President-elect Javier Milei vows drastic changes to Argentina
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00:00 Argentina's new president-elect greets the crowds with a chainsaw in hand,
00:05 a symbol of the radical cuts he's about to make to the state.
00:08 Javier Mele was elected in a landslide victory after leading a polarised campaign.
00:15 The right-wing libertarian has vowed to dramatically shake up politics
00:20 to pull the country out of its deep crisis.
00:23 His main promise has been to introduce drastic measures
00:26 to rein in the crippled country's inflation and poverty.
00:30 At the heart of his economic plan is slashing Argentina's public spending by 15%.
00:35 The 53-year-old economist vows to rebuild the country by replacing the peso with the dollar,
00:42 closing the central bank, reducing subsidies on fuel,
00:45 transport and electricity and cutting welfare payouts.
00:48 Inflation in the country has reached 143% in one year,
00:54 with 40% of the population below the poverty line.
00:57 A social and economic crisis which Mele says needs shock therapy.
01:02 Argentina's situation is critical.
01:06 The changes our country needs are drastic.
01:08 There's no room for gradualism.
01:10 There's no room for tepidness.
01:12 There's no room for half measures.
01:14 The self-defined Anaca capitalist wants to loosen gun laws
01:18 and abolish women's right to abortion.
01:20 He also plans to eliminate 10 of 18 key ministries,
01:24 including those of health and education.
01:28 Javier Mele also wants to rethink ties with Argentina's key trading partners,
01:32 China and Brazil.
01:34 But he will face major hurdles when sworn in next month.
01:37 The country has a $44 billion debt with the International Monetary Fund,
01:42 its coffers are in the red,
01:44 and its dollar reserves in the central bank are short,
01:47 making it difficult to realise his plan to replace the peso.
01:50 Javier Mele's party is far from having the majority in parliament,
01:55 with only 38 deputies out of 257,
01:59 and in the Senate only eight seats out of 72,
02:03 which may compromise his legislative agenda.