Javier Millais Inaugurated as President of Argentina
Javier Millais, the newly elected President of Argentina, made his first official appearance as head of state on the 10th of this month, waving to his supporters from the balcony of Casa Rosada, the presidential palace in Buenos Aires, the capital. At 53, Millais has vowed to tackle the severe economic challenges left behind by years of left-wing populism in Argentina.
The inauguration ceremony took place at the Federal Congress in Buenos Aires, where Millais received the presidential sash from his predecessor, President Alberto Fernández, and delivered an opening speech. In his address, Millais acknowledged the grim economic situation facing the country, emphasizing the need for immediate reforms to address issues such as inflation and public spending.
Economic Challenges and Reform Agenda
Millais wasted no time in implementing his reform agenda, signing legislation to reduce the number of government ministries by half, signaling a significant shift in governance from the outset of his presidency. He emphasized the urgency of addressing public expenditure and the unsustainable national debt left by the previous administration, which resorted to “money printing” to cover the deficit, leading to skyrocketing inflation rates.
The economic crisis has had far-reaching social implications, with rising poverty rates, particularly affecting children, and increasing crime rates in cities like Rosario. Millais underscored his commitment to tackling these systemic challenges, vowing to crack down on criminals and drug traffickers, and demonstrating his resolve for high-intensity reforms.
International Presence and Political Controversies
The inauguration ceremony was attended by leaders from neighboring countries and foreign dignitaries, highlighting the international significance of Millais’ presidency. However, his detractors, including former Vice President Cristina Fernández, faced backlash from the crowd, reflecting the deep political divisions and controversies surrounding the economic crisis.
Millais’ inauguration marks a critical juncture in Argentina’s history, as the new administration grapples with the formidable task of reshaping the country’s economic and social landscape to drive sustainable growth and stability.
The new President of Argentina, Javier Millay, waves from the balcony of Casa Rosada, the presidential palace in Buenos Aires, the capital, on the 10th (local time). /AFP Yonhap News
Javier Millais (53), who was elected president in Argentina with the promise of reforming the serious economic difficulties caused by left-wing populism for a long time, took office on the 10th (local time). Millais, who introduced cuts in public spending as his core policy, signed his first law as president to cut the number of government departments in half, marking profound reforms from his first day in office.
On this day, Millay received the shoulder belt from his predecessor, President Alberto Fernández, at the Federal Congress in Buenos Aires, the capital, and officially ascended to the presidency and began his four-year term. In his opening speech, Millay said, “No government has received a worse legacy (from the previous government) than this,” and “We will have to fight hard to eliminate inflation, which can reach 15,000% every year .”
Millay defined the current situation as “a period of decline and decline,” stressing that the reform process would inevitably mean suffering for a time and that we must tighten our belts. He said, “There will be a negative impact on economic activity, employment, poverty and the number of poor people in the early days of his inauguration,” but he added, “There will be stagflation, but it will not be much different from the last 12 years, and this is the last straw that can start the work of rebuilding Argentina.”
In particular, he emphasized that public expenditure should be adjusted as a main priority to overcome economic difficulties. He said, “There is no money in the country,” and “It is not giving currency of more than 20% of the gross domestic product (GDP) under the previous government (to make up for the deficit in public spending) is free, and we will pay for it with inflation.” “It is,” he criticized.
On the 10th (local time), supporters of Javier Millay, who was inaugurated as president, cheer for Millay’s entry into the presidential palace in front of Casa Rosada, the presidential palace in Buenos Aires, the capital of Argentina. /EPA Yonhap News
As Millais pointed out, the previous administration increased the national debt by $96.226 billion (about 124 trillion won) over four years by overusing unsustainable public sector subsidies and various welfare benefits. Because the deficit was stopped by ‘money printing’ by the government-controlled central bank, the amount of money released into the market more than quadrupled during the four years of administration. Accordingly, the annual inflation rate increased to 142% last October and rose 844% throughout the previous administration’s tenure.
The deepening economic crisis led to various social problems. The poverty rate has risen from 35% to 40% over the last four years, and in particular, the poverty rate for children under 14 has risen by 5 percentage points since the previous year to 56%. Despite spending money on public education, half of students under the age of 15 still lack basic literacy skills.
The crime rate also rose, and in particular, Rosario, the third largest city and the hometown of soccer player Lionel Messi, became a center for drug gangs, leading to rampant drug trafficking throughout the country and worsening public safety. In his speech, Millay warned, “Argentina has become a sea of blood, criminals are roaming free,” and “We will no longer tolerate criminals and drug traffickers.”
In his speech that day, Millay did not specifically list the measures he would implement at the start of his administration. However, as soon as he took office, he signed a bill to reduce the current 18 government ministries to 9, showing his will for high-intensity reform in the future. The bill merges the existing Ministry of Education, Ministry of Labour, Ministry of Gender Equality, and Ministry of Culture with the Ministry of Human Capital, and places the Ministry of Tourism, Ministry of Environment, and Sustainable Development under the Ministry of Home Affairs.
New Argentine President Javier Millais (right) and Ukrainian President Volodymyr Zelenskiy embrace during the presidential inauguration ceremony in Buenos Aires, the capital of Argentina, on the 10th (local time). / Reuters Yonhap News
The inauguration ceremony was attended by leaders of neighboring countries, including Chilean President Gabriel Borić and Uruguayan President Lacaye Pou, as well as foreign dignitaries, including King Felipe VI of Spain and Ukrainian President Volodymyr Zelenskiy. Former Brazilian President Jair Bolsonaro, who has a personal relationship with Millais, was also present. In Korea, Director Bang Ki-seon of the Government Policy Coordination Office was present as a special envoy.
Former Vice President Cristina Fernández (dressed in red), who is about to attend the presidential inauguration ceremony held at the Federal Congress in Buenos Aires, the capital of Argentina, on the 10th (local time) throws finger to the crowd that boos her. /Argentina TN broadcast screen capture
Meanwhile, the Perons, forced to relinquish power due to economic difficulties, left him in isolation. The members of the current ruling Peronist party ‘Uned for the Fatherland’ remained silent with a stern expression throughout the inauguration ceremony. In particular, the former Vice President Cristina Fernández (president between 2007 and 2015), who retired on this day, became controversial when the crowd who booed her swore as she entered the inauguration ceremony. Christina, who served as president between 2007 and 2015, has been accused of being responsible for the economic crisis by exercising significant influence behind the scenes as vice president in the previous administration.
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