Tuesday, November 28, 2023

ECONOMY | 20-11-2023 00:32

Milei vows swift measures to pull Argentina out of crisis

Argentina’s president-elect vows swift measures to pull the economy out of a deep crisis.

Argentina’s president-elect Javier Milei promised swift measures to pull the economy out of a deep crisis, saying he’s ready to welcome all those willing to join his efforts to restore the country’s prosperity.

“Today begins the rebuilding of Argentina,” he said in his first speech after winning Sunday’s runoff election. Speaking from his campaign headquarters at a downtown Buenos Aires hotel, his tone was more sober than usual.

Milei described the condition of South America’s second-largest economy as “critical” and said there’s no room for gradualism, suggesting he’ll take drastic measures from the moment he takes office on December 10.

His government will meet all of its commitments and respect private property, he added, reading from prepared remarks.


‘Way to hyperinflation’

Milei beat Economy Minister Sergio Massa by more than 11 percentage points in Sunday’s run-off election, winning a clear mandate to implement his radical economic proposals, which include introducing the dollar as legal tender and shutting down the Central Bank.

Yet the president-elect didn’t mention those plans during his initial speeches. Instead, he warned the population of huge challenges ahead, promising to balance the budget and, in an additional sign of moderation, “fix problems at the Central Bank.” 

“They are leaving us with a destroyed economy on the way to hyperinflation,” he said in a second speech to a large crowd gathered outside his headquarters.

After conceding defeat before the release of official results, Massa has decided to take a “leave of absence” until the end of the Peronist administration, being replaced by Economic Policy Secretary Gabriel Rubinstein, LN+ TV reported.

Contacted by Bloomberg News, Massa didn’t immediately respond to a request for comment. 

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by Manuela Tobias, Bloomberg


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