Argentina's president warns of economic 'shock treatment'
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Argentina's new president has promised to turn around his country's poor economy. Javier Milei said he would cut inflation, which is around 140 per cent. He also wants to cut the public debt. In his first speech as president, he said the economy needed "shock treatment" because "there is no money left". Previous governments spent too much. He warned people that life would be tough for a few years. People will have to live in austerity.
Javier Milei is a far-right politician. Many people compare him to Donald Trump. During Milei's election campaign, he carried a chainsaw to show he would cut spending. He said: "In the short term, the situation will worsen, but then we will see the fruits of our efforts." His election victory was a surprise. He called it a turning point in Argentina's history. He wants to limit abortion rights and relax gun laws. He does not believe in climate change.
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