’There is no money’: Javier Milei delivers Argentines painful truth in maiden speech

Argentina’s new libertarian leader Javier Milei has declared the country is broke after “more than a 100 years of decadence“ as he warns of a painful but inevitable fiscal shock to fix the severe economic crisis. On Sunday, Milei was officially sworn in, succeeding the Peronist leader Alberto Fernandez, whose government was dogged by failures to curb rampant inflation that is now almost reaching 200 per cent. In his maiden speech, Milei said his focus is on trimming state expenditure rather than burdening the private sector, aiming to stabilise the economy and appease investors. “If a country is lacking in reputation, as is unfortunately the case with Argentine, business will not invest until they see a fiscal readjustment, bringing it down,“ he said. “And no less important, for gradualism it is necessary that there is financing. And unfortunately I have to tell you again that there is no money.“ “Therefore, following such a situation there can be no doubt that the only possible option is an adjustment, an orderly adjustment that comes down with its full weight on the state and not on the private sector.“