'There is no money': Javier Milei delivers Argentines painful truth in maiden speech

Argentina's new libertarian leader Javier Milei has declared the country is broke after "more than a 100 years of decadence" as he warns of a painful but inevitable fiscal shock to fix the severe economic crisis.

On Sunday, Milei was officially sworn in, succeeding the Peronist leader Alberto Fernandez, whose government was dogged by failures to curb rampant inflation that is now almost reaching 200 per cent.

In his maiden speech, Milei said his focus is on trimming state expenditure rather than burdening the private sector, aiming to stabilise the economy and appease investors.

"If a country is lacking in reputation, as is unfortunately the case with Argentine, business will not invest until they see a fiscal readjustment, bringing it down," he said.

"And no less important, for gradualism it is necessary that there is financing. And unfortunately I have to tell you again that there is no money."

"Therefore, following such a situation there can be no doubt that the only possible option is an adjustment, an orderly adjustment that comes down with its full weight on the state and not on the private sector."

[daviswatkinsyt]

Bro really said, "In terms of money, we have no money."

[euchreairgaming]

*"In terms of money...*
*We have no money."*
-Javier Milei

[ironsword]

A politician that tells his constituents what they NEED to hear....not what they want to hear.

[seangleason]

"Rich as an Argentine" I hope he restores that formerly common phrase

[Khyrid]

"you don't negotiate with trash, because they will end you" He's right and has the balls to say it.

[beegchunguz]

This is the most real and honest politician of any country in a long time that isnt driven bias by fighting another country. He sees a problem and lays out what it will take to get there. I hope he and the best for his country.

[kellihull]

Praying for this man and his Country ❤

[bensum]

Holy shit. He’s actually trying to save his country. Bravo.

[thinkngskeptic]

It's rare for a politician to tell people the country is in a bad place.

[presidentxijinpingspoxdoct]

I can't argue with anything he said. We will need this in Australia.

[cfluff]

As an American, I’m rooting for Argentina🙌

[._Murphy]

Literally building his country's economy from the scratch! Lord save this patriotic man. 🙏🏻

[HoneyBadgerTexas]

"There is no money" He just said the truth to his country. So God please help Milei!

[sericono]

As a Chilean, I am so happy for the Argentineans. I wish Mr. Milei all the best in his term and hopefully can revert the downfall of his country.

[HisDudeness]

The first step to solving an existing problem is first telling and accepting the truth of the problem. Mad respect for this man telling it like it is. Wish we had people in the US who had the sack to do the same.

[davidphilips]

The truth sometimes hurts, but it must be heard. Huge admiration for the new President.

[BrianBaileyedtech]

I spent two months in Argentina last summer and experienced the crazy inflation first hand. Argentinians only take out enough money to last a week and immediately convert the rest of their paycheque to US dollars so it doesn't lose value. The next week, prices have already risen by 3%! Week after week, year after year - this is debilitating and you can see the tiredness etched in the peoples' faces. If you ask who is to blame Argentinians will overwhelmingly say the entrenched political class, which is completely corrupt. Milei is a like a breath of fresh air and he will succeed if he can manage to follow though on what he has proposed. Good luck and best wishes Argentinians - I love your country and BA is the coolest city in the world.

[Tina-tzud]

This is a leader!!! This is the type of leadership Canada needs desperately!!!

[robynandrews]

Wishing you all the best Argentina. Don't give up. You've taken out the trash and now it's clean up time. Kia Kaha (Stay Strong) Love from NZ.

[alexzander]

"There is no night that has not been defeated by the coming day" what a powerful quote in a nation heralded by a golden sun. I salute you señor Milei, viva Argentina