Argentina’s newly inaugurated president, Javier Milei, has pledged to lead the country out of what he describes as “decadence and decline.” Addressing tens of thousands of supporters in Buenos Aires, Milei, a former TV celebrity known as “El Loco” or the Madman, compared his election to the collapse of the Soviet Union, emphasizing a historic turning point. Despite promises to usher in a new era of peace and prosperity, Milei cautioned that Argentina faces an “emergency” situation, grappling with expected high inflation and a significant portion of the population living in poverty.

The inauguration saw a gathering of far-right figures, including Brazil’s former president Jair Bolsonaro, Hungary’s prime minister Viktor Orbán, Chile’s José Antonio Kast, and Spain’s Santiago Abascal. Notable absences included left-wing leaders like Brazil’s Luiz Inácio Lula da Silva and Colombia’s Gustavo Petro. Milei’s supporters, anticipating a transformative period, flocked to Buenos Aires, with some comparing the event to a day of freedom.

Milei’s political agenda, rooted in radical change, economic reform, and an anti-corruption stance, echoes elements of Donald Trump’s 2017 inauguration speech. However, doubts persist about the kind of government Milei might lead, with questions surrounding his erratic tendencies and the measures he will announce in the coming days. Despite initial extreme proposals, there are hints that Milei may be moderating some of his stances and seeking to repair ties with other nations. The economic plan, which is expected to include shock measures, has generated uncertainty and the prospect of anti-government protests.

Argentina’s trajectory under Milei is uncertain, with observers noting that the country is entering unknown territory. While some express confidence in Milei’s economic expertise, others are cautious about the potential impact of his policies on an already troubled economy. As Argentina braces for turbulence, Milei’s presidency will be closely watched to see how he navigates the complex challenges facing the nation.