Argentina

Argentina’s President Promised a Free Market Revolution, and Says He’s Delivering

user avatar Author: Editors Desk, Ryan Dubé, Emma Tucker Source: WSJ:
January 28, 2024 at 07:30

“There is no Plan B,” President Javier Milei tells The Wall Street Journal as his moves to privatize state companies and slash government jobs and spending are sparking inflation and protests.

Argentine President Javier Milei has promised to privatize state companies and slash jobs and spending, but his cuts might be painful for many Argentines. In an interview with WSJ Editor in Chief Emma Tucker, he outlined his plan to prevent an economic collapse. Photo: Tomás Ridilenir
 

BUENOS AIRES—Argentina’s new president, Javier Milei, says he is bringing a free-market revolution to the country’s long-troubled economy, cutting thousands of state jobs and slashing regulations on everything from divorce proceedings to the price of milk.

But after less than two months at the helm of Latin America’s third-largest economy, the self-described anarcho-capitalist is already facing off against opponents in the streets and in Congress, where some of his overhauls have already been derailed. Its inflation rate is now the world’s highest, surpassing even Venezuela’s.

In an interview with The Wall Street Journal, Milei said he wouldn’t waver from his campaign promise to shake up the state-controlled economy, despite the acute short-term economic pain it will bring.

“There is no Plan B,” Milei said Tuesday at Casa Rosada, the pink-colored presidential palace in downtown Buenos Aires. “There is no room for feelings, for emotions. I can’t afford that luxury. There are 47 million people waiting for answers.”

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