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Miley: Parliament has finally approved his economic reforms

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Μιλει: Το κοιν οολενκρρστισοι ;κομικςμεταρρσεις του /></p> <p>Argentina's parliament finally approved ultra-liberal President Javier Millay's economic reform program today after months of debate on a heavily amended bill.</p> <p> "We will give President Millay's government the necessary tools to be able to restructure the state once and for all”, said the head of the ruling party, Gabriele Bornoroni.</p> <p> Politically, this approval means "a complete success for the government", commented political scientist and economist Pablo Pan.</p> <p>But in the economic sector it will mean "a return to the politics of the 1990s with deregulation, privatization and an unconditional opening of the economy that will hit industry and small and medium-sized companies hard", he added.</p> <p> Even before the adoption of this reform, Millay declared that he achieved "the greatest fiscal adjustment not only in the history of Argentina but also in the history of humanity".</p> <p>His government implemented a drastic fiscal austerity program with the goal of a "zero deficit" at the end of 2024 in order to deal with chronic inflation, which in 2023 reached 211%.</p> <p> But the budget cuts, which caused, among other things, the paralysis of public works, combined with the violent devaluation of the peso ( – 54%) in December, strangled Argentina's purchasing power. A fact that had an impact on consumption, economic activity, work.</p> <p>Inflation in Argentina continued to ease gradually in May, down 4.2% from the previous month, the biggest drop in two and a half years. This trend has been observed in the last five months, but inflation remains at an unprecedented level, at 276.4%.</p> <p> Consumption and economic activity fall, recession sets in, and the economy shrank by 5.3% in the first quarter of the year compared to the same period last year.</p> <p> Argentina's GDP fell significantly, by 5.1% in the first quarter, while unemployment now affects 7.7% of the population, according to data published on Monday.</p> <p> Opposition and social movements speak of a country suffering, with poverty rising from the end of 2023 affecting 55.5% of the population in the first quarter of 2024 compared to 44.7% a year ago, according to the Social Debt Observatory of the Catholic University.</p> <p> Source: APE-MPE-AFP </p> <p> Also read: Russia: Risk " direct confrontation” Russia – NATO</p> <p><noindex></p> <div class=Source: www.sigmalive.com

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