Argentina’s newly elected Libertarian president from the Sunday’s presidential election, Javier Milei, has pledged to arrest the country’s prolonged economic downturn marked by triple-digit inflation.
In a surprising upset, Milei, self-described as an “anarcho-capitalist,” ousted the dominant populist Peronist coalition that has historically held sway in Argentine politics.
Securing 55.7 percent of the vote, Milei decisively triumphed over his opponent, Economy Minister Sergio Massa, who garnered 44 percent of the vote and promptly acknowledged his defeat.
“Today begins the reconstruction of Argentina. Today begins the end of Argentina’s decline,” Milei said in his victory speech.”The model of decadence has come to an end. There is no way back.”
In Latin America’s third-largest economy, persistent crises have plagued the nation under interventionist administrations prioritizing extensive welfare programs.
These governments frequently resort to printing money to fund expenditures, consequently driving inflation. Simultaneously, heavy borrowing habits have resulted in recurring defaults on national debt.
Stringent controls over access to dollars have created a flourishing black market for the currency, while experts caution that the peso is vulnerable to a significant devaluation.
“There is no room for gradualism…or half-measures,” warned Milei.
