Argentina's new President Javier Milei takes office

Argentina's new President Javier Milei, who won the presidential election held on November 19 in the second round, has been sworn in and assumed office.

SWORN IN

The swearing-in ceremony was held at the National Congress in the capital, Buenos Aires, where Milei received the presidential sash and baton from the outgoing President Alberto Fernandez. After taking office, Milei addressed the public in the Congress square. Milei stated, "Today marks the beginning of a new era for Argentina. Today, we are closing a long, sad period of decline and regression. We are embarking on the path of rebuilding our country. The Argentine people have expressed their desire for irreversible change by an overwhelming majority."

Stating that "the outgoing government left us on the path toward hyperinflation," Milei added, "We will do everything in our power to prevent such a catastrophe." He warned that if inflation is not brought under control, it could reach 15,000 percent annually, and he pledged to "fight tooth and nail" to eliminate it.

The swearing-in ceremony was attended by prominent figures, including King Felipe VI of Spain, Ukrainian President Volodymyr Zelenskyy, and former Brazilian President Jair Bolsonaro.

HAD ANNOUNCED HE WOULD CLOSE THE CENTRAL BANK OF ARGENTINA

The 53-year-old economist and former television commentator, Milei, had previously stated his intention to close the Central Bank of Argentina and promised to fix the country's economy. Milei's pledge to make the US dollar the country's official currency received significant public support, although many economic experts had warned that it would lead to an economic disaster.

In Argentina, where the annual inflation rate is approaching 200 percent, two out of every five people live below the poverty line.

News Source: 12punto