New Argentine leader Javier Milei, a libertarian economist, took office on Sunday and immediately set about addressing the country's severe economic crisis. In his maiden speech, Milei warned of an inevitable and painful fiscal shock to fix the country's worst economic crisis in decades. Milei rode a wave of public discontent over the country's economic state, battered by triple-digit inflation. Nicknamed "El Loco" by his detractors, Milei, aged 53, plans radical changes like replacing the peso with the U.S. dollar.

He also promised to dismantle the central bank to stop excessive money printing, which he argues is behind the country's soaring inflation. Another of his objectives include tackling welfare payouts and cutting bureaucracy by closing various government departments. These reforms, while potentially upsetting, struck a chord with voters frustrated by the economic downturn.

Speaking from the Casa Rosada balcony, President Milei assured Argentines that despite the hardship ahead, "the rebuilding of Argentina has begun." The avowed anti-woke president made his notable disgust for socialism a prime theme on his election campaign. Milei succeeded Peronist leader Alberto Fernandez, whose government was dogged by failures to reduce rampant inflation, now reaching around 200 per cent.

Argentine: New President, Javier Milei warns economic shock is unavoidable