Socialist activists and workers' unions in Argentina took to the streets of the capital Buenos Aires to protest against austerity measures proposed by Argentinian President Javier Milei.
The protesters gathered in the capital carrying images of iconic socialist figures Che Guevara and Eva Peron. They argued that the push for deregulation under Milei, who took office in December, will favor big business interests – at the expense of welfare programs and public protections.
Milei's reforms seek to overhaul the South American nation's economic landscape. These include the elimination and revision of over 300 regulations governing private companies. Even the government isn't exempt from his crusade to reduce waste and control spending, with an impending layoff of 5,000 bureaucratic workers and intensified scrutiny of public works. (Related: Conservative, anti-China candidate Javier Milei wins Argentina’s presidential election.)
Huge cuts to subsidies on fuel and transportation, also part of Milei's agenda, have triggered widespread protests – particularly among those heavily reliant on government assistance. Leftist groups have expressed strong opposition to these reforms. In response, Milei defended his economic agenda in a televised address from the Casa Rosada, the presidential palace.
"The goal is to start along the path to rebuilding the country … and start to undo the huge number of regulations that have held back and prevented economic growth," said the Argentinian leader.
These clashes between leftist groups and the conservative Milei administration in Argentina underscore the challenges associated with shifting away from a socialist economic model. Opponents argue that the reforms may exacerbate the already struggling economy and lead to increased hardships for the population, while Milei maintains that dismantling regulations is essential for long-term growth.
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Milei vows to fight soaring inflation and economic crisis
Government handouts and welfare promises have created a dangerous and deep dependency on the population. The national debt of Argentina, the third-largest economy in Latin America, has gone up to over $400 billion. Included in this debt is a $44 billion loan from the International Monetary Fund.
But the real danger is the triple-digit inflation rate, reaching 140 percent annually, with 40 percent of its population living in poverty. In a poll conducted by Reuters among 22 analysts in December 2023, the Consumer Price Index (CPI) of Argentina surged by approximately 12 percent in November. Analysts predict even sharper price rises in the coming months, with expectations of a devaluation likely to fuel inflation further.
The newly elected libertarian economist and political outsider has vowed to combat the economic crisis, declaring he will fight "tooth and nail" to bring inflation under control. In his speech, Milei warned the citizens to brace for tough times ahead. He suggested that monthly inflation could skyrocket to a range of 20 percent to 40 percent over the next few months.
"The outgoing government has left us on course for hyperinflation. We are going to do everything possible to avoid such a catastrophe," Milei warned, expressing concerns that annual inflation could reach as high as 15,000 percent if not promptly controlled.
However, Emilio Pradom, an economist at the Liberated y Progreso Foundation, commented: "While higher inflation is expected in the short term, the new government must execute a stabilization plan so that prices begin to decelerate before the end of 2024.
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