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Argentina President-elect Javier Milei pledges new political era in victory speech

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Argentina elected right-wing libertarian Javier Milei as its new president on Sunday, rolling the dice on a political outsider with libertarian views to fix an economy battered by triple-digit inflation, a looming recession and rising poverty.

Milei, who rode a wave of voter anger with the political mainstream, won by a wider-than-expected margin. He landed some 56 per cent of the vote versus just over 44 per cent for his rival, Peronist Economy Minister Sergio Massa, who conceded.

Milei is pledging "economic shock therapy". His plans include shutting the central bank, ditching the peso, and slashing spending, potentially painful reforms that resonated with voters angry at the economic malaise.

Milei's challenges are enormous. He will have to deal with the empty coffers of the government and central bank, a creaking $44 billion debt program with the International Monetary Fund, inflation nearing 150 per cent and a dizzying array of capital controls.

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Category
U.S. & Canada
Tags
global news, Argentina, Argentina Presidential election
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