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Argentina's new president, Javier Milei, has promised to turn around the country's poor economy. Mr Milei said he would cut inflation, which is around 140 per cent. He also wants to cut Argentina's public debt. Argentina has borrowed a lot of money in the past few decades. In his first speech as president, he said the economy needed "shock treatment". He said previous governments spent too much, and so "there is no money left". He warned people that life would be tough for a few years. He said they would have to live in "austerity" to help the economy.
Javier Milei is a far-right politician. Many people say he is similar to former US President Donald Trump. During Milei's election campaign, he often carried a chainsaw. He wanted people to know he would cut spending. He said: "We know that in the short term, the situation will worsen, but then we will see the fruits of our efforts." His election victory was a surprise. He called it a turning point in Argentina's history, like the fall of the Berlin Wall in 1989. He has promised to limit abortion rights and relax gun laws. However, he does not believe in climate change.
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