Argentina’s new president has vowed to end decades of economic misery in the country, as world leaders congratulated him on his win. But analysts are doubtful right-wing MILEI can live up to his promises.
Libertarian outsider JAVIER MILEI swept to victory in Argentina’s presidential election Sunday, vowing to halt decades of economic decline in a country reeling from triple-digit inflation.
The self-described “anarcho-capitalist” pulled off a massive upset by ousting the populist Peronist coalition which has long dominated Argentine politics.
With 55.7 percent of the vote, Milei thumped his rival, Economy Minister SERGIO MASSA , who won 44 percent of the vote and rapidly conceded defeat.
Latin America’s third-biggest economy has suffered decades of crises under interventionist governments big on welfare that resort to printing money to finance spending, fueling inflation, while borrowing heavily only to default on their debt.
Access to dollars is strictly controlled, leading to a thriving black market for greenbacks, and analysts warn the peso is ripe for a sharp devaluation.
MILEI’S main platform has been a plan to ditch the ailing peso for the US dollar and “dynamite” the Central Bank to do away with the “cancer of inflation.”
Analysts, however, warn the country is too low on dollar reserves for the move to happen anytime soon.
Thousands of MILEI supporters waved flags and chanted “freedom” as they celebrated outside his campaign headquarters.
Milei, a 53-year-old economist with wild hair and thick sideburns, has drawn comparisons with former US president DONALD TRUMP and Brazil’s JAIR BOLSONARO for his abrasive style and controversial remarks.
Both former presidents congratulated him on social media.
US Secretary of State ANTHONY BLINKEN said Washington looks forward to working with President-elect MILEI and his government on shared priorities.”
MILEI had vowed on the campaign trail to cut ties with his country’s top trading partners Brazil and China, saying he would not “do business with communists.”