“With Loyalty and Patriotism” for Argentina
Argentina has a new president: the libertarian populist Milei has been sworn in as president of Buenos Aires, in the presence of Ukrainian President Zelensky and Hungarian Prime Minister Orban.
The election of Argentina’s president was won by the libertarian economist and political newcomer Javier Milei, as the people of the crisis-stricken country remained angry at the ongoing dire economic situation. Now, he has taken office.
The 53-year-old pledged to “serve the country with loyalty and patriotism” in the presidency, “in the name of God, the homeland, and the Holy Gospels.”
Guests from Europe also attended
A group of highly diverse world leaders traveled to the Argentine capital for the inauguration: present at the ceremony were Ukrainian President Volodymyr Zelensky and right-wing nationalist Hungarian Prime Minister Viktor Orban – the only EU head of government who maintains close ties with the Kremlin. Santiago Abascal, the leader of the far-right Vox party in Spain, Spanish King Felipe VI, former far-right Brazilian President Jair Bolsonaro, and the heads of state of some neighboring countries were also present.
Left-wing Brazilian President Luiz Inácio Lula da Silva, who has been harshly criticized by Milei in the past, did not attend the ceremony and sent his foreign minister instead.
Bold statements in the election campaign
Milei emerged victorious in the November runoff election with 55.6% of the vote, defeating Economy Minister Sergio Massa. He has repeatedly made bold statements, including talking about “shock therapy” to revive South America’s second-largest economy. He has already prepared the people for a tough and long austerity program. The country’s economic situation is dire: inflation is expected to reach up to 250% by the end of the year, and 40% of the population lives in poverty.
In addition to financial sector reforms, Milei intends to liberalize gun laws and privatize the education and healthcare systems. He has repeatedly stated that he wants to confront the “corrupt and parasitic political caste” with his model of freedom.
Moderate tone since the election victory
Since his victory three weeks ago, Milei has tried to adopt a more moderate tone. He no longer talks about dissolving the central bank and adopting the dollar as the national currency, which he had previously advocated. Milei nominated renowned investment banker Luis Caputo as his Minister of Finance, who previously served as a minister under liberal-conservative President Mauricio Macri. Patricia Bullrich, the third-place candidate in the presidential race, is set to become the Minister of the Interior.
Argentina is heavily indebted to the International Monetary Fund (IMF), while the state apparatus is considered bloated. The national currency, the Peso, continues to lose value against the dollar. Milei has already held talks with the United States and the IMF regarding support for the Argentine economy.