• Results Javier Milei, the ultra-liberal candidate who captivated Argentina's youth
  • Argentina's Mauricio Macri, the ally who guided Milei and was key to the ultra-liberal's winning of the Argentine presidency

It's the first time in Argentina's history that a president has campaigned saying he's going to make a huge economic adjustment, and people vote for him. It is the first time in Argentina's history that a candidate has won an election with barely two years of experience in politics; and it is the first time in the history of Argentina that an economist has reached the Casa Rosada. That is Javier Milei, who on Tuesday, through his Minister of Economy Luis "Toto" Caputo, communicated to the nation the first economic measures that will be carried out at the beginning of his term.

"The next few months we're going to be worse off than before, particularly in terms of inflation. It is better to tell an inconvenient truth than a comfortable lie," Caputo concluded in his speech. The famous chainsaw with which the ultra-liberal appeared so much during the presidential campaign, is beginning to be applied.

The Managing Director of the IMF (International Monetary Fund), Kristalina Georgieva, supported the measures of the Minister of Economy and published a message on the social network X: "I welcome the decisive measures announced by President Javier Milei and his economic team to address Argentina's important economic challenges. It is an important step towards restoring stability and rebuilding the country's economic potential." The wink of the head of the IMF caused good repercussions in the LLA (La Libertad Avanza) party.

In addition, Argentine bonds rose 3% on Wall Street on Wednesday and the stock market set a new record, reaching its highest prices of the year.

In the United States, Republicans in Congress are very active in the face of Milei's new government. In the wake of Caputo's announced measures, Senator Marco Rubio and other congressmen sent a letter to President Joe Biden on Wednesday to "strengthen bilateral relations." At the same time, U.S. politician María Elvira Salazar called on the U.S. Treasury and the International Monetary Fund to "urgently" negotiate the program with Argentina.

Some of the 10 measures established by the new government include the devaluation of the peso in the official market; If a dollar cost 400 pesos, it will now be worth 800. Another resolution that also drew attention was the non-renewal of contracts of people who have been in force for less than a year in the State, since this is "a common practice in politics, to incorporate thousands of family members and friends before a change of government to maintain their privileges," according to Caputo.

One of the promises that Milei has already fulfilled is the reduction of ministries by half: from 18 agencies there will now be no more and no less than nine. The viral video in which the ultra-liberal removed the posters with the names of the ministries from a blackboard predicted this decision. In addition, they reduced the number of secretariats from 106 to 54.

"The situation is critical," said presidential spokesman Manuel Adorni, who explained at a press conference that "the decision is clear: there is no money and there have to be concrete measures such as the Law of Ministries and reduction of political positions."

The Milei government also announced that it will stop bidding for more public works and cancel approved tenders whose development has not begun. "There is no money to pay for more public works. The infrastructure works will be carried out by the private sector," said the Minister.

Milei's chainsaw has begun its work. Although, for some, this has become a pair of scissors, at least for now. Others, on the other hand, denounce that the adjustment has been excessive and excessive.

  • Argentina
  • Javier Milei