Millay promised a new era for the country but warned of painful austerity measures and an economic crisis that would “get worse” before it gets better
“I swear to God and the country… to exercise with faith and patriotism the position of president of the nation of Argentina,” said the 53-year-old economist Javier Millay during his swearing-in while stressing that “there will be no half measures.”
At the same time, thousands of his supporters lined the streets in front of Congress in Buenos Aires, waving the country’s flag.
After the swearing-in ceremony, Millay promised a new era for the country but warned of painful austerity measures and an economic crisis that would “get worse” before it gets better.
“Today begins a new era in Argentina”
“Today begins a new era in Argentina,” he said, stressing that “no government has received a worse ‘inheritance’ than the one we are receiving.” “The bottom line is that there is no alternative to austerity and there is no alternative to a shock adjustment,” Millay warned, saying his predecessors had left the country starved of capital and on a path to hyperinflation.
DW notes that inflation in Argentina has reached 140% year-on-year, and 40% of the population lives in poverty. Analysts have warned that foreign exchange reserves are deeply depleted and the heavily indebted country has few options for borrowing.
Miley said he plans to radically restructure the country, which is in the midst of a severe economic crisis. During the election campaign, Millay warned of spending cuts equivalent to 5% of Argentina’s gross domestic product. He even said he would abolish the central bank and adopt the dollar as the national currency due to extremely high inflation.
Guests from all over the world
The guests of the ceremony were the President of Ukraine Volodymyr Zelensky and the Hungarian Prime Minister Viktor Orban.
THE He speaks he spoke briefly with Zelensky on the steps of the Congress and the two men shared a warm embrace. The Ukrainian leader said on social media that he had also held talks with the leaders of Ecuador, Paraguay and Uruguay as he sought to support war-torn Ukraine.
The former president of Brazil, Jair Bolsonaro, was also present, as was the president of Chile, Gabriel Boric. However, Luiz Inácio Lula da Silva, Brazil’s current leader, and Mexican President Andres Manuel Lopez Obrador did not attend.
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