'Nammi Trump' Milley Inauguration... "Will Cut Public Spending by 5%"

Milley Begins 10-Day Term
Promises Immediate Implementation of Public Enterprise Privatization
Radical Pledge Signals Pace Adjustment Ahead

Javier Milei, who was elected in the unprecedented economic crisis during the Argentine presidential election, was inaugurated on the 10th (local time). At the inauguration ceremony, Milei emphasized a 5% reduction in public spending and expressed his determination to resolve the economic crisis through strong reforms.

[Image source=Reuters Yonhap News]

President Milei officially began his term that morning at the Federal Congress in Buenos Aires, receiving the presidential sash from his predecessor, President Alberto Fern?ndez.

In his inaugural speech, he warned of the severity of Argentina's economic crisis, stating, "The previous government, which boasted fiscal and export twin surpluses, has left us today with twin deficits amounting to 17% of our Gross Domestic Product (GDP)." He added, "Argentina is currently facing the risk of inflation reaching 15,000% annually."

He continued, "Our government will do everything possible to avoid the disaster of hyperinflation," emphasizing, "There is no alternative but strong policies to overcome the economic crisis, including a 5% fiscal adjustment in the public sector." When the audience cheered, he responded, "I prefer to speak uncomfortable truths rather than pleasant lies," and said, "Argentina will face stagflation, but this will be the last hurdle before national reconstruction."

[Image source=AFP Yonhap News]

President Milei, a liberal economist, has made bold promises such as closing the central bank and replacing the national currency with the dollar. Some have dubbed him the "Trump of South America" due to his frequent far-right remarks.

However, the electorate, exhausted by the severe economic hardship, turned to President Milei. Argentina has suffered chronic fiscal deficits and declared default three times since the 2000s. The cumulative inflation rate reached 140% as of last September, with 40% of the population struggling in poverty.

Responding to these public expectations, President Milei demonstrated strong reform intentions by signing a bill on his first day in office to reduce the number of government ministries from 18 to half. He also announced plans to immediately proceed with the privatization of major public enterprises. To highlight his image as distinct from the corrupt established political circles, he attended the inauguration in a Volkswagen car instead of a luxury official vehicle. However, amid a legislature dominated by the opposition, he formed a moderate first cabinet and indicated that the promises to close the central bank and introduce the dollar would be implemented with adjusted speed.

Meanwhile, the inauguration was attended by South American leaders including Chilean President Gabriel Boric, Ukrainian President Volodymyr Zelensky, Hungarian Prime Minister Viktor Orb?n, and former Brazilian President Jair Bolsonaro. From Korea, Bang Gi-seon, Minister for Government Policy Coordination, attended as a congratulatory special envoy.

This content was produced with the assistance of AI translation services.