Milei Takes Office in Argentina With Vows to Downsize Government, Privatize Industry
• Argentina's new president, Javier Milei, will not renew contracts for over 5,000 government employees hired in 2023 before he took office • The move is part of broader planned cutbacks and economic reforms by Milei's right-wing libertarian administration • Milei aims to privatize state-run industries and reduce regulations to boost exports, investment, and economic growth • Planned reforms also include 50% devaluation of the Argentine peso and cuts to subsidies and some ministries • Milei rose to power with support from Argentines disillusioned by economic crisis and high inflation