy is preparing for painful adjustments in the coming days or weeks. Even before his inauguration, Javier Milei promised shock therapy to reduce public spending. He warned that inflation would not be brought under control until “18 to 24 months”.

Javier Milei was invested under the gaze of nationalist leaders or politicians, such as the former far-right Brazilian president Jair Bolsonaro, the Hungarian Prime Minister Viktor Orban or even Santiago Abascal, the leader of the Spanish far-right group Vox . The King of Spain Felipe VI was also present, as well as the Ukrainian President, Volodymyr Zelensky, with whom he had a long hug.