Carry on like this or a radical turnaround? Amid a severe economic crisis, Argentines are electing a new president. The first results are now available.
Government candidate Sergio Massa has admitted defeat in Argentina’s presidential election. “Javier Milei is president,” said the incumbent economics minister that evening about his ultra-liberal rival. “I congratulated him because the majority of Argentines voted for him.” After 86 percent of the votes were counted, Milei was well ahead of Massa with 44.04 percent with 55.95 percent.
The self-proclaimed “anarcho-capitalist” Milei promises a radical turnaround: He wants to introduce the US dollar as legal tender, abolish the central bank and many ministries and cut social spending. Government candidate Massa stood for the previous policy with massive state intervention in the economy and extensive social programs.
South America’s second largest economy is in a deep economic crisis. The inflation rate is over 140 percent, and around 40 percent of people in the once rich country live below the poverty line. Argentina suffers from a bloated state apparatus, low industrial productivity and a large shadow economy that deprives the state of much tax revenue. The national currency, the peso, continues to lose value against the US dollar and the mountain of debt is constantly growing.
Source: Stern
I have been working in the news industry for over 6 years, first as a reporter and now as an editor. I have covered politics extensively, and my work has appeared in major newspapers and online news outlets around the world. In addition to my writing, I also contribute regularly to 24 Hours World.
