Argentina’s Parliament approves Miley’s controversial reform

After months of debate, Argentina’s parliament has backed President Javier Miley’s economic reform package. France24 reported this on Friday, June 28.

“We are determined to give the government of President Milei the tools to reform the state once and for all,” said the leader of the ruling bloc, Gabriel Bornoroni.

Now the government will be able to introduce tough austerity measures aimed at ensuring that Argentina’s budget deficit drops to zero by the end of 2024.

Miley called his legislative initiative “the best financial reforms in the history not only of Argentina, but of all humanity.”

According to political scientist and economist Pablo Tigani, the parliament’s decision means “a complete victory for the government.” However, in the economic sector, “it is a return to the policies of the 1990s with deregulation, privatization and full opening of the economy, which will deal a severe blow to industry and small and medium-sized enterprises.”

Miley’s reforms were aimed at economic recovery and included declaring an economic emergency, cutting pensions and weakening labor rights.

Left-wing political parties, trade unions and public organizations oppose the president’s economic reforms.

As reported, in December last year, the Argentine government announced the devaluation of the peso by more than 50% and announced significant cuts in government spending as the first step in the country’s new president’s “shock therapy” program, Javier Miley.

Let’s remember that in November 2023, Javier Miley was elected President of Argentina. He has been compared to former US leader Donald Trump and former Brazilian President Jair Bolsonaro.