Argentina, Javier Millay is sworn in as president, warns of austerity measures

"I swear to God and the country... to exercise with faith and patriotism the post of president of the nation of Argentina," said 53-year-old economist Javier Millay during his oath, while stressing that "there will be no half measures."

At the same time, thousands of his supporters lined the streets in front of Congress in Buenos Aires, waving the country's flag. After the swearing-in ceremony, Millay promised a new era for the country, but warned of painful austerity measures and an economic crisis that it will "get worse" before it gets better.

"Today begins a new era in Argentina"
"Today begins a new era in Argentina," he said, emphasizing that "no government has received a worse 'inheritance' than the one we are receiving". "The bottom line is that there is no alternative to austerity and there is no alternative to a shock adjustment," Millay warned, saying his predecessors had left the country starved of capital and on a path to hyperinflation.

DW notes that inflation in Argentina has reached 140% year-on-year and 40% of the population lives in poverty. Analysts have warned that foreign exchange reserves are deeply depleted and the heavily indebted country has few options for borrowing.

Miley said she plans to fundamentally restructure the country, which is in the midst of a severe economic crisis. During the election campaign, Millay announced spending cuts equivalent to 5% of Argentina's gross domestic product. He even said he will abolish the central bank and adopt the dollar as the national currency due to extremely high inflation.

Invited from all over the world
Invited to the ceremony were Ukrainian President Volodymyr Zelensky and Hungarian Prime Minister Viktor Orban.

Miley spoke briefly with Zelensky on the steps of Congress and the two men shared a warm embrace. The Ukrainian leader said on social media that he had also held talks with the leaders of Ecuador, Paraguay and Uruguay as he sought to support war-torn Ukraine.

Also present was the former president of Brazil, Jair Bolsonaro, as well as the president of Chile, Gabriel Boric. However, Luiz Inácio Lula da Silva, Brazil's current leader, and Mexican President Andres Manuel Lopez Obrador did not attend.

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