Argentina’s President Javier Milei is launching radical economic reforms in the crisis-hit country, according to The Week.
If we don’t change the economic model from the very roots, then Argentina has no future, said Argentina’s President Javier Milei in a high-stakes gambit.
In front of Congress, he initiated a whirlwind of controversial economic reforms at the opening of the 142nd legislative session, setting off a dramatic confrontation with Congress.
Milei unveiled a new package of bills designed to accelerate his ambitious economic reforms. He also vowed to press forward with his reforms “by law, presidential decree, or by modifying regulations,” a stark reminder of his willingness to bypass the legislature if necessary.
Such determination indicates that Argentina’s economic problems can only be solved through a radical restructuring of the system. The conclusion that emerges is that by demanding that Congress pass his new package of bills, Milei is effectively forcing legislators to either accept his vision or face the political consequences of obstruction.
At the heart of Milei’s new legislative initiative are two key priorities: cutting government spending and holding politicians accountable for fiscal irresponsibility: this involves cutting benefits for lawmakers, such as private jets, and stripping federal benefits from politicians convicted of corruption.
Milei is about to introduce a law that would penalise anyone, including the president and lawmakers, who signs off on financing the budget deficit by printing new money.
Milei, 53, came to power last year on a wave of public anger over Argentina’s economic woes, is wasting no time in implementing his radical programme. In 82 days, the president has devalued the peso by more than 50 percent, cut government subsidies, cut tens of thousands of public sector jobs and cancelled hundreds of regulations in an attempt to deregulate the economy.
