Javier Milei

of the situation only serves to be functional to socialism because all it does is strike against one's own.

of the situation only serves to be functional to socialism because all it does is strike against one's own.

If you allow me, I will first give you a description of the situation we received. And based on that, I will tell you each of the things we did when we first took office. Basically, what we found was that in the first week of December, inflation was rising at a rate of 1% per day, which means 3,700% annually. In the first half of December, it had accelerated to 7,500% annually.

If you allow me, I will first give you a description of the situation we received. And based on that, I will tell you each of the things we did when we first took office. Basically, what we found was that in the first week of December, inflation was rising at a rate of 1% per day, which means 3,700% annually. In the first half of December, it had accelerated to 7,500% annually.

If you allow me, I will first give you a description of the situation we received. And based on that, I will tell you each of the things we did when we first took office. Basically, what we found was that in the first week of December, inflation was rising at a rate of 1% per day, which means 3,700% annually. In the first half of December, it had accelerated to 7,500% annually.

When you look at wholesale inflation in December of last year, it was 54%, which if annualized would equate to an inflation rate of 17,000% per year. And in addition, Argentina, for the previous 10 years, had not been growing. with a drop in GDP per capita of approximately 15%. And the reality was that nearly 50% were living in poverty. Now, later I will get deeper into that discussion.

When you look at wholesale inflation in December of last year, it was 54%, which if annualized would equate to an inflation rate of 17,000% per year. And in addition, Argentina, for the previous 10 years, had not been growing. with a drop in GDP per capita of approximately 15%. And the reality was that nearly 50% were living in poverty. Now, later I will get deeper into that discussion.

When you look at wholesale inflation in December of last year, it was 54%, which if annualized would equate to an inflation rate of 17,000% per year. And in addition, Argentina, for the previous 10 years, had not been growing. with a drop in GDP per capita of approximately 15%. And the reality was that nearly 50% were living in poverty. Now, later I will get deeper into that discussion.

And the reality is that we had a fiscal deficit which amounted to 15% of GDP Five points were in the treasury, 10 points were in the central bank, which was endogenous monetary issuance. And the reality is that we also had interest-bearing liabilities at the central bank equivalent to four monetary bases maturing in one day, meaning we could have quintupled the amount of money in one day.

And the reality is that we had a fiscal deficit which amounted to 15% of GDP Five points were in the treasury, 10 points were in the central bank, which was endogenous monetary issuance. And the reality is that we also had interest-bearing liabilities at the central bank equivalent to four monetary bases maturing in one day, meaning we could have quintupled the amount of money in one day.

And the reality is that we had a fiscal deficit which amounted to 15% of GDP Five points were in the treasury, 10 points were in the central bank, which was endogenous monetary issuance. And the reality is that we also had interest-bearing liabilities at the central bank equivalent to four monetary bases maturing in one day, meaning we could have quintupled the amount of money in one day.

We had peso-denominated maturities amounting to the equivalent of $90 billion. The central bank had negative net currency foreign reserves, minus $12 billion. We had commercial debts in the central bank equivalent to $50 billion. There were company dividends held back amounting to $10 billion. Therefore, if we... If we had instantly opened up, you see, I say we are liberal libertarians.

We had peso-denominated maturities amounting to the equivalent of $90 billion. The central bank had negative net currency foreign reserves, minus $12 billion. We had commercial debts in the central bank equivalent to $50 billion. There were company dividends held back amounting to $10 billion. Therefore, if we... If we had instantly opened up, you see, I say we are liberal libertarians.

We had peso-denominated maturities amounting to the equivalent of $90 billion. The central bank had negative net currency foreign reserves, minus $12 billion. We had commercial debts in the central bank equivalent to $50 billion. There were company dividends held back amounting to $10 billion. Therefore, if we... If we had instantly opened up, you see, I say we are liberal libertarians.

We are not liberal fools. That's what some anarchist liberals suggested, meaning that we basically open everything on the first day. So in that context, of course, if we had done that, we would have encountered hyperinflation. Therefore, that would have led to the number of poor people being around 95%.

We are not liberal fools. That's what some anarchist liberals suggested, meaning that we basically open everything on the first day. So in that context, of course, if we had done that, we would have encountered hyperinflation. Therefore, that would have led to the number of poor people being around 95%.

We are not liberal fools. That's what some anarchist liberals suggested, meaning that we basically open everything on the first day. So in that context, of course, if we had done that, we would have encountered hyperinflation. Therefore, that would have led to the number of poor people being around 95%.

And probably, and by December, the Peronist party would have organized supermarket lootings and would have done all sorts of things and would have probably been ousted. And by the first part of the year, the Peronists would have gone back to office. So to us, it was crucial to end fiscal deficit. One of the things we promised during the campaign had been to reduce the number of ministries.

And probably, and by December, the Peronist party would have organized supermarket lootings and would have done all sorts of things and would have probably been ousted. And by the first part of the year, the Peronists would have gone back to office. So to us, it was crucial to end fiscal deficit. One of the things we promised during the campaign had been to reduce the number of ministries.

And probably, and by December, the Peronist party would have organized supermarket lootings and would have done all sorts of things and would have probably been ousted. And by the first part of the year, the Peronists would have gone back to office. So to us, it was crucial to end fiscal deficit. One of the things we promised during the campaign had been to reduce the number of ministries.