First 100 days: Milei falters on shock therapy for Argentina's economy
Argentinian president Milei faces challenges in implementing controversial economic reforms.
- Bilawal Riaz
- 1 min read
Argentinian voters elected Javier Milei as president last November, seeking change after financial crises. Milei, a far-right libertarian, aimed at shock therapy for the economy but faced challenges in implementing reforms. He devalued the peso, cut subsidies, and reduced ministries, welcomed by the IMF and financial markets. However, his austerity plans sparked protests and legal challenges. Milei bypassed Congress with an emergency decree to privatize state-owned firms and reform laws, facing pushback and suspension. His omnibus reform bill faced opposition, with critical measures withdrawn. Milei faces hurdles in convincing lawmakers, and his confrontational approach may weaken support. With rising inflation and poverty, Milei’s success in delivering results is uncertain, risking further protests and potential unrest.
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- Javier
- IMF
- Congress
- Milei
- Argentinian