Javier Milei assumed Argentina's presidency succeeding Alberto Fernandez, with Victoria Villarruel as vice president. Addressing the dire economic crisis, Milei advocated for a necessary fiscal shock to counter 200% inflation.
Acknowledging short-term hardships, he stressed austerity's inevitability, promising future benefits. His unexpected November victory propelled him, a right-wing figure, from obscurity to presidency.
His platform includes diverse reforms, from restricting abortion rights and liberalizing gun laws to denying climate change. Campaign promises involved replacing the peso with the dollar, scrapping the central bank, and dismantling government departments.
Argentina faces economic turmoil, the peso's decline, 40% poverty rates, and deep recession. Milei's inauguration drew global attention, hosting Ukrainian President Volodymyr Zelensky, discussing potential support for Ukraine, and Hungary's President Viktor Orban. Milei's ascendancy signals a radical shift, poised to implement controversial reforms amid Argentina's profound economic challenges.
Key Points:
1. Javier Milei, a far-right populist, has been sworn in as the new President of Argentina in a ceremony held at the National Congress in Buenos Aires.
2. Outgoing President Alberto Fernandez handed over the presidential sash and baton of command to Milei, whose term will last until December 10, 2027.
3. Victoria Villarruel was sworn in as vice president alongside Milei.
4. In his address to the public, Milei emphasized the necessity of a sharp, painful fiscal shock to address Argentina's severe economic crisis, with inflation approaching 200 percent.
5. Milei acknowledged that austerity measures and shock treatment are unavoidable, anticipating short-term challenges but expressing confidence in the long-term positive outcomes.
6. The 53-year-old Milei, who won a surprise election victory in November, has made radical pledges to overhaul Argentina's economy.
7. His right-wing platform includes proposals to restrict abortion rights, liberalize gun laws, deny climate change, replace the Argentine peso with the dollar, and abolish the country's central bank.
8. The International Monetary Fund (IMF) data reveals a long-term decline in the peso, with poverty levels soaring to 40 percent, and the Argentine economy facing a deep recession.
9. Ukrainian President Volodymyr Zelensky and Hungary's President Viktor Orban were among the guests at Milei's swearing-in ceremony.
10. Milei's inauguration marks a significant shift in Argentina's political landscape, with the new president advocating for bold economic reforms to address the country's economic challenges.
(With Agency Inputs)
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