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Argentina’s newly elected president, libertarian Javier Millay, sworn in – Magazine Creations

Argentina’s newly elected president, Javier Millay, a self-described anarcho-capitalist whose inflammatory rhetoric has drawn comparisons to former US president Donald Trump, was sworn in on Sunday.

During his opening speech, Millay reportedly talked about the country’s economic emergency and tried to prepare the audience for a major adjustment in public spending cuts.

“We have no alternatives and we have no time. We have no room for sterile discussions. Our country requires action and immediate action. The political class has left the country on the brink of the biggest crisis in history,” he told thousands of supporters in the capital, Buenos Aires. according to the Associated Press. “We do not wish for the difficult decisions that will need to be made in the coming weeks, but unfortunately we have been left with no choice.”

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Argentina’s new president, Javier Millay, gestures from the balcony of the Casa Rosada government palace during his inauguration day in Buenos Aires on December 10, 2023. Libertarian economist Javier Millay was sworn in as Argentina’s president on Sunday after a resounding electoral victory. victory for the country’s economic crisis. (Photo by LUIS ROBAYO/AFP via Getty Images)

Argentina has the second largest economy in South America, but suffers from annual inflation of 143%, causing the country’s currency to fall.

The country also has a $43 billion trade deficit as well as $45 billion in debt to the International Monetary Fund, with $10.6 billion due to private and multilateral creditors as of April.

Milei said, “There’s no money,” and on Sunday he reiterated the idea and explained why a phased approach that requires funding is not an option.

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Javier Millay was sworn in as president of Argentina

BUENOS AIRES, ARGENTINA – DECEMBER 10: A woman shows masks to Javier Millay in Buenos Aires, Argentina on December 10, 2023. Javier Millay entered the Casa Rosada (seat of government) for the first time as head of state of Argentina. (Photo by Lucas Aguayo Araos/Anadolu via Getty Images)

However, he promised his supporters that his proposed change would mainly affect the state rather than the private sector and represent the first step in restoring 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 basis for stable and sustainable growth,” said Miley.

On Sunday, Millay was sworn in at the National Congress building and the ceremony included outgoing President Alberto Fernandez placing the presidential sash on him. Some of the assembled MPs shouted “Freedom!”

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President Javier Millay takes office in Argentina

BUENOS AIRES, ARGENTINA – DECEMBER 10: Argentina’s President Javier Milei gives a speech after the presidential inauguration ceremony at the Presidential Palace “Casa Rosada” on December 10, 2023, in Buenos Aires, Argentina. (Photo by Tomas Cuesta/Getty Images)

Breaking with tradition, Miley then delivered his inaugural address to supporters outside, rather than to assembled lawmakers, with his back to the legislature.

During his speech, he blamed outgoing lawmakers for setting Argentina on the path to hyperinflation, saying the political class “has ruined our lives.”

“In the last 12 years, the GDP per capita has decreased by 15% in a context in which we have accumulated inflation of 5,000%. Therefore, for more than a decade we have been living in stagflation. This is the last rough problem before the reconstruction of Argentina begins » , Miley said. “It won’t be easy; 100 years of failure are not undone in a day. But it starts in a day, and today is that day.”

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Javier Millay was sworn in as president of Argentina

BUENOS AIRES, ARGENTINA – DECEMBER 10: Javier Millay speaks and greets supporters from a balcony of the Casa Rosada (seat of government) for the first time as head of state of Argentina, in Buenos Aires, Argentina on December 10, 2023. (Photo by Lucas Aguayo Araos/Anadolu via Getty Images)

Although he did not receive cheers throughout the speech, the crowd reportedly listened actively and many waved Argentine flags, while a small portion of the crowd waved the yellow Gatsen flag often associated with the US libertarian right.

On November 19, Milei won the presidency amid a nationwide wave of deep discontent and growing poverty.

In the election campaign, Milei, with his wild hair and incendiary rhetoric, promised economic shock therapy and downsizing the state. He has also indicated that he will move Argentina’s embassy from Tel Aviv to Jerusalem – alongside another move by the Trump administration.

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Millay accused his opponent, Economy Minister Sergio Massa of the Peronist party, and his allies of waging a “campaign of fear” and withdrew some of his most controversial proposals, such as loosening gun control. In his latest campaign ad, Milei looks into the camera and assures voters that he has no plans to privatize education or health care.

Millay’s rhetoric resonated with Argentinians who were exasperated by their struggle to get by. The election forced many to decide which of the two they considered the less bad choice.

Bradford Betz of Fox News Digital and The Associated Press contributed to this report.

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