Argentina's New President Milei Warns of Painful Economic Adjustment

Milei, a Self-Declared 'Anarcho-Capitalist', Promises State-Centric Austerity Measures Amid Severe Economic Crisis

Argentina's newly inaugurated President Javier Milei has warned the nation of a painful economic adjustment with drastic public spending cuts.
Milei, a self-declared 'anarcho-capitalist', won the election decisively, ending the decades-long dominance of the Peronist political force in Argentina.
Argentina is currently facing a severe economic crisis, with 143% annual inflation, a $43 billion trade deficit, and a $45 billion debt to the International Monetary Fund.
Milei has promised that the adjustment will primarily affect the state rather than the private sector, and is the first step towards regaining prosperity.
Milei has signaled a more moderate approach since winning the election, including backtracking on plans to scrap the nation's health ministry and replace the peso with the U.S. dollar.