Argentina’s Milei promises to ‘push’ reforms despite opposition
March 2, 2024
Argentine President Javier Milei told investigators during a fiery speech to Congress on Friday that he would “continue moving forward” with changes to restructure the economy.
Milei describes himself as a libertarian and anarcho-capitalist, and has promised a drastic reduction in state spending with the aim of reinforcing a government deficit that he says is fueling red-hot inflation.
‘We will change the country forever’
Milei told critics that he would move forward with the reforms with or without legislative approval.
“We will not retreat, we will continue to advance,” he said, adding: “Whether by law, presidential decree or modifying regulations.”
“We are going to change the country forever… with or without the support of political leaders, with all the legal resources of the executive,” said Milei.
“I ask for patience and trust,” he said, adding: “It will take some time before we see the fruit of the economic reorganization and reforms we are implementing.”
‘Argentina has no future’ if the economic model is not transformed
The libertarian president added that he would submit a bill to penalize anyone – including a president – who approved financing a fiscal deficit by printing more money. Milei reduced the value of the currency by half after taking office.
“If we don’t change the economic model from the ground up, Argentina will have no future,” he said.
Milei, pausing frequently amid applause from his bloc, told Congress that if they opposed him in his bid for change, they would face a “different kind of animal.”
Milei’s Freedom Advances party is the third strongest in Congress and does not have the seats to impose its agenda on its own.
Milei’s shock therapy for Argentina
After taking office in December, Milei issued a decree to repeal or modify hundreds of existing laws to limit the power of unions and deregulate an economy characterized by notoriously heavy-handed state intervention. A court ruling blocked the changes.
Milei then presented a package of sweeping reforms dubbed the omnibus bill that aims to privatize state-owned entities and gut labor protections, among other things.
The project was rejected by pursuers last month after a vote. The bill included articles to relegate power to the executive for one year and the power to pass laws by decree in light of “economic urgency”.
Milei’s shock economic measures have boosted markets but sparked widespread protests across the country and faced huge resistance from unions, who say the new reforms will hurt the poor.
Source: DW
Lori Barajas is an accomplished journalist, known for her insightful and thought-provoking writing on economy. She currently works as a writer at 247 news reel. With a passion for understanding the economy, Lori’s writing delves deep into the financial issues that matter most, providing readers with a unique perspective on current events.