Home » Argentina, Milei announces shock measures in his inauguration speech: “There is no alternative to economic adjustment”

Argentina, Milei announces shock measures in his inauguration speech: “There is no alternative to economic adjustment”

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Argentina, Milei announces shock measures in his inauguration speech: “There is no alternative to economic adjustment”

On the day theArgentina sees the installation of Javier Milei at the Casa Rosada, which marks the beginning of the government of ultradest, the new president has made it clear what it will be the impact from the reforms expected. “Today begins a new era in Argentina. The decline ends and we begin the reconstruction of the country. The Argentines have strongly expressed a desire for change. There is no going back,” said the new Argentine president in his speech settlementspecifying: “There is no alternative to the adjustment economic“. Which will be, he explained, one choc. “There is no alternative to shock” stated the new president, speaking to the crowd in front of Congress and underlining that “the outgoing government has left us with hyperinflation” and that “there has never been a government that has received a legacy worse than what we are receiving.”

Of course the adjustment, adds Milei, “will have an impact negative on the level of activity, employment, real wages and the number of poor and destitute. There will be one stagflazione – that is, a general increase in prices and a lack of growth in the economy in real terms – but it is not something so different from what has happened in the last twelve years, GDP per capita has fallen by 12%, in a context of which we have accumulated 5000% inflation, so we have been living in stagflation for more than a decade, so this will be the last bad pill to start the reconstruction of Argentina. There is no doubt that the last possible option is adjustment. A adjustment order that falls on the State and not on the private sector. We know it will be difficult, that’s why I want to bring you light.”

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The president, in his speech on the steps of Congress, stated that in the country “a crisis begins new era” and remarked that in 1853when the Constitution was enacted, the country had already decided to embrace “the ideas of freedom“. Today, you underlined, “an era of peace and prosperity begins, an era of growth and development, an era of freedom and progress”. And he concludes: “Today a long era of decline and let’s start rebuilding the country. Argentines have strongly expressed a desire for change. You can not go back”. His is an unprecedented gesture, in protocol of presidential inauguration ceremonies which traditionally require the president’s speech to be given in front of the assembled chambers. Milei spoke to the Argentines in the presence of foreign delegations. Among those present was also the President of Ukraine, Volodymyr Zelensky, with whom Milei exchanged a warm hug.

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