Argentine President Milei Vows Zero Tolerance for Antisemitism

Fresh protests have erupted in Argentina as citizens and labor groups rally against President Javier Milei’s proposed labor reforms. Demonstrators argue that the reforms weaken worker protections and favor corporate interests, while the government insists they are necessary for economic revival. The renewed unrest highlights deepening tension between the administration and labor unions amid Argentina’s ongoing economic challenges.


Fresh Protests Erupt Against President Javier Milei's Labour Reforms

President Javier Milei honored world-renowned tenor Andrea Bocelli at the Casa Rosada during the artist’s visit to Buenos Aires. Bocelli, who performed at the iconic Teatro Colón, received the Order of May, one of Argentina’s highest distinctions. In an emotional speech, he said the recognition felt like “a dream” and thanked the country from the Salón Blanco. The meeting highlighted Milei’s interest in culture and Argentina’s tribute to one of classical music’s most celebrated figures.

Andrea Bocelli Gets Argentina's Top Medal: A High Distinction

Argentine President Javier Milei expressed gratitude to the United States for significantly increasing the beef import quota, allowing Argentina to export up to 80,000 tons annually to the U.S. market.

Argentina’s Milei Thanks US for Quadrupling Beef Import Quota

The party of Argentina’s far-right president, Javier Milei, has won Sunday’s midterm elections after a campaign in which Donald Trump announced a $40bn bailout for the country and made continued aid conditional on the victory of his Argentinian counterpart.

Argentina: President Javier Milei Party Wins Midterm Elections

Argentinian President Javier Milei held a rock concert on Monday to celebrate and promote his new book, ‘The Making of the Miracle: The Argentine Case’. Milei hopes the book will give him the necessary boost ahead of the October 26 national midterms.


Political scandals weaken Milei’s ‘moral revolution’ promise 

A Country That’s Suffered More Than Its Share of Fiscal Issues Is Back in the Headlines. President Javier Milei of Argentina Vowed to Keep His Free-Market Economic Program in Place—That Despite a Crushing Loss to the Center-Left Peronist Opposition in the Province of Buenos Aires on Sunday.

Argentina's markets tumble, with Peso at historic low

Argentina’s powerful Peronist opposition scored a major victory in Buenos Aires Province, with Governor Axel Kicillof defeating President Javier Milei’s candidate in a pivotal legislative election. With Milei’s ruling coalition reeling from a bribery scandal and mounting criticism over public spending cuts, the results mark a significant shift ahead of a crucial national election cycle. Despite the loss, Milei vowed to double down on his libertarian agenda.


Argentina elections: Peronists deal blow to Milei amid scandal and spending woes

Argentina’s President Javier Milei faces strong pushback from lawmakers over his proposed disability reforms.


Argentina's Milei faces sharp pushback from lawmakers on disability reforms 

Argentina is reducing a key import tariff in a bid to further cool inflation as President Javier Milei weighs the trade-offs between economic goals that are often conflicting.

Economy Minister Luis Caputo announced it would cut a levy known as the PAIS tax on imports from 17.5 per cent to 7.5 per cent. The Milei administration had actually raised the tax after assuming office on Dec. 10 to boost federal revenues and close a fiscal deficit, but the higher tariff has driven up prices on imports.

Milei’s main priority is to curb runaway inflation that hit 26 per cent per month following his currency devaluation last December but has since eased to 4 per cent by July. However, his austerity measures aimed at achieving a fiscal balance, such as removing subsidies on home utilities and public transit, risk pushing prices up.

Reducing the import tariff could help ease price pressures as Milei proceeds with subsidy cuts in an effort to both lower inflation and close the deficit.

The libertarian also promised during his campaign to reduce taxes, making the move a symbolic gesture to voters that he has kept his word.

More broadly, cutting the PAIS tax is a small step in Milei’s efforts to normalise Argentina’s economy as the government seeks a new agreement with the International Monetary Fund to replace the existing $44-billion deal. So far, negotiations on a new program haven’t advanced in concrete terms while Milei maintains currency controls on a peso that Argentines perceive as overvalued.

Through July, the government has collected 4.3 trillion pesos ($4.5 billion) in revenues from the PAIS tariff, which accounts for around 6 per cent of total tax revenues, according to government data. The tax is applied to a range of transactions beyond imports.

Still, Milei and Argentina have a long way to go. For instance, the PAIS tax is applied at a different rate when Argentines exchange pesos for dollars at banks. That rate isn’t changing for now, nor is the $200 monthly limit that Argentines can exchange as Milei maintains currency controls.

Argentina is reducing a key import tariff in a bid to further cool inflation as President Javier Milei weighs the trade-offs between economic goals that are often conflicting.

Argentina is reducing a key import tariff in a bid to further cool inflation as President Javier Milei weighs the trade-offs between economic goals that are often conflicting. Economy Minister Luis Caputo announced it would cut a levy known as the PAIS tax on imports from 17.5 per cent to 7.5 per cent. The Milei administration had actually raised the tax after assuming office on Dec. 10 to boost federal revenues and close a fiscal deficit, but the higher tariff has driven up prices on imports. Milei’s main priority is to curb runaway inflation that hit 26 per cent per month following his currency devaluation last December but has since eased to 4 per cent by July. However, his austerity measures aimed at achieving a fiscal balance, such as removing subsidies on home utilities and public transit, risk pushing prices up. Reducing the import tariff could help ease price pressures as Milei proceeds with subsidy cuts in an effort to both lower inflation and close the deficit. The libertarian also promised during his campaign to reduce taxes, making the move a symbolic gesture to voters that he has kept his word. More broadly, cutting the PAIS tax is a small step in Milei’s efforts to normalise Argentina’s economy as the government seeks a new agreement with the International Monetary Fund to replace the existing $44-billion deal. So far, negotiations on a new program haven’t advanced in concrete terms while Milei maintains currency controls on a peso that Argentines perceive as overvalued. Through July, the government has collected 4.3 trillion pesos ($4.5 billion) in revenues from the PAIS tariff, which accounts for around 6 per cent of total tax revenues, according to government data. The tax is applied to a range of transactions beyond imports. Still, Milei and Argentina have a long way to go. For instance, the PAIS tax is applied at a different rate when Argentines exchange pesos for dollars at banks. That rate isn’t changing for now, nor is the $200 monthly limit that Argentines can exchange as Milei maintains currency controls.

Argentina’s Milei reduces key import tariff to curb inflation

Headlines of the hour: - Israeli tanks advance to Rafah camp - Dramatic drop in US arms supply: Netanyahu - Protests in Italy over India's death - Ready for talks on taxes: Ruto - Protests amid welcome for Milei - Rwanda plan 'crap': Tory candidate

Protests in Italy over India's death | Protests amid welcome for Milei

Buenos Aires was rocked by violent clashes between riot police and protesters outside Argentina's National Congress on the 12th of June. As the Argentine lawmakers debated a swath of liberalizing reforms, hundreds of Argentine riot police fired rubber bullets, teargas & water cannons at demonstrators in a bid to disperse them. The defiant protesters pelted stones, set cars ablaze and threw Molotov cocktails, fearful that the proposed measures will hurt millions of Argentines. The local media described the scene on Wednesday as resembling a battlefield. The President's office too struck a defiant tone, describing the protesters as terrorists attempting to carry out a coup d'etat. Finally, in the early hours of Thursday, Argentine president Javier Milei's controversial economic reform package won Senate approval. Jyotsna Kumar brings you the details.

Argentina: Violent clashes between riot police & protesters

Thousands of Argentines took to the streets of Buenos Aires. It was an anti-government march against budget cuts to public universities.

Argentina Protests: Senate passes Milei's reform bill, Individual Measures up next

Why are Argentinians against Milei's reforms

<o:p></o:p>

Argentina's President Javier Milei provided the most detailed outline yet of his administration's plan to dollarize the Argentine economy, reinforcing a key campaign promise. <o:p></o:p>

Speaking at a business event in Buenos Aires, Milei detailed the steps his government will take to transition the country toward a dual-currency system where both the peso and the US dollar are legal tender.<o:p></o:p>

Milei explained that the initial phase involves clearing the central bank’s balance sheet by paying down local liabilities and reforming the financial system. <o:p></o:p>

The peso will be maintained at a flexible exchange rate during this period. <o:p></o:p>

Eventually, the central bank will cease printing pesos, facilitating the US dollar's emergence as the dominant currency. <o:p></o:p>

“The peso will become like a museum piece and when it becomes very rare, what do you think we will do? We will dollarize and that way the peso will disappear,” Milei remarked, emphasising the peso's phased-out role.<o:p></o:p>

Since assuming office on December 10, Milei has aggressively pursued measures to tackle Argentina's severe inflation, which exceeds 100 per cent annually. <o:p></o:p>

His administration has focused on reducing the central bank's liabilities, cutting borrowing rates from 133 per cent to 40 per cent, a major drop intended to curb inflation and stabilise the economy. <o:p></o:p>

This approach aims to shift debt from central bank instruments to more stable treasury notes.<o:p></o:p>

Luis Caputo, Milei’s economic chief, has led efforts to make treasury notes more attractive compared to central bank debt. <o:p></o:p>

This move has already seen a significant migration of debt from one-day notes, known as "pases," to treasury holdings. <o:p></o:p>

This transition is essential for the eventual elimination of the central bank's liabilities, which will precede the lifting of capital controls and the introduction of currency competition.<o:p></o:p>

However, Milei was cautious about setting a specific timeline for lifting capital controls, noting that market conditions would dictate the appropriate moment. <o:p></o:p>

Echoing this sentiment, Caputo, speaking before Milei at the same conference, indicated that removing controls prematurely would be "inappropriate," stressing the need for a stable economic environment before such measures could be safely implemented.<o:p></o:p>

This plan is part of Milei's broader strategy to dismantle Argentina's central bank and stabilise the nation's economy through radical financial reforms. <o:p></o:p>

The steps outlined aim to replace the peso with the US dollar, which Milei and his team believe will bring more stability and reduce inflationary pressures that have long plagued the Argentine economy.<o:p></o:p>

The move toward dollarization represents a significant shift in Argentina’s economic policy, with the potential to reshape the financial landscape and address long-standing economic challenges. <o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

Argentina's President Javier Milei provided the most detailed outline yet of his administration's plan to dollarize the Argentine economy, reinforcing a key campaign promise.

Argentina's President Javier Milei provided the most detailed outline yet of his administration's plan to dollarize the Argentine economy, reinforcing a key campaign promise. Speaking at a business event in Buenos Aires, Milei detailed the steps his government will take to transition the country toward a dual-currency system where both the peso and the US dollar are legal tender. Milei explained that the initial phase involves clearing the central bank’s balance sheet by paying down local liabilities and reforming the financial system. The peso will be maintained at a flexible exchange rate during this period. Eventually, the central bank will cease printing pesos, facilitating the US dollar's emergence as the dominant currency. “The peso will become like a museum piece and when it becomes very rare, what do you think we will do? We will dollarize and that way the peso will disappear,” Milei remarked, emphasising the peso's phased-out role. Since assuming office on December 10, Milei has aggressively pursued measures to tackle Argentina's severe inflation, which exceeds 100 per cent annually. His administration has focused on reducing the central bank's liabilities, cutting borrowing rates from 133 per cent to 40 per cent, a major drop intended to curb inflation and stabilise the economy. This approach aims to shift debt from central bank instruments to more stable treasury notes. Luis Caputo, Milei’s economic chief, has led efforts to make treasury notes more attractive compared to central bank debt. This move has already seen a significant migration of debt from one-day notes, known as "pases," to treasury holdings. This transition is essential for the eventual elimination of the central bank's liabilities, which will precede the lifting of capital controls and the introduction of currency competition. However, Milei was cautious about setting a specific timeline for lifting capital controls, noting that market conditions would dictate the appropriate moment. Echoing this sentiment, Caputo, speaking before Milei at the same conference, indicated that removing controls prematurely would be "inappropriate," stressing the need for a stable economic environment before such measures could be safely implemented. This plan is part of Milei's broader strategy to dismantle Argentina's central bank and stabilise the nation's economy through radical financial reforms. The steps outlined aim to replace the peso with the US dollar, which Milei and his team believe will bring more stability and reduce inflationary pressures that have long plagued the Argentine economy. The move toward dollarization represents a significant shift in Argentina’s economic policy, with the potential to reshape the financial landscape and address long-standing economic challenges. (With inputs from Bloomberg)

Argentina's Milei outlines detailed path to dollarization. Here are the details

Argentina’s President Javier Milei in a televised address from the presidential palace in Buenos Aires, announced the country’s first quarterly fiscal surplus since 2008, Bloomberg News reported.<o:p></o:p>

While economic challenges continue, Milei said that he would continue to maintain fiscal discipline, saying that the surplus marks a crucial moment in Argentina's pursuit of prosperity. <o:p></o:p>

"The fiscal surplus is the cornerstone from which we are building a new era of prosperity in Argentina," Bloomberg quoted Milei as saying.<o:p></o:p>

According to him, Argentina recorded a quarterly fiscal surplus equivalent to 0.2 per cent of gross domestic product (GDP) at the outset of the year, accompanied by a third consecutive monthly surplus in March. <o:p></o:p>

The announcement sparked optimism among investors, with Argentina bonds seeing a surge in value, driving gains across emerging markets. <o:p></o:p>

According to Bloomberg, Diego Ferro, the founder of M2M Capital in New York, lauded Argentina as a favourable investment opportunity following Milei's address, attributing the positive market response to the country's fiscal achievements. <o:p></o:p>

However, Ferro cautioned that continued structural reforms are essential to ensure the permanence of Argentina's fiscal stability, warning against reliance on short-term measures. <o:p></o:p>

Milei attributed Argentina's rare fiscal surplus to strict measures implemented by his administration, including heavy cuts to transfers to provincial governments and a major reduction in public works expenditure. <o:p></o:p>

The government also adopted cost-cutting measures while inflation rates increased, allowing nearly 300 per cent annual inflation to erode real public spending on wages and pensions. <o:p></o:p>

While Milei's approach has yielded positive fiscal outcomes, Adriana Dupita, deputy chief emerging markets economist with Bloomberg Economics, raised concerns about the sustainability of the strategy. <o:p></o:p>

Dupita highlighted the adverse impact of inflation on public sector salaries and pensions, cautioning against the prolonged erosion of purchasing power.<o:p></o:p>

Since assuming office, Milei has embarked on a series of bold economic reforms to revive&nbsp;Argentina's economy. <o:p></o:p>

These reforms include currency devaluation, restructuring of government ministries, deregulation of prices, and gradual reduction of energy and transport subsidies. <o:p></o:p>

These measures have contributed to a gradual slowdown in monthly inflation rates, marking initial progress towards stabilising the economy. <o:p></o:p>

In his televised address, Milei assured Argentines that their sacrifices would yield tangible benefits, promising a future characterised by reduced tax burdens and enhanced economic prosperity.<o:p></o:p>

As Argentina celebrates its first quarterly fiscal surplus in over a decade, Milei's administration faces mounting pressure to sustain momentum and implement long-term structural reforms. <o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

Argentina’s President Javier Milei in a televised address from the presidential palace in Buenos Aires, announced the country’s first quarterly fiscal surplus since 2008, Bloomberg News reported.

Argentina’s President Javier Milei in a televised address from the presidential palace in Buenos Aires, announced the country’s first quarterly fiscal surplus since 2008, Bloomberg News reported. While economic challenges continue, Milei said that he would continue to maintain fiscal discipline, saying that the surplus marks a crucial moment in Argentina's pursuit of prosperity. "The fiscal surplus is the cornerstone from which we are building a new era of prosperity in Argentina," Bloomberg quoted Milei as saying. According to him, Argentina recorded a quarterly fiscal surplus equivalent to 0.2 per cent of gross domestic product (GDP) at the outset of the year, accompanied by a third consecutive monthly surplus in March. The announcement sparked optimism among investors, with Argentina bonds seeing a surge in value, driving gains across emerging markets. According to Bloomberg, Diego Ferro, the founder of M2M Capital in New York, lauded Argentina as a favourable investment opportunity following Milei's address, attributing the positive market response to the country's fiscal achievements. However, Ferro cautioned that continued structural reforms are essential to ensure the permanence of Argentina's fiscal stability, warning against reliance on short-term measures. Milei attributed Argentina's rare fiscal surplus to strict measures implemented by his administration, including heavy cuts to transfers to provincial governments and a major reduction in public works expenditure. The government also adopted cost-cutting measures while inflation rates increased, allowing nearly 300 per cent annual inflation to erode real public spending on wages and pensions. While Milei's approach has yielded positive fiscal outcomes, Adriana Dupita, deputy chief emerging markets economist with Bloomberg Economics, raised concerns about the sustainability of the strategy. Dupita highlighted the adverse impact of inflation on public sector salaries and pensions, cautioning against the prolonged erosion of purchasing power. Since assuming office, Milei has embarked on a series of bold economic reforms to revive Argentina's economy. These reforms include currency devaluation, restructuring of government ministries, deregulation of prices, and gradual reduction of energy and transport subsidies. These measures have contributed to a gradual slowdown in monthly inflation rates, marking initial progress towards stabilising the economy. In his televised address, Milei assured Argentines that their sacrifices would yield tangible benefits, promising a future characterised by reduced tax burdens and enhanced economic prosperity. As Argentina celebrates its first quarterly fiscal surplus in over a decade, Milei's administration faces mounting pressure to sustain momentum and implement long-term structural reforms. (With inputs from Bloomberg)

Argentina celebrates its first quarterly budget surplus, President Milei promises continued fiscal discipline

Argentina's Senate dealt a significant blow to President Javier Milei's ambitious economic agenda by rejecting his extensive "mega decree" of reforms, signalling a setback for his efforts to address the country's economic challenges. <o:p></o:p>

Despite Milei's minority presence in Congress, his decree, encompassing over 600 articles and spanning from privatisations to labour reforms, failed to secure approval in the Senate, with a vote count of 42 against to 25 in favour, along with four abstentions. <o:p></o:p>

The fate of the decree now hinges on the decision of Argentina's lower house, where Milei's party also holds a minority.<o:p></o:p>

Milei's shock treatment approach, initiated shortly after assuming office in December, sought to tackle Argentina's entrenched economic issues head-on, including a drastic devaluation of the local peso by over 50 per cent. <o:p></o:p>

While these measures aimed to address fiscal and trade imbalances, they also aggravated the hardships faced by the population. <o:p></o:p>

Notably, the country witnessed an annual inflation rate of 276 per cent last month, coupled with poverty levels soaring to 57 per cent of the population, underscoring the profound socio-economic impact of Milei's policies.<o:p></o:p>

Thursday's legislative defeat marks the second setback for Milei, following the previous month's rejection of a broader reform package. <o:p></o:p>

Despite attempts to garner support through a trimmed-down version of the decree, which excludes the privatisation of YPF SA and introduces alterations to emergency powers and pension calculations, Milei's revised approach faces mounting opposition. <o:p></o:p>

According to Bloomberg, the Senate's decision reflects a growing apprehension among lawmakers and investors regarding Milei's legislative strategy amid escalating economic turmoil.<o:p></o:p>

Opposition lawmakers, particularly from the Peronist party, exerted pressure on Vice President Victoria Villarruel to expedite the vote on the decree since January, culminating in its rejection in the Senate. <o:p></o:p>

Despite the government's condemnation of the rushed proceedings, citing concerns over unilateral decisions by certain political groups, the momentum against Milei's decree proved challenging. <o:p></o:p>

With Milei's party holding a minority presence in both legislative chambers, the path forward for his economic reforms remains uncertain.<o:p></o:p>

The unravelling of Milei's economic decree indicates the complexities of implementing radical reforms in Argentina's volatile political and economic landscape. <o:p></o:p>

While Milei's unorthodox approach garnered attention for its audacity, the resistance from lawmakers and uncertainties surrounding its efficacy have heightened anxieties among investors and citizens alike. <o:p></o:p>

(With inputs from Reuters and Bloomberg)<o:p></o:p>

Argentina's Senate dealt a significant blow to President Javier Milei's ambitious economic agenda by rejecting his extensive "mega decree" of reforms, signalling a setback for his efforts to address the country's economic challenges.

Argentina's Senate dealt a significant blow to President Javier Milei's ambitious economic agenda by rejecting his extensive "mega decree" of reforms, signalling a setback for his efforts to address the country's economic challenges. Despite Milei's minority presence in Congress, his decree, encompassing over 600 articles and spanning from privatisations to labour reforms, failed to secure approval in the Senate, with a vote count of 42 against to 25 in favour, along with four abstentions. The fate of the decree now hinges on the decision of Argentina's lower house, where Milei's party also holds a minority. Milei's shock treatment approach, initiated shortly after assuming office in December, sought to tackle Argentina's entrenched economic issues head-on, including a drastic devaluation of the local peso by over 50 per cent. While these measures aimed to address fiscal and trade imbalances, they also aggravated the hardships faced by the population. Notably, the country witnessed an annual inflation rate of 276 per cent last month, coupled with poverty levels soaring to 57 per cent of the population, underscoring the profound socio-economic impact of Milei's policies. Thursday's legislative defeat marks the second setback for Milei, following the previous month's rejection of a broader reform package. Despite attempts to garner support through a trimmed-down version of the decree, which excludes the privatisation of YPF SA and introduces alterations to emergency powers and pension calculations, Milei's revised approach faces mounting opposition. According to Bloomberg, the Senate's decision reflects a growing apprehension among lawmakers and investors regarding Milei's legislative strategy amid escalating economic turmoil. Opposition lawmakers, particularly from the Peronist party, exerted pressure on Vice President Victoria Villarruel to expedite the vote on the decree since January, culminating in its rejection in the Senate. Despite the government's condemnation of the rushed proceedings, citing concerns over unilateral decisions by certain political groups, the momentum against Milei's decree proved challenging. With Milei's party holding a minority presence in both legislative chambers, the path forward for his economic reforms remains uncertain. The unravelling of Milei's economic decree indicates the complexities of implementing radical reforms in Argentina's volatile political and economic landscape. While Milei's unorthodox approach garnered attention for its audacity, the resistance from lawmakers and uncertainties surrounding its efficacy have heightened anxieties among investors and citizens alike. (With inputs from Reuters and Bloomberg)

Argentina Senate deals blow to Milei's economic decree. Here’s what happened

The senate is becoming more against President Javier Milei's order, which means it could be overturned when normal sessions start next week. This would mean that his first dose of economic shock therapy would not work as well as planned.

Javier Milei's economic shock therapy in jeopardy

Argentina's main petroleum-producing provinces have threatened to cut supplies to the rest of the country over funding cuts ordered by President Javier Milei.

"Not a drop of oil will come out on Wednesday if they don't respect the provinces once and for all and take their foot off our back," Governor Ignacio Torres of southern Chubut province told television channel C5N on Saturday.

Torres and counterparts from five other Patagonian provinces announced Friday that "if the Economy Ministry does not deliver its (financial) resources to Chubut, then Chubut will not deliver its oil and gas."

The provincial leaders were angered by the austerity-minded Milei's insistence on withholding from Chubut some 13.5 billion pesos ($15.3 million) in monthly transfers of federal tax revenues.&nbsp;

Economy Minister Luis Caputo argued on X that the cut was necessary to collect on unpaid debt from Chubut to the federal government -- and that 10 other provinces also owe money.

In a message on X, the former Twitter, Milei denounced the southern leaders as "fiscal degenerates."&nbsp; 
 
Argentina is the world's 39th largest exporter of crude oil and the 20th largest of gas. It imports refined fuels for internal consumption.

Milei, who was flying Saturday to the United States to attend a conservative gathering to be addressed by Donald Trump, took to X -- in scores of posts -- to blast Torres by his nickname, denouncing "Nacho and his accomplices."

He reminded them of an article in the penal code providing for jail sentences of up to two years for anyone hindering energy supplies.

A statement from the president's office denounced "the waste of the provinces that refuse to reduce unnecessary expenses" and referred to the provinces' opposition as "a Chavista threat."

Hours later, Torres responded: "I hope there is a channel for dialogue. The problem is that you don't know who to talk to."

The dispute arises amid growing protests over price and fee increases as the new president promotes extensive deregulations and drastic fiscal adjustment.

Argentina's main petroleum-producing provinces have threatened to cut supplies to the rest of the country over funding cuts ordered by President Javier Milei. "Not a drop of oil will come out on Wednesday if they don't respect the provinces once and for all and take their foot off our back," Governor Ignacio Torres of southern Chubut province told television channel C5N on Saturday.

Argentina's main petroleum-producing provinces have threatened to cut supplies to the rest of the country over funding cuts ordered by President Javier Milei. "Not a drop of oil will come out on Wednesday if they don't respect the provinces once and for all and take their foot off our back," Governor Ignacio Torres of southern Chubut province told television channel C5N on Saturday. Torres and counterparts from five other Patagonian provinces announced Friday that "if the Economy Ministry does not deliver its (financial) resources to Chubut, then Chubut will not deliver its oil and gas." The provincial leaders were angered by the austerity-minded Milei's insistence on withholding from Chubut some 13.5 billion pesos ($15.3 million) in monthly transfers of federal tax revenues. Economy Minister Luis Caputo argued on X that the cut was necessary to collect on unpaid debt from Chubut to the federal government -- and that 10 other provinces also owe money. In a message on X, the former Twitter, Milei denounced the southern leaders as "fiscal degenerates." Argentina is the world's 39th largest exporter of crude oil and the 20th largest of gas. It imports refined fuels for internal consumption. Milei, who was flying Saturday to the United States to attend a conservative gathering to be addressed by Donald Trump, took to X -- in scores of posts -- to blast Torres by his nickname, denouncing "Nacho and his accomplices." He reminded them of an article in the penal code providing for jail sentences of up to two years for anyone hindering energy supplies. A statement from the president's office denounced "the waste of the provinces that refuse to reduce unnecessary expenses" and referred to the provinces' opposition as "a Chavista threat." Hours later, Torres responded: "I hope there is a channel for dialogue. The problem is that you don't know who to talk to." The dispute arises amid growing protests over price and fee increases as the new president promotes extensive deregulations and drastic fiscal adjustment.

Oil-rich Argentine provinces threaten to cut supply in dispute with Milei

Argentina witnessed a major upheaval on Wednesday as the country's largest union initiated a 12-hour strike, accompanied by tens of thousands of workers protesting in Buenos Aires against the tough economic austerity measures and reforms implemented by President Javier Milei.<o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

The General Confederation of Labour (CGT), a powerful umbrella union, led the strike, affecting various sectors, including transport, banks, and public services. This represents the most significant opposition to Milei's economic agenda since he assumed office, promising to address an economy grappling with 211 per cent inflation and substantial debt.<o:p></o:p>

CGT's coordinated strike and protest were fuelled by discontent over Milei's ambitious reform plans, which include spending cuts and privatisation efforts. The demonstration took aim at two key initiatives by Milei: an "omnibus" bill currently in Congress and a "mega-decree" aimed at deregulating the economy. <o:p></o:p>

Pablo Moyano, leader of the influential truckers union, voiced the sentiment at the main union event in Buenos Aires, stating, "The first cut this government is making is to the workers. Their labour reform aims to take away workers' rights."<o:p></o:p>

The strike, which commenced at noon local time, had a significant impact on essential services, with disruptions reported in transport, banks, hospitals, and public services. Local airlines were compelled to cancel hundreds of flights, reflecting the widespread influence of the labour action. <o:p></o:p>

Despite the challenges posed by the strike, Milei's government remains resolute in adhering to its reform plans. The CGT had previously used legal means to temporarily suspend certain labour-related measures in Milei's decree.<o:p></o:p>

The focal points of discontent, the "omnibus" bill and the "mega-decree," are integral parts of Milei's strategy to stabilize Argentina's economy, grappling with triple-digit inflation and a substantial fiscal deficit. <o:p></o:p>

The omnibus bill, recently approved by a committee in the lower chamber of deputies, faces opposition from the powerful Peronist bloc. Milei, an economist and former TV pundit, secured a surprising election victory last year, promising a delicate balancing act to rescue Argentina's economy while addressing deep-seated issues of poverty and debt.<o:p></o:p>

Milei's government argues that the austerity measures are indispensable after years of excessive spending, resulting in substantial debts to both local and international creditors. A precarious $44 billion deal with the International Monetary Fund further underscores the economic challenges facing Argentina. In response to the strike, Milei's security minister, Patricia Bullrich, and former presidential election rival expressed determination, stating, "There is no strike that stops us, there is no threat that intimidates us."<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Argentina witnessed a major upheaval on Wednesday as the country's largest union initiated a 12-hour strike, accompanied by tens of thousands of workers protesting in Buenos Aires against the tough economic austerity measures and reforms implemented by President Javier Milei.

Argentina witnessed a major upheaval on Wednesday as the country's largest union initiated a 12-hour strike, accompanied by tens of thousands of workers protesting in Buenos Aires against the tough economic austerity measures and reforms implemented by President Javier Milei. This is based on a Reuters report. The General Confederation of Labour (CGT), a powerful umbrella union, led the strike, affecting various sectors, including transport, banks, and public services. This represents the most significant opposition to Milei's economic agenda since he assumed office, promising to address an economy grappling with 211 per cent inflation and substantial debt. CGT's coordinated strike and protest were fuelled by discontent over Milei's ambitious reform plans, which include spending cuts and privatisation efforts. The demonstration took aim at two key initiatives by Milei: an "omnibus" bill currently in Congress and a "mega-decree" aimed at deregulating the economy. Pablo Moyano, leader of the influential truckers union, voiced the sentiment at the main union event in Buenos Aires, stating, "The first cut this government is making is to the workers. Their labour reform aims to take away workers' rights." The strike, which commenced at noon local time, had a significant impact on essential services, with disruptions reported in transport, banks, hospitals, and public services. Local airlines were compelled to cancel hundreds of flights, reflecting the widespread influence of the labour action. Despite the challenges posed by the strike, Milei's government remains resolute in adhering to its reform plans. The CGT had previously used legal means to temporarily suspend certain labour-related measures in Milei's decree. The focal points of discontent, the "omnibus" bill and the "mega-decree," are integral parts of Milei's strategy to stabilize Argentina's economy, grappling with triple-digit inflation and a substantial fiscal deficit. The omnibus bill, recently approved by a committee in the lower chamber of deputies, faces opposition from the powerful Peronist bloc. Milei, an economist and former TV pundit, secured a surprising election victory last year, promising a delicate balancing act to rescue Argentina's economy while addressing deep-seated issues of poverty and debt. Milei's government argues that the austerity measures are indispensable after years of excessive spending, resulting in substantial debts to both local and international creditors. A precarious $44 billion deal with the International Monetary Fund further underscores the economic challenges facing Argentina. In response to the strike, Milei's security minister, Patricia Bullrich, and former presidential election rival expressed determination, stating, "There is no strike that stops us, there is no threat that intimidates us." (With inputs from Reuters)

Argentina's largest union launches massive strike against Milei's Economic reforms

In a display of public discontent, thousands took to the streets of Buenos Aires to voice their opposition to President Javier Milei's economic shock measures. The demonstrations marked the first major&nbsp;challenge for Argentina's new libertarian leader, who assumed office with a commitment to reduce public spending. &nbsp;

According to Reuters, Milei's recent announcements of a 54 per cent devaluation of the peso, subsidy cuts, and the closure of government ministries have sparked widespread concern and opposition from various social groups. The protests, primarily led by organisations representing the unemployed, unfolded peacefully in the main Plaza de Mayo square, where participants demanded increased financial support for the impoverished.&nbsp;

President Milei's austerity measures, aimed at addressing Argentina's acute economic crisis, have triggered a wave of dissent. The proposed reforms, including the devaluation of the peso, have garnered significant attention and criticism. &nbsp;

Milei's commitment to slashing public spending has set the stage for a potential clash with social groups that vehemently oppose what they refer to as "shock therapy" for the economy. The protesters, amidst a heavy police presence, marched peacefully, emphasising their desire for a peaceful demonstration without confrontations or clashes.&nbsp;

Eduardo Belliboni, leader of the leftist protest group Polo Obrero, emphasised the peaceful nature of the mobilisation. "It is a peaceful mobilisation. We do not want any type of confrontation. We do not want any type of clash," Reuters quoted him as saying. &nbsp;

The protesters, mainly advocating for increased financial support for the impoverished, congregated in Plaza de Mayo square, historically significant as a meeting point in front of the presidential palace. Authorities directed the demonstrators away from roads to ensure the flow of traffic.&nbsp;

President Milei's recently appointed security minister introduced a "protocol" to maintain public order, allowing federal forces to prevent disruptive road-blocking protests. This move has garnered criticism from social organisations, with some arguing that the protocol infringes on the right to protest. &nbsp;

The government's warning that those blocking streets could lose their right to receive state benefits adds another layer of tension to the ongoing situation. As the protests unfolded, an official announcement at train stations in Buenos Aires reiterated the potential consequences: “He who cuts, does not get paid.”&nbsp;

(With inputs from Reuters)&nbsp;

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In a display of public discontent, thousands took to the streets of Buenos Aires to voice their opposition to President Javier Milei's economic shock measures. The demonstrations marked the first major challenge for Argentina's new libertarian leader, who assumed office with a commitment to reduce public spending.

In a display of public discontent, thousands took to the streets of Buenos Aires to voice their opposition to President Javier Milei's economic shock measures. The demonstrations marked the first major challenge for Argentina's new libertarian leader, who assumed office with a commitment to reduce public spending. According to Reuters, Milei's recent announcements of a 54 per cent devaluation of the peso, subsidy cuts, and the closure of government ministries have sparked widespread concern and opposition from various social groups. The protests, primarily led by organisations representing the unemployed, unfolded peacefully in the main Plaza de Mayo square, where participants demanded increased financial support for the impoverished. President Milei's austerity measures, aimed at addressing Argentina's acute economic crisis, have triggered a wave of dissent. The proposed reforms, including the devaluation of the peso, have garnered significant attention and criticism. Milei's commitment to slashing public spending has set the stage for a potential clash with social groups that vehemently oppose what they refer to as "shock therapy" for the economy. The protesters, amidst a heavy police presence, marched peacefully, emphasising their desire for a peaceful demonstration without confrontations or clashes. Eduardo Belliboni, leader of the leftist protest group Polo Obrero, emphasised the peaceful nature of the mobilisation. "It is a peaceful mobilisation. We do not want any type of confrontation. We do not want any type of clash," Reuters quoted him as saying. The protesters, mainly advocating for increased financial support for the impoverished, congregated in Plaza de Mayo square, historically significant as a meeting point in front of the presidential palace. Authorities directed the demonstrators away from roads to ensure the flow of traffic. President Milei's recently appointed security minister introduced a "protocol" to maintain public order, allowing federal forces to prevent disruptive road-blocking protests. This move has garnered criticism from social organisations, with some arguing that the protocol infringes on the right to protest. The government's warning that those blocking streets could lose their right to receive state benefits adds another layer of tension to the ongoing situation. As the protests unfolded, an official announcement at train stations in Buenos Aires reiterated the potential consequences: “He who cuts, does not get paid.” (With inputs from Reuters) WATCH WION LIVE HERE

Protests erupt in Buenos Aires against Milei's economic overhaul 

Javier Milei took office on sunday. In his maiden speech, Milei warned that the country was facing its worst economic crisis in decades. He said a swift and painful fiscal shock was the only way to address the rapidly rising inflation rate. Inflation in the south american country is expected to reach 200% soon.

Argentine President Milei warns economic shock unavoidable in maiden speech

Argentina libertarian economist Javier Milei was sworn in as president on Sunday in a sharp swerve for the South American country as it seeks a radical fix for the worst economic crisis in decades and inflation rapidly heading towards 200%.

Milei, 53, a former TV pundit who shot to fame with expletive-ridden tirades against rivals, China, and the pope, took the presidential sash from outgoing Peronist Alberto Fernandez in a packed Congress with crowds gathered outside.

The wild-haired outsider marks a major gamble for Argentina: his shock therapy economic plan of sharp spending cuts has gone down well with investors and could stabilize the embattled economy, but it risks pushing more people into hardship with over two-fifths already in poverty.

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However, voters - who drove Milei to victory in a November run-off against a ruling Peronist coalition candidate - said they were willing to roll the dice on his sometimes radical ideas that include shutting the central bank and dollarizing.

"He is the last hope we have left," said 72-year-old doctor Marcelo Altamira, who slammed "useless and inept" governments for years of boom-bust economic crises. The outgoing Peronist government, he said, "had destroyed the country".

The challenges are huge. Argentina's net foreign currency reserves are estimated at $10 billion in the red, annual inflation is 143% and rising, a recession is around the corner and capital controls skew the exchange rate.

Argentina has gone through boom-bust cycles for decades with money printing to fund regular deficits stoking inflation and weakening the peso. That has worsened in recent years as reserves have dwindled with a major drought earlier this year hitting main cash crops soy and corn.

The major grains exporter needs to revamp a creaking $44 billion loan program with the International Monetary Fund (IMF), while Milei needs to navigate ties with important trade partners China and Brazil, whom he criticized during the campaign.

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Milei will take over from unpopular outgoing center-left President Fernandez, but will need to negotiate with rivals as his libertarian coalition only has a small bloc in Congress. He has allied with the main conservative grouping.

That has already had an impact. He has moderated his tone in the last few weeks, packed his first Cabinet with mainstream conservatives rather than ideological libertarian allies, and put more radical ideas like dollarization onto the back burner.

That has helped buoy the markets and reassure voters.

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"I think he will do well. For legal and Congressional reasons he'll end up having to focus on more coherent things," said Laura Soto, 35, a restaurant employee in Buenos Aires.

She said some more radical social ideas he had talked about during the campaign were also unlikely to happen, including easing regulation on guns and reopening the debate on abortion, which was legalized in Argentina three years ago.

<h2>'Change was necessary'</h2>

To fix the economic mess, Milei has chosen mainstream conservative Luis Caputo to helm the economy ministry, with a close Caputo ally Santiago Bausili as the central bank chief.

Milei is expected to lay out his vision in a speech on Sunday, with a more detailed economic plan likely on Tuesday or Wednesday, sources from his team told Reuters.

The ceremony's guests included Ukrainian President Volodymyr Zelenskiy, Hungarian Prime Minister Viktor Orban and a U.S. delegation.

Right wing former Brazilian leader Jair Bolsonaro also attended, as well as Uruguay's conservative leader Luis Lacalle Pou. Chile's leftist President Gabriel Boric was also present but leftists Luiz Inácio Lula da Silva of Brazil and Mexican Andrés Manuel López Obrador were some of the major absences.

Attentive to the popular support that has driven his rise, Milei is expected to speak to his supporters outside Congress, instead of doing so to lawmakers inside as is customary.

"He gives us something, the people, not the politicians," said retiree Vilma Bonino, 73. "Now we need to see what happens."

In a sign of challenges ahead, state energy firm YPF hiked petrol pump prices this week by an average 25%, with analysts and markets anticipating a sharp devaluation of the over-valued peso currency shortly after Milei takes office.

"Things aren't in good shape currently and it seems to me that a change was necessary," said 22-year-old student Delfina Ortiz as she took a photo in front on Congress.

"Obviously, like all change, there is a lot of hope and expectation for what is to come. Hopefully it will be good."

Argentina libertarian economist Javier Milei was sworn in as president on Sunday in a sharp swerve for the South American country as it seeks a radical fix for the worst economic crisis in decades and inflation rapidly heading towards 200%.

Argentina libertarian economist Javier Milei was sworn in as president on Sunday in a sharp swerve for the South American country as it seeks a radical fix for the worst economic crisis in decades and inflation rapidly heading towards 200%. Milei, 53, a former TV pundit who shot to fame with expletive-ridden tirades against rivals, China, and the pope, took the presidential sash from outgoing Peronist Alberto Fernandez in a packed Congress with crowds gathered outside. The wild-haired outsider marks a major gamble for Argentina: his shock therapy economic plan of sharp spending cuts has gone down well with investors and could stabilize the embattled economy, but it risks pushing more people into hardship with over two-fifths already in poverty. Also Read | Egyptians cast votes in elections held amid Israel-Hamas war with Sisi almost sure to win However, voters - who drove Milei to victory in a November run-off against a ruling Peronist coalition candidate - said they were willing to roll the dice on his sometimes radical ideas that include shutting the central bank and dollarizing. "He is the last hope we have left," said 72-year-old doctor Marcelo Altamira, who slammed "useless and inept" governments for years of boom-bust economic crises. The outgoing Peronist government, he said, "had destroyed the country". The challenges are huge. Argentina's net foreign currency reserves are estimated at $10 billion in the red, annual inflation is 143% and rising, a recession is around the corner and capital controls skew the exchange rate. Argentina has gone through boom-bust cycles for decades with money printing to fund regular deficits stoking inflation and weakening the peso. That has worsened in recent years as reserves have dwindled with a major drought earlier this year hitting main cash crops soy and corn. The major grains exporter needs to revamp a creaking $44 billion loan program with the International Monetary Fund (IMF), while Milei needs to navigate ties with important trade partners China and Brazil, whom he criticized during the campaign. Also Read | Conspiracy theorist Alex Jones' account reinstated on X after being banned for nearly five years Milei will take over from unpopular outgoing center-left President Fernandez, but will need to negotiate with rivals as his libertarian coalition only has a small bloc in Congress. He has allied with the main conservative grouping. That has already had an impact. He has moderated his tone in the last few weeks, packed his first Cabinet with mainstream conservatives rather than ideological libertarian allies, and put more radical ideas like dollarization onto the back burner. That has helped buoy the markets and reassure voters. Watch | US: 47% support Donald Trump over Joe Biden × "I think he will do well. For legal and Congressional reasons he'll end up having to focus on more coherent things," said Laura Soto, 35, a restaurant employee in Buenos Aires. She said some more radical social ideas he had talked about during the campaign were also unlikely to happen, including easing regulation on guns and reopening the debate on abortion, which was legalized in Argentina three years ago. 'Change was necessary' To fix the economic mess, Milei has chosen mainstream conservative Luis Caputo to helm the economy ministry, with a close Caputo ally Santiago Bausili as the central bank chief. Milei is expected to lay out his vision in a speech on Sunday, with a more detailed economic plan likely on Tuesday or Wednesday, sources from his team told Reuters. The ceremony's guests included Ukrainian President Volodymyr Zelenskiy, Hungarian Prime Minister Viktor Orban and a U.S. delegation. Right wing former Brazilian leader Jair Bolsonaro also attended, as well as Uruguay's conservative leader Luis Lacalle Pou. Chile's leftist President Gabriel Boric was also present but leftists Luiz Inácio Lula da Silva of Brazil and Mexican Andrés Manuel López Obrador were some of the major absences. Attentive to the popular support that has driven his rise, Milei is expected to speak to his supporters outside Congress, instead of doing so to lawmakers inside as is customary. "He gives us something, the people, not the politicians," said retiree Vilma Bonino, 73. "Now we need to see what happens." In a sign of challenges ahead, state energy firm YPF hiked petrol pump prices this week by an average 25%, with analysts and markets anticipating a sharp devaluation of the over-valued peso currency shortly after Milei takes office. "Things aren't in good shape currently and it seems to me that a change was necessary," said 22-year-old student Delfina Ortiz as she took a photo in front on Congress. "Obviously, like all change, there is a lot of hope and expectation for what is to come. Hopefully it will be good."

Argentine libertarian Milei takes presidency with economic crisis in focus

Argentina's libertarian president-elect Javier Milei, who on the campaign trail vowed to upend the establishment, on Wednesday tapped a former central bank governor and finance minister to the economic portfolio in his cabinet.

Milei said he had chosen Luis Caputo, an economist and finance minister under market-friendly ex-president Mauricio Macri, for the job in a country beset by skyrocketing inflation and poverty of 40 percent.

Milei, a 53-year-old political outsider, stormed to victory in elections 10 days ago pledging to ditch the peso for the US dollar and "dynamite" the central bank as ways of dealing with Argentina's long-running economic malaise.

On Wednesday, he warned of months of "stagflation" -- inflation coupled with economic stagnation -- ahead.

Watch | What's next for Argentina's economy?

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Inflation -- at 143 percent year-on-year -- "will remain high" due to the outgoing government's monetary policy, Milei cautioned.

"There is going to be stagflation, because when you do a fiscal reordering, it will have a negative impact on economic activity," he added.

For 2023, the International Monetary Fund (IMF) has projected a contraction of 2.5 percent in Argentine GDP.

Since beating outgoing Economy Minister Sergio Massa in a November 19 runoff vote, Milei has sought to temper hopes for a rapid economic turnaround, saying it could take "18 to 24 months" to bring inflation under control.

He has also said that "dollarization" of the economy -- a key campaign promise -- might have to wait about a year. 
The top priority is cutting the budget deficit.

Milei announced Caputo's nomination on his return from a visit to the United States, meeting top aides to President Joe Biden.

Caputo, who accompanied Milei as a financial adviser, had also taken part in a technical meeting with officials of the International Monetary Fund, to which Argentina owes repayment on a $44 billion loan taken out by Macri in 2018.

Milei told La Red radio that Caputo had been well received by the IMF delegation, which he said "perfectly understand the challenges" the South American country faced.

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Before joining Macri's government, Caputo, 58, had previously worked for American bank JP Morgan in bonds and stocks trading.&nbsp;

Milei recently asserted that "there is no better financial expert in Argentina than Luis Caputo."

As finance minister, Caputo was credited in 2017 with the successful issuing of a 100-year sovereign bond that was lapped up by investors, raising much-needed capital despite the country's poor economic standing at the time.

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An economist himself, Milei describes himself as anti-establishment and holds conservative stances on social issues such as abortion and climate change.&nbsp;

On the campaign trail, he waved around a live chainsaw to illustrate the cuts he wants to make to state spending and often dressed up as his superhero alter-ego "Captain Ancap" -- short for anarcho-capitalist.

He received Macri's backing for the presidency.

Argentina's libertarian president-elect Javier Milei, who on the campaign trail vowed to upend the establishment, on Wednesday tapped a former central bank governor and finance minister to the economic portfolio in his cabinet.

Argentina's libertarian president-elect Javier Milei, who on the campaign trail vowed to upend the establishment, on Wednesday tapped a former central bank governor and finance minister to the economic portfolio in his cabinet. Milei said he had chosen Luis Caputo, an economist and finance minister under market-friendly ex-president Mauricio Macri, for the job in a country beset by skyrocketing inflation and poverty of 40 percent. Milei, a 53-year-old political outsider, stormed to victory in elections 10 days ago pledging to ditch the peso for the US dollar and "dynamite" the central bank as ways of dealing with Argentina's long-running economic malaise. On Wednesday, he warned of months of "stagflation" -- inflation coupled with economic stagnation -- ahead. Watch | What's next for Argentina's economy? × Inflation -- at 143 percent year-on-year -- "will remain high" due to the outgoing government's monetary policy, Milei cautioned. "There is going to be stagflation, because when you do a fiscal reordering, it will have a negative impact on economic activity," he added. For 2023, the International Monetary Fund (IMF) has projected a contraction of 2.5 percent in Argentine GDP. Since beating outgoing Economy Minister Sergio Massa in a November 19 runoff vote, Milei has sought to temper hopes for a rapid economic turnaround, saying it could take "18 to 24 months" to bring inflation under control. He has also said that "dollarization" of the economy -- a key campaign promise -- might have to wait about a year. The top priority is cutting the budget deficit. Milei announced Caputo's nomination on his return from a visit to the United States, meeting top aides to President Joe Biden. Caputo, who accompanied Milei as a financial adviser, had also taken part in a technical meeting with officials of the International Monetary Fund, to which Argentina owes repayment on a $44 billion loan taken out by Macri in 2018. Milei told La Red radio that Caputo had been well received by the IMF delegation, which he said "perfectly understand the challenges" the South American country faced. Also Read | Argentina's black market peso plummets as libertarian Milei secures presidential win Before joining Macri's government, Caputo, 58, had previously worked for American bank JP Morgan in bonds and stocks trading. Milei recently asserted that "there is no better financial expert in Argentina than Luis Caputo." As finance minister, Caputo was credited in 2017 with the successful issuing of a 100-year sovereign bond that was lapped up by investors, raising much-needed capital despite the country's poor economic standing at the time. Also Read | China: It would be serious mistake if Argentina cuts ties with Beijing An economist himself, Milei describes himself as anti-establishment and holds conservative stances on social issues such as abortion and climate change. On the campaign trail, he waved around a live chainsaw to illustrate the cuts he wants to make to state spending and often dressed up as his superhero alter-ego "Captain Ancap" -- short for anarcho-capitalist. He received Macri's backing for the presidency.

Argentina's Milei warns of 'stagflation' as he names economy minister

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