Argentina's President Javier Milei and Economic Reforms
Argentina's libertarian President Javier Milei vows to push through sweeping economic reforms, including deregulation and budget cuts, with or without legislative support, despite facing challenges in court and protests from citizens.
Key Points
- Devalued the peso by more than 50%
- Slashed state subsidies for fuel and transport
- Cut tens of thousands of public service jobs
- Scrapped hundreds of rules to deregulate the economy
- Reached out to provincial governors and former presidents to forge a 'new social contract'
- Vowed to pass reforms by presidential decree if not supported by lawmakers
Pros
- Focus on addressing fiscal deficit to tackle economic issues
- Efforts to boost foreign currency reserves and achieve a budget surplus
- Attempt to deregulate the economy and reduce public spending
Cons
- Facing challenges in court with over 60 lawsuits from various groups
- Protests from citizens fearing negative impact on their livelihoods
- Removal of subsidies affecting the poor and vulnerable