How Argentina’s new far-right president could give his country ‘shock treatment’

Argentina has a new leader: Javier Milei was inaugurated as the South American country’s president on Sunday. Milei, a populist and far-right libertarian, shot to stardom from relative obscurity amid anger over the nation’s dire economic circumstances. To deal with these issues, Milei said during his inaugural address that there was “no alternative to shock treatment.”

This “shock treatment” would seek to combat Argentina’s longstanding economic crisis. The country is dealing with inflation of 143% — widely cited among the highest in the world — along with $43 billion in debt and four in 10 Argentines living in poverty. In his inaugural address, described by The Associated Press as “[not] the most uplifting,” Milei laid out his plans for the country, including mass spending cuts across government agencies in an effort to combat hyperinflation and self-described “anarcho-capitalism.” 

Source link