Argentina experiences initial demonstrations against Milei's austerity proposal

In Buenos Aires, Argentina, thousands of people took part in a major protest against the new government's economic policies. President Javier Millei implemented measures such as spending cuts and a significant devaluation of the currency. He also signed an economic reform decree that eliminates restrictions on exports. The march was primarily led by unemployed groups, and a large number of police officers were deployed to prevent the protesters from blocking roads. President Millei, who recently assumed office, has warned that he will take tough action against any groups that disrupt his plans with protests. The government announced that individuals who block streets may lose their right to receive state benefits. The protest leaders emphasized that the demonstration is peaceful and that they do not seek confrontations. In a televised address, President Millei declared that these measures were just the beginning, as he aims to revive the country's struggling economy. Last week, the government devalued the currency by over 50% against the US dollar, and it also announced deep cuts to public spending. Argentina is grappling with high inflation, low cash reserves, and soaring government debt, with a significant portion of the population living below the poverty line. The International Monetary Fund, to which Argentina owes a substantial debt, praised these "bold" measures, stating that they would foster an environment for private sector growth.