Miley replaced Alberto Fernandez, whose government could not contain the rapid rise in prices.
Argentine President Javier Miley took the oath of office in the National congress in Buenos Aires.
Reported by REUTERS.
“Argentine libertarian economist Javier Miley took office. During his first speech, he warned that there is no alternative yet to the sharp, painful fiscal shock that awaits the country,” the report said.
He noted that Argentina is experiencing “the worst economic crisis of the decade,” during which inflation will reach 200%.
“There is no alternative to shock correction,” he said on the steps of Congress after taking the presidential cane and belt.
Miley said that Argentina's economy will deteriorate further in the near future.
“There is no money,” said Miley.
Note that the 53-year-old former TV presenter, famous for his obscene tirades against competitors, China and the Pope, Miley replaced Alberto Fernandez, whose government could not contain the rapid rise in prices.
“The outgoing government has left us on a path to hyperinflation. However, we will do everything possible to avoid disaster,” Miley said.
He said key steps would include a fiscal adjustment equivalent to 5% of the country's GDP through cuts that he said would fall “on the public sector, not the private sector.”
Recall that libertarian Javier Miley won the presidential election in Argentina on November 19. His rise to power could affect Argentina's relations with the United States and Ukraine.
▶ On the TSN YouTube channel you can watch the video at this link: TSN 15:00 for November 20, 2023 | Full news release
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