Argentine libertarian Milei to take presidency with economic crisis in focus

10/12/2023 16:31

                Argentina will swear in libertarian economist Javier Milei as president on Sunday in a sharp swerve for the South American country as it seeks a radical fix for the worst economic crisis in decades and inflation rapidly heading towards 200%.
        
        Milei, 53, a former TV pundit who shot to fame with expletive-ridden tirades against rivals, China, and the pope, will take the presidential sash already showing some signs of a pragmatic and moderate shift since his election win last month.
        
        The wild-haired outsider, however, marks a major gamble for Argentina: his shock therapy economic plan of sharp spending cuts has gone down well with investors and could stabilize the embattled economy, but it risks pushing more people into hardship with over two-fifths already in poverty.
        
        However, voters - who drove Milei to victory in a November run-off against a ruling Peronist coalition candidate - said they were willing to roll the dice on his sometimes radical ideas that include shutting the central bank and dollarizing.