Posted 12/26/2023, 10:18:42 PM
Milei lays off over 5,000 in austerity push as Argentina's new president pursues radical economic overhaul
- Argentina's new president, Javier Milei, laid off over 5,000 government employees hired in 2023 before he took office
- The layoffs are part of Milei's plan to cut spending and transform Argentina's struggling economy
- Milei has pledged to reduce regulations, privatize state-run industries, and boost exports and investment
- The plans have included a 50% currency devaluation, subsidy cuts, ministry closures, and loosening worker and renter protections
- The cuts come amid high inflation and rising poverty levels, but have already drawn protests