Argentina's new leader Javier Milei expected to announce first measures

Javier Milei, who has promised to eliminate inflation and save the country's troubled economy with a shock therapy program based on severe cuts to public spending, took office as Argentina's new president on Sunday.

The leader, who defeated Argentina's traditional political coalitions in the runoff election held last month, took the oath of office at a ceremony held in Congress and assumed the presidency.

Afterward, Milei warned Argentines that they would have to endure more pain during the attempts to emerge from the economic crisis inherited from his predecessor.

Milei said that if the new government does not change course, the outgoing administration of Alberto Fernandez has left behind an inflation rate that could reach 15 thousand percent. Addressing a large crowd waiting for him outside Congress, Milei said, “They have ruined our lives. There is no money.”

Reiterating his promise to rapidly reduce spending, Milei said there was no other alternative and that there was not much time left. Milei added that the economy would worsen in the short term before it improves.