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The 53-year-old libertarian addressed thousands of supporters from the steps of Congress yesterday after being sworn in.

Latin America's third-biggest economy is on its knees after decades of debt and financial mismanagement, with annual inflation at 140% and 40% of Argentines living in poverty.

Javier Milei will on Sunday be sworn in as Argentina's president, as the country steels itself for harsh spending cuts and economic reforms aimed at curbing rampant inflation. Milei has warned that it could take between 18 and 24 months to bring the country's inflation under control, warning of months of rising prices coupled with economic stagnation.

Javier Milei will on Sunday be sworn in as Argentina's president, as the country steels itself for harsh spending cuts and economic reforms aimed at curbing rampant inflation. The 53-year-old libertarian economist has vowed there will be no "half-measures" as he tackles decades of overspending, debt, and convoluted currency controls in Latin America's third-biggest economy, AFP reported.

‘There is no alternative to austerity and there is no alternative to shock treatment. We know that in the short term the situation will worsen. But then we will see the fruits of our efforts,’ Milei said on Sunday.