Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Egyptian PM Mostafa Madbouli: Egypt is targeted in plans to redraw regional map
AEOI Chief Mohammad Eslami: Our presence in IAEA General Council and fact-checking helped in preventing unilateral rhetoric that aims to portray Iran as an unregulated country
AEOI Chief Mohammad Eslami: We witnessed new, stricter stances from European countries since signing new agreement with IAEA
Saree: Our UAV force targeted the so-called Ramon Airport in the Umm al-Rashrash area in southern occupied Palestine
YAF spokesperson Brigadier General Yahya Saree: Our rocket force carried out an operation with a Palestine 2 hypersonic ballistic missile targeting a sensitive target in the occupied Yafa area
Trump administration clears first Ukraine arms aid package paid for by allies: Reuters, citing sources
Saudi Crown Prince Mohammad bin Salman receives Secretary of Iran's Supreme National Security Council Ali Larijani at his office in Al-Yamamah Palace
Wakim: Surrender is not in our dictionary, and it is not true that "Israel" can implement its project in Lebanon and the region
Wakim: The US is preventing the armament of the Lebanese army. The question is, why are the weapons it is handed over by the Resistance being destroyed?
Wakim: The Resistance is required to hand over its weapons to the [current] authority. The question is: Is this authority independent or subservient to America?

Argentina's Milei warns of 'shock' austerity as he takes office

  • By Al Mayadeen English
  • Source: Agencies
  • 11 Dec 2023 00:39
3 Min Read

Argentina's far-right president faced hundreds of supporters who gasped "freedom!" and "chainsaw!" referring to the power tool he carried during the campaign trail to signify budget cutbacks.

  • x
  • Argentina's outgoing President Alberto Fernandez pats incoming President Javier Milei after handing him the presidential sash at the Congress in Buenos Aires, Argentina, December 10, 2023 (AP)
    Argentina's outgoing President Alberto Fernandez pats incoming President Javier Milei after handing him the presidential sash at the Congress in Buenos Aires, Argentina, December 10, 2023 (AP)

Argentine far-right President Javier Milei, 53, was inaugurated on Sunday, telling residents to brace themselves for tough austerity measures as he strives to slash expenditure and reduce triple-digit inflation while operating with empty funds.

Milei beat Economy Minister Sergio Massa in November's presidential runoff elections with 56% compared to Massa’s 44%, with 95% of the votes counted.

The politician has vowed to dollarize the Argentinian economy and has been compared to former US President Donald Trump and former Brazilian President Jair Bolsonaro. He has also been a stark advocate of a friendly foreign policy with the US and "Israel" as well as anti-BRICS sentiments, opting for involvement in the South American trade bloc. 

Earlier in August, Argentina, alongside Egypt, Iran, Ethiopia, UAE, and Saudi Arabia were invited to join BRICS.

Argentinian president Fernandez articulated at the time that Buenos Aires is grappling with an economic crisis with high inflation and weak foreign currency reserves, and was looking to join the bloc. 

He was met with hundreds of supporters who gasped "freedom!" and "chainsaw!" referring to the power tool he carried during the campaign trail to signify budget cutbacks.

Related News

Milei dealt crushing defeat in Buenos Aires provincial election

Pro-Palestinian demonstration repressed in Argentina

"There is no money," Milei declared, pledging to eliminate "decades of decadence" by his predecessors, who he claimed had left him "the worst inheritance" of any previous government.

"The bottom line is that there is no alternative to austerity and there is no alternative to shock treatment. We know that in the short term, the situation will worsen. But then we will see the fruits of our efforts."

Milei, a self-described "anarcho-capitalist," warned of expenditure cutbacks equivalent to 5% of GDP in a country where millions rely on government assistance in the form of subsidies.

Following his address, he addressed the people once again on the Casa Rosada balcony shouting "I am the lion," and chanting his catchphrase "Long live freedom, damn it!"

Milei will later swear in a government of nine ministers, a significant reduction from the present 18. He has stated that his first set of proposals would be submitted to Congress in the coming days.

With few members of his party in Congress, Milei has softened many of his beliefs and collaborated with politicians he previously attacked, including some in his cabinet.

The possibility of closing the Central Bank and dollarization has also faded.

Benjamin Gedan, director of the Argentina Project at the Washington-based Wilson Center expressed that "Milei 2.0 will still face an uphill climb, but he appears to have adopted a more pragmatic agenda and sought the advice of more experienced political figures."

  • Argentina
  • Javier Milei

Most Read

Pro-"Israel" conservative Charlie Kirk shot during Utah speech

American far-right activist Charlie Kirk shot dead during Utah speech

  • US & Canada
  • 11 Sep 2025
Uprising against Volker Turk at the Human Rights Council over Gaza.

Uprising against Volker Turk at the Human Rights Council over Gaza

  • Politics
  • 12 Sep 2025
A screengrab from the ad played on Fox News. (X Screengrab)

Fox airs ad warning Trump not to let Netanyahu 'play' him on Gaza

  • US & Canada
  • 11 Sep 2025
Lapid: Egypt’s Arab Force plan a 'severe blow' to normalization

Lapid: Egypt’s Arab Force plan a 'severe blow' to normalization

  • Palestine
  • 14 Sep 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Britain Trained Israeli Soldiers Involved in Gaza War: Declassified
Europe

UK training of Israeli officers sparks outcry over Gaza war complicity

Luxembourg's Prime Minister Luc Frieden arrives for an EU summit at the European Council building in Brussels, Thursday, June 26, 2025. (AP Photo/Omar Havana)
Politics

Luxembourg to recognize Palestine at UN summit next week

European Union flags flap in the wind outside EU headquarters in Brussels, Wednesday, Sept. 3, 2025 (AP)
Politics

EU exec. branch to adopt new sanctions against 'Israel' on Wednesday

Charlie Kirk killing suspect faces charges in Utah court hearing
US & Canada

Charlie Kirk murder suspect faces formal charges in Utah court hearing

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS