Argentina Celebrates Massive Shift in Ruling Political Party

Argentina Celebrates Massive Shift in Ruling Political Party

(UnitedVoice.com) – Argentina’s economy has been a mess for years. It’s the second-largest in South America, but its citizens often deal with devastating inflation that makes it hard for them to live. Annual inflation is more than 140% and is expected to go as high as 200% by next year. Forty percent (40%) of the country is living in poverty.

With the economy in shambles, the country headed to the polls on November 19 to vote in the second round of elections. They cast their ballots for the country’s first Libertarian president.

A New President

Javier Milei won the election and will be inaugurated on December 10. The far-right politician is often called “the wig” or “the madman” because of his unruly hair. The former television political pundit has radical plans for the country.

During the campaign, Milei said he would combat the country’s hyperinflation by closing Argentina’s Central Bank and switching to the US dollar, instead of the Argentine peso. He claimed the country’s currency was “melting like blocks of ice in the Sahara,” the BBC reported. That would leave the interest rate policy in Argentina in the hands of the US Federal Reserve. To do so, he will have to receive approval from Congress, but his party, Libertad Avanza, has very little power.

Milei has also suggested he could make it legal for people to sell their own organs. He has called sex education a Marxist plan to destroy Argentine families. The president-elect has called Pope Francis, who is from Argentina, the “representative of the evil one [the Devil] on Earth.”

Celebrations

Milei’s supporters celebrated his win after it was announced. Some held the Gadsden flag, which is also known as the Don’t Tread on Me flag. It was created during the Revolutionary War in the US to signify freedom and unity.

Former President Donald Trump congratulated Milei on his win, saying he was going to “truly make Argentina great again.” Jair Bolsonaro, Brazil’s former president, said he believes Milei’s election was a victory for “honesty, progress and freedom.”

Visit to the US

A week after winning the election, Milei traveled to the US for meetings in Washington, DC, and New York City. He met with international lending officials and officials with the Treasury Department.

Argentina currently owes the International Monetary Fund (IMF) $44 billion. In order to switch to the US currency, he will need to have enough money to cover the pesos in his country. That will require billions of dollars, and it’s unclear how he will get the funds to do it because of the massive debt. But Milei is reportedly determined to do it and get inflation under control.

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