Libertarian Javier Miley took over on Sunday Argentine presidency with a promise to apply orthodox plan who directs economy devastated by inflation and poverty, surrounded by a passionate crowd approaching the center Buenos Aires celebrate with Argentine flags.

Having toppled historic Peronism in a recent runoff election, the eccentric economist, who turned to politics just three years ago, has given tens of thousands of followers a rough diagnosis of the crisis plaguing the country.

“Today we, good Argentines, have declared the end of the populist night and rebirth of a prosperous and liberal Argentina“He assured from the balcony Government House in front of tens of thousands of followers.

The new president emphasized that monthly inflation from 20% to 40% per month between December and February, which could lead to hyperinflation of 15,000% per year if sharp cost cutting.

“There is no alternative to adjustment, and there is no alternative to shock.”Miley said earlier on the steps in front of National Congresswhere did he get it baton from the hands of the now former president of the center-left party Alberto Fernandez.

“We know this In the short term the situation will worsenBut then we will see the fruits of our efforts, creating the basis for sustainable growth over time,” added Miley, assuring that the main target of the adjustment will be the state, not the private sector.

Many of the new government’s measures, which may be announced on Monday, will largely depend on negotiations he entered into with the oppositionsince Miley does not have a majority in the Congress or the allied provincial governors.

Disruptive initiatives such as dollarization of the economyliquidation of the central bank and privatization of state companies Their operation may be temporarily suspended.

“During the election campaign, Miley put forward various specific proposals, especially in economic terms, which she will not be able to implement, including due to her lack of legislative quorum“He pointed to Reuters political analyst Federico AurelioPresident of the consulting firm Aresco.

“But the factor by which he will retain the support he has today will not be whether he keeps those promises, but rather whether he keeps those promises or not. really improves the economic situation of the country and households“he added.

With annual inflation close to 150% and poverty at 40%, Freedom advancesMiley’s party will be third minority in the Chamber of Deputies and in the Senate, very far from Peronism, the first minority and the conservative coalition Together for change (JxC) who could support some of his initiatives.

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“We are very glad that there is a change in government, era and paradigm. It will be difficult because we know there is no money.. The country is run like a house: when there is no money, there are priorities“, said Reuters Ivana Nata is a 51-year-old housewife who came to Buenos Aires from the province of Santiago del Estero.

To cope with the financial crisis that is engulfing $44 billion debt to the International Monetary Fund (IMF) and large peso liabilities – the President-elect chose Luis Caputo as Minister of Economy, who was an official in the disillusioned JxC leadership between 2015 and 2019.

Other important JxC leaders such as former presidential candidate Patricia Bullrich were also indicated in Miley’s office.

Attentive to the popular support he so desperately needs, the President chose to address his followers rather than national legislators in Parliament, as is the custom in the country.

As part of the program, which includes a gala event at the symbolic Teatro Colonthe new president welcomed foreign delegations to Pink House.

Among the invited leaders were Ukrainian Vladimir ZelenskyHungarian Victor OrbanChilean Gabriel Borich and Uruguayan Louis Lacal Pouwhile center-left regional presidents such as the Brazilian Luiz Inacio Lula da Silva and Mexican Andres Manuel Lopez Obrador These were some of the biggest absences. Leader of the Brazilian Right Jair Bolsonaro was another notable personality at the event.

Today I took part in @JayMileyinauguration in Buenos Aires and congratulated the new president.

This is a new beginning for Argentina, and I wish President Miley and all the Argentine people to surprise the world with their successes.

I’m also sure that double-sided… pic.twitter.com/WFjsZsDYIQ

— Vladimir Zelensky / Volodymyr Zelensky (@ZelenskyyUa) December 10, 2023

(Reuters)