Javier Milei: New president tells Argentina ‘shock treatment’ looms

Argentina’s newly inaugurated far-right president, Javier Milei, has outlined plans for economic “shock treatment” in his first address, emphasising the stark reality of financial constraints by warning, “there is no money.” 

Elected in a surprising victory in November, the populist outsider is committed to implementing stringent austerity measures to revamp the struggling South American nation’s economy.

The 53-year-old leader, amidst a day of ceremonial proceedings in Buenos Aires, signalled a departure from previous presidential approaches, declaring his intent to undo “decades of decadence” through significant spending cuts aimed at reducing substantial public debts and curbing inflation, which currently exceeds 140%.

“The bottom line is that there is no alternative to austerity and there is no alternative to shock treatment,” Mr Milei said.

“We know that in the short term the situation will worsen. But then we will see the fruits of our efforts.”