Javier Milei predicts Argentina's incoming president warns of imminent 'shock treatment'

Argentina's new president, Javier Milei, has vowed to implement tough economic measures in order to address the country's struggling economy. In his inauguration speech, Milei warned Argentines that there is a lack of funds and reiterated his commitment to austerity measures. The populist outsider won a surprising election victory in November by promising to revamp the South American nation's ailing economy. Milei's inauguration took place in Buenos Aires, where he emphasized his intention to take a unique economic approach. He plans to tackle the nation's significant public debts and high inflation, currently standing at over 140%, with deep spending cuts. Milei stated that austerity and shock treatment are the only alternatives, acknowledging that the situation may deteriorate in the short term before yielding positive results. The new president, who rose rapidly from obscurity, also intends to restrict abortion rights, liberalize gun laws, replace Argentina's currency with the US dollar, abolish the central bank, and eliminate various governmental departments. During the inauguration, Milei celebrated his achievement with a procession and addressed the crowd from a balcony. He received the presidential sash and baton, both personalized with engravings of his five dogs. Ukrainian President Volodymyr Zelensky, seeking support for Ukraine's war effort, attended the ceremony and discussed potential ways Argentina could assist his country.