Javier Milei was sworn in as Argentina's president on Sunday after promising to radically transform the country's suffering economy, which has seen its worst downturn in two decades.
The 53-year-old economist and professor ran as a member of La Libertad Avanza, a party described as far-right and ultra-liberal on economic issues.
At the December 10 ceremony, Milei was embraced by outgoing President Alberto Fernández as he donned the presidential sash and shook hands with former Vice President Cristina Fernandez.
The new leader beamed as he turned to the crowd, waved and gave a thumbs up. In the inaugural book he scrawled “Long live freedom, damn it,” which served as his rallying cry throughout the campaign.
At his side stood Vice President Victoria Villarruel, dressed all in white. She left her own inscription that read: “Everything for Argentina!”
Javier Milei was sworn in as Argentina's president after promising to improve the country's struggling economy
The 53-year-old and his vice president Victoria Villarruel (left) left messages in the inaugural book, while Milei wrote his campaign slogan: “Long live freedom, damn it.”
Crowds poured into the streets waving Argentine flags. One participant described Milei as “the last hope we have left.”
Elected into a difficult economy, Milei admitted it could take up to two years to resolve inflation
During his presidential run, Milei – who refers to himself as “the Lion” – vowed to dollarize the economy, cut the number of government departments by more than half and close the central bank.
But in recent weeks he has backed down. Dollarization and the closure of the central bank no longer seem to be his main concerns; Since the election, his main focus has been on reducing the budget deficit.
“There is no money,” Milei said in previous interviews. “The budget balance is not up for discussion.” “I will fire any minister who spends more.”
Argentina's annual inflation is 143 percent and rising as a recession looms. The country has experienced boom-bust cycles for decades, with printing money to finance regular deficits continually weakening the value of the peso.
Poverty is at 40 percent and the central bank had virtually no reserves due to a drought that hit the country's main crops, corn and soy.
Marcelo Altamira, a 72-year-old doctor, called Milei “the last hope we have left.” He added that the previously ruling Peronist Party had “destroyed the country.”
Milei defeated establishment candidate Sergio Massa, the Peronist economy minister, in the presidential election, securing 56 percent of the vote.
Massa, 51, came first in the first round of voting in October and was tied with Milei before the runoff.
Milei was hugged by outgoing President Alberto Fernández as he put on the presidential sash
The 53-year-old economist shook hands with former Vice President Cristina Fernandez
He ran on a program that promised to cut the number of government departments by more than half and close the central bank
Milei is now trying to improve relations with trading partners he previously criticized, including China and Brazil
The new leader has admitted it could take up to two years to tackle inflation. Amid the economic downturn, he is trying to improve relations with those he has criticized, including major trading partners China and Brazil.
During his campaign, the author and radio host called Pope Francis “the representative of evil on earth,” called China a “murderer state” and called Brazilian President Luiz Inácio Lula da Silva a “communist.”
Since his election victory, he has praised Francis as the “most important Argentine in history,” invited Lula to the inauguration – an offer that was quickly rejected – and thanked Chinese President Xi Jinping for his congratulations.
Voters have also noticed the change in tone.
“I think he'll do well.” “For legal and congressional reasons, he'll end up having to focus on more coherent things,” said Laura Soto, 35, a restaurant worker in Buenos Aires.
She suspects that some radical social ideas discussed during the campaign are unlikely to be implemented, including loosening gun regulations and reviving debate on abortion, which was legalized three years ago.
To fix the burgeoning economy, Milei appointed mainstream conservative Luis Caputo to head the economy ministry and appointed his close ally Santiago Bausili to head the central bank.
Analysts expect a sharp devaluation of the overvalued Argentine peso shortly after Milei takes office. The new president is expected to present a more detailed economic plan on Tuesday or Wednesday.
“He gives something to us, the people, not the politicians,” said pensioner Vilma Bonino, 73. “Now we have to see what happens.”
Ukrainian President Volodymyr Zelenskyy was among the prominent attendees
Milei, seen here hugging the Ukrainian leader, has previously expressed his support for Ukraine
Former Brazilian President Jair Bolsonaro was seen at the inauguration, while incumbent President Luiz Inácio Lula da Silva declined the offer to attend. Milei previously called Lula da Silva a “communist”
Missing from the ceremony was 45th President Donald Trump, who offered Milei his congratulations on the nomination
Prominent leaders past and present attended Sunday's inauguration, including Ukrainian President Volodymyr Zelensky, who opened his arms for a hug, and former Brazilian President Jair Bolsonaro. Members of a US delegation were also present.
Milei was joined by his younger sister Karina, who led his campaign. She hugged him after he made his inaugural statement.
Missing from the ceremony was the 45th President Donald Trump, for whom Milei had previously expressed his admiration. Two members of the crowd held a flag in support of Trump's 2024 presidential run.
Last month, Trump released a video address to Truth Social congratulating Milei on the nomination.
“I am very proud of you,” the former president said. “You will transform your country and truly make Argentina great again!”
Trump isn't the only right-winger who supports Milei. Ben Shapiro, Elon Musk and others have thrown their weight behind Argentina's newest leader, praising his promises to tear down the establishment.
A senior U.S. official who spoke anonymously to The Washington Post downplayed the comparisons between Milei and Trump.
“I’m not convinced he knows Trump very well,” the official said, adding he didn’t think Milei would be a supporter if he knew him better. “Trump loves Russia and Putin.” “This guy doesn’t like Russia or Putin.”
Milei is expected to present a more detailed economic plan on Tuesday or Wednesday
The newly elected president was joined by his younger sister Karina, who led his campaign
After completing his inaugural speech, she hugged him
Milei was sworn in as president for the period 2023-2027 at the National Congress, defeating the Peronist establishment candidate Sergio Massa
Milei has expressed support for Israel and Ukraine, in stark contrast to leftists like Lula da Silva and Colombian President Gustavo Petro, who are skeptical of the U.S. position on these wars.
As the 53-year-old assumes the presidency, he must win the social and political support needed to implement comprehensive reforms. This includes forming alliances in Congress, where he holds fewer than 15 percent of the seats in the lower house and less than 10 percent in the upper house.
On Monday, Milei is expected to introduce a bill that promises to simplify taxes and eliminate primaries. Another topic that is expected to be on the agenda is the privatization of loss-making state-owned companies.
“Things are not in good shape right now and it seems to me that a change was necessary,” said 22-year-old student Delfina Ortiz as she took a photo in front of Congress.
“Of course, as with all changes, there is a lot of hope and anticipation for what is to come,” she continued. “Hopefully it will be okay.”