Argentina's new ** Milley was sworn in on the 10th local time, and he warned to prepare for painful austerity measures. With the treasury empty, he sought to cut spending and curb triple-digit inflation.
According to Agence France-Presse, Milley, known as the "Argentine Trump," broke with tradition and delivered his inaugural address to thousands of flag-waving supporters chanting "freedom" and "chainsaw" on the steps of Congress. The chainsaw was a symbolic instrument of power for his campaign campaign calls for spending cuts.
Emphasizing that successive leaders left him the "worst legacy" of previous dynasties, Milley shouted "no money" and vowed to end the "decades of decadence" caused by the overspending of previous leaders.
The bottom line is, there is no choice but austerity, no choice but electric shocks**...We know that the situation will deteriorate in the short term, and then our efforts will bear fruit. ”
Argentina has an annual inflation rate of almost 140 per cent, and 40 per cent of the population lives in poverty. The analysis warns that foreign exchange reserves are in deep deficits and that the heavily indebted country has few credit options.
Milley warned that spending cuts for Argentina, Latin America's third-largest economy, could be as large as 5 percent of gross domestic product.
After the original 18 cabinet members, nine cabinet ministers will later be sworn in under his oath. He has already said that the first wave of measures will be proposed to Congress in a few days.
According to public information, Milley was born on October 22, 1970, and has worked as a business manager, university professor, columnist, radio and television program host, etc. In 2021, Milley formed the "Free Forward Party" and was elected to the Argentine Congress.