Argentina's president warns of economic 'shock treatment'
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The reading
Argentina has a new president. His name is Javier Milei. He was a surprise winner of the country's election in November. Mr Milei has promised to turn around Argentina's poor economy. In particular, he said he would cut inflation, which is currently around 140 per cent. He also wants to slash the public debt. Argentina has borrowed a lot of money in the past few decades. Mr Milei wants to start repaying it. In his first speech as president, he said the economy needed "shock treatment" to recover. He said previous governments had spent too much and that "there is no money left". He warned Argentinians that life would be tough for a few years. He said people would have to live in "austerity" to help the economy.
Javier Milei is different from any politician Argentina has seen before. He is a far-right politician. Many people say he is similar to former US President Donald Trump and former Brazilian President Jair Bolsonaro. During Milei's election campaign, he was often seen with a chainsaw. He wanted people to know he would make many spending cuts to the economy. He called his election victory a turning point in Argentina's history, like the fall of the Berlin Wall in 1989. He has promised to limit abortion rights and relax gun laws. He has also upset environmentalists because he does not believe in climate change. He said: "We know that in the short term, the situation will worsen, but then we will see the fruits of our efforts."
Sources:
- https://www.bbc.com/news/world-latin-america-67678276
- https://news.yahoo.com/finance/news/argentina-markets-want-fiscal-kick-050255712.html
- https://www.voanews.com/a/argentine-president-milei-warns-economic-shock-unavoidable-in-maiden-speech-/7391933.html
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