Javier Milei's Inauguration Signals Economic Shock for Argentina

Argentina's newly inaugurated libertarian President, Javier Milei, has warned the nation to brace for painful austerity measures as he seeks to address the country's economic crisis. In his inaugural address, Milei emphasized the necessity of a "shock adjustment" and stated that there is no alternative due to the lack of funds. The country is grappling with high inflation, a significant poverty rate, and a large debt to the International Monetary Fund. Milei has proposed radical measures, including spending cuts and switching to the US dollar, to fix the economy. However, he will need to negotiate with rivals as his coalition bloc lacks a majority in the legislature.