New Argentinian president says he will bring shock to the system

Javier Milei was sworn in as Argentina's new president on Sunday, and he immediately promised a shock to the system that he hopes will help the country resolve its worst economic crisis in decades.

Milei gave his first address outside the National Congress, the location of the swearing-in ceremony, and deliberately turned his back on the elites gathered there to address his supporters instead.

“We do not seek or desire the difficult decisions that will have to be made in the coming weeks. But unfortunately, they have left us with no choice,” Milei said. “We are going to take all the necessary decisions to fix the problem left by 100 years of waste by the political class, even if it is hard in the beginning. We know that in the short term, the situation will worsen, but then we will see the fruits of our efforts.”

He immediately cut the number of government ministries from 18 to 9, saving resources that could then be used in other areas.

Although he had promised to dollarize the economy and shut down the central bank, it seems he no longer plans to do so.

Instead, he wants to cut the fiscal deficit, which he hopes will spur growth.