Argentine President Milei warns economic shock unavoidable in maiden speech

BUENOS AIRES (Reuters) — Argentina libertarian economist Javier Milei took office on Sunday warning in his maiden speech that he had no alternative to a sharp, painful fiscal shock to fix the country's worst economic crisis in decades, with inflation heading toward 200 percent.

"There is no alternative to a shock adjustment," he said on the steps on Congress after taking the presidential baton and sash, with crowds of supporters cheering despite Milei saying the economy would worsen in the short term. "There is no money."