Javier Milei, the new ultra-liberal president of Argentina, announced on Wednesday a massive deregulation of the economy: he will change or abolish more than 300 standards, such as the rent law or the laws preventing the privatization of public companies. He also announced a “modernization of labor law to facilitate the process of real job creation.”
Published on: 12/21/2023 – 02:18
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Argentina's ultra-liberal President Javier Milei announced on Wednesday, December 20, that he would issue a decree massively deregulating the country's economy by changing or repealing more than 300 standards, including those on rents and labor laws.
“The goal is to begin the path to rebuilding the country, returning freedom and autonomy to individuals, and beginning to eliminate the enormous amount of regulations that have slowed, hindered and prevented economic growth in our country,” he said. declared Javier Milei, elected in November, in a speech broadcast on radio and television.
The measures announced include the repeal of the rent law, “so that the real estate market functions smoothly again and rent does not become an odyssey,” explained the president. Laws that prevent the privatization of public companies will also be repealed. Javier Milei announced that the latter would all be converted into joint stock companies with a view to their privatization.
The head of state also announced a “modernization of labor law to facilitate the creation of authentic jobs”, the amendment of company law to allow football clubs to transform into joint stock companies. They want it, and a long series of other deregulatory measures in tourism, satellite internet, pharmaceuticals, viticulture and even international trade.
Joint Commission
To come into force, the decree must be published in the Official Gazette and then examined by a joint commission of deputies and senators. It will only be declared invalid if it is rejected by both the Senate and the Chamber of Deputies, constitutional lawyer Emiliano Vitaliani told AFP.
Javier Milei's far-right party, La Libertad Avanza, has only 40 of 257 seats in the lower house and just seven of 72 seats in the Senate.
Javier Milei had already announced a first series of austerity measures on December 12, including a shocking devaluation of the peso by more than 50% and cuts in transport and energy subsidies from January. Measures that, together with inflation and the current unregulated prices, will have a serious impact on the purchasing power of Argentines.
With AFP