(MENAFN) In a marked departure from his predecessor's policies, Argentine President Javier Miley is tackling the country's severe economic crisis head-on through what he terms "shock therapy." The ambitious approach involves implementing highly challenging measures to expedite the nation's emergence from the economic downturn, a move met with widespread opposition and repeated protests in Argentina.
President Miley has embarked on what he characterizes as a "free market revolution in a faltering economy." Presenting a comprehensive economic reform law to Congress, he outlines his vision, which includes a significant reduction in the state's role. This shift comes against the backdrop of Argentina grappling with economic challenges, with inflation soaring to approximately 211 percent, marking the highest level in 32 years.
Assuming the presidency in December, Miley is no stranger to controversy, drawing comparisons to former US President Donald Trump. Despite facing protest movements against his broader liberal policies, the president remains steadfast in his commitment to these measures, asserting that there is no alternative to saving the country.
President Miley's economic reform plan is not without its contentious points, and the Argentine populace has not hesitated to voice its dissent through protests. However, Miley stands resolute, viewing these policies as imperative for the nation's economic correction. In an interview with "The Wall Street Journal," he emphasized the urgent need for investments and confirmed his intention regarding dollarization, asserting that there is no alternative plan for his government. The president underscores that these measures are crucial for securing the necessary financial corrections and steering Argentina towards economic stability.
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