Milei Sworn In as President of Argentina, Pledges Deep Cuts to Tackle Inflation and Poverty Crisis
• President Milei takes office in Argentina, vowing to slash public spending to avoid "hyperinflation"
• Annual inflation already at 140%, poverty at 40% in Latin America's 3rd biggest economy
• Milei has cut ministries from 18 to 9, plans to cut spending by 5% of GDP
• New economy minister to unveil emergency measures after markets close to stabilize currency
• Structural reforms around trade, privatization will need congressional approval, may increase inflation initially