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BUENOS AIRES, Argentina (AP) — Argentina’s newly empowered President Javier Milei presented figures to lay bare the scope of the nation’s economic “emergency,” and sought to prepare the public for a shock adjustment with drastic public spending cuts in his inaugural speech.
Addressing thousands of supporters in the capital, Buenos Aires, Milei emphasized the urgency of the situation, stating that the country doesn’t have time for prolonged debates on alternatives.
“We don’t have margin for sterile discussions. Our country demands action, and immediate action,” he said. “The political class left the country at the brink of its biggest crisis in history. We don’t desire the hard decisions that will need to be made in coming weeks, but lamentably they didn’t leave us any option.”
Argentina’s second largest economy is grappling with 143% annual inflation, a plunging currency, and widespread poverty. It also faces a yawning fiscal deficit, a trade deficit of $43 billion, and a daunting $45 billion debt to the International Monetary Fund.
“There’s no money,” is Milei’s common refrain. He repeated it Sunday to explain why a gradualist approach to the situation, which would require financing, was not an option.
But he promised that the adjustment would mainly impact the state rather than the private sector, and that it represented the first step toward regaining prosperity.
“We know that in the short term the situation will worsen, but soon we will see the fruits of our effort, having created the base for solid and sustainable growth,” he said.
Milei, a 53-year-old economist, became a sensation on television with passionate speeches against the political establishment. His unexpected rise saw him winning the August primaries and decisively winning the second round election, effectively ending decades of Peronist rule.
Argentines disillusioned with the economic status quo rallied behind Milei’s radical proposals for change. While he has strong support, he is also likely to face fierce opposition from the Peronist movement’s lawmakers and trade unions.
Earlier on Sunday, Milei was sworn in inside the National Congress building, where he blamed the outgoing government for putting Argentina on the path toward hyperinflation while the economy stagnated, stating that the political class “has ruined our lives.”