'There is no money': Javier Milei, president of Firebrand Argentina, warns the economy needs 'shock therapy' as he is inaugurated before cheering crowds in Buenos Aires

Javier Milei was inaugurated as Argentina's president on Sunday after promising to radically transform the country's ailing economy, which has suffered its worst downturn in two decades.

The 53-year-old economist and professor was a member of La Libertad Avanza, a party described as far-right and ultra-liberal on economic issues.

During the December 10 ceremony, Milei was embraced by outgoing President Alberto Fernández as he donned the presidential sash.

He beamed as he addressed the crowd, waving and giving a thumbs up. In the opening book he scrawled “Long live freedom, dammit,” which served as his rallying cry throughout the campaign.

Next to him stood Vice President Victoria Villarruel, dressed all in white. She left her own inscription that read: “Anything for Argentina!”

The 53-year-old and his running mate, Victoria Villarruel (left) left messages in the opening book, while Milei wrote his campaign slogan: 'Long live freedom, damn it'

Crowds poured into the streets, waving Argentine flags. One participant described Milei as 'the last hope we have left'

During his election campaign, Milei promised to dollarize the economy, reduce the number of ministries by more than half and close the central bank.

But in recent weeks he has relapsed. Dollarization and closing the central bank no longer seem to be his main concerns; Since the election, he has largely focused on reducing the budget deficit.

“There is no money,” Milei said in previous interviews. 'The budget balance is not up for discussion. I will fire any minister who spends more.'

Argentina's annual inflation rate is 143 percent and rising as a recession looms. The country has experienced a cycle of economic growth and recession for decades, printing money to finance regular deficits, continually weakening the value of the peso.

Poverty is at 40 percent and the central bank was running out of reserves amid a drought that hit the country's main cash crops, corn and soy.

Marcelo Altamira, a 72-year-old doctor, called Milei “the last hope we have left.” He added that the previously ruling Judicial Party had “destroyed the country.”

Milei says it could take up to two years to counter inflation. Amid the economic downturn, he is trying to rebuild ties with those he criticized, including key trading partners China and Brazil.

During his campaign, the author and radio host called Pope Francis “the representative of evil on earth,” labeled China a “killer state” and considered Brazilian President Luiz Inácio Lula da Silva a “communist.”

Milei was hugged by outgoing President Alberto Fernández as he donned the presidential sash

The radio host and author ran on a platform that promised to dollarize the economy, reduce the number of ministries by more than half and close the central bank.

Since winning the election, he has praised Francis as the “most important Argentinian in history”, invited Lula to the inauguration – an offer that was quickly rejected – and thanked Chinese President Xi Jinping for his congratulations.

Voters have noticed the change in tone, too.

'I think he will do well. For legal and congressional reasons, he will eventually have to focus on more coherent issues,” said Laura Soto, 35, a restaurant worker in Buenos Aires.

She suspects that some radical social ideas discussed during the campaign are unlikely to come to fruition, including relaxing gun regulations and reopening the debate over abortion, which was legalized three years ago.

To restore the fast-growing economy, Milei has chosen mainstream conservative Luis Caputo to head the economy ministry and appointed close ally Santiago Bausili as head of the central bank.

Analysts expect a sharp devaluation of the overvalued Argentine peso shortly after Milei takes office. The new president is expected to present a more detailed economic plan on Tuesday or Wednesday.

“He gives us something, the people, not the politicians,” said retiree Vilma Bonino, 73. “Now we have to see what happens.”

Prominent world leaders past and present attended Sunday's inauguration, including Ukrainian President Volodymyr Zelensky and former Brazilian President Jair Bolsonaro. Members of an American delegation were also present.

Prominent attendees included Ukrainian President Volodymyr Zelensky

Former Brazilian President Jair Bolsonaro was seen at the inauguration, while ruling President Luiz Inácio Lula da Silva declined the offer to attend. Milei previously called Lula da Silva a 'communist'

Missing from the ceremony was the 45th President Donald Trump, for whom Milei previously expressed his admiration. Two members of the crowd were seen holding a flag in support of Trump's 2024 presidential election.

Last month, Trump posted a video speech on Truth Social, where he congratulated Milei on securing the nomination.

“I'm very proud of you,” the former president said. 'You will change your country and make Argentina truly great again!'

Trump is not the only right winger who expresses his support for Milei. Ben Shapiro, Elon Musk and others have rallied behind Argentina's newest head of state, praising his promises to tear down the establishment.

A senior US official who spoke anonymously to the Washington Post downplayed the comparisons between Milei and Trump.

“I'm not convinced he knows Trump very well,” the official said, adding that he didn't think Milei would be as pro-Trump if he knew him well. 'Trump loves Russia and Putin. This man doesn't like Russia and Putin.'

Milei has expressed support for Israel and Ukraine, in stark contrast to leftists like Lula da Silva and Colombian President Gustavo Petro, who have been skeptical of the US position on those wars.

As the 53-year-old becomes president, he must gather the social and political support needed to implement sweeping reforms. This includes building alliances in Congress, where he holds less than 15 percent of the seats in the House of Representatives and less than 10 percent in the Senate.

On Monday, Milei is expected to unveil a bill that promises tax simplification and the elimination of primaries. Another issue expected to be on the table is the privatization of state-owned enterprises with deficits.

“Things are not looking good right now and it seems to me that change was needed,” said 22-year-old student Delfina Ortiz as she took a photo in front of Congress.

“Clearly, as with all changes, there is a lot of hope and anticipation for what is to come,” she continued. 'Hopefully it will be okay.'