Thousands of people took to the streets of Buenos Aires in the first major demonstration against the austerity policies of the new Argentine government.

President Javier Millais has announced measures that include spending cuts and a sharp devaluation of the currency. He also signed an economic reform decree that would end limits on exports, according to the BBC.

The march was led by groups representing the unemployed.

The police presence was heavy in order to prevent the protesters from blocking the streets.

Argentina

President Javier Millay, who took office about two weeks ago, has promised tough measures against any group that tries to thwart his plans with disruptive protests.

The government said on Monday that people who blocked the roads could lose their right to receive state benefits.

“This is a peaceful mobilization,” Eduardo Bellimoni, who leads the leftist protest group Polo Obrero, which called the first demonstration, told local radio in an interview.

“We don’t want any confrontation. We don’t want any kind of conflict.”

Argentina

In a speech broadcast on radio and television, President Miley unveiled some of the 300 meters, which mark what he called the first step toward rebuilding the country.

The measures he announced include the privatization of state-owned companies and the deregulation of mining and other industries. The president said he would repeal the law regulating rental properties.

It is recalled that last week, the government weakened the value of its currency by more than 50% against the US dollar.

Argentina is struggling with rising inflation, with prices rising by around 150% in the past year. It is also struggling with low cash reserves and high public debt, while 40% of the population lives below the poverty line.

The International Monetary Fund – to which Argentina owes $44bn (£35bn) – called the “bold” measures and said that they will help create the environment for the development of the private sector.