Argentine President announces decree for comprehensive deregulation
"The aim is to embark on the path to rebuilding the country, to give people back their freedom and autonomy and to start dismantling the huge number of regulations that have held back, disrupted and prevented economic growth in our country," said Milei.
Among other things, a law regulating rents should be abolished. The real estate market must function "without problems" again so that the search for housing does not resemble an "odyssey", said Milei. The privatization of state-owned companies such as the oil company YPF and the airline Aerolíneas Argentinas should also be made possible. The creation of "real jobs" is to be facilitated through a reform of labor law. Sectors such as healthcare, tourism, the internet and trade are also to be deregulated.
Milei, who was elected in November, promised the highly indebted country "shock therapy" when he took office on December 10. The 53-year-old political novice has taken over Latin America's third-largest economy in the midst of a severe economic crisis: Inflation has risen to more than 160 percent and more than 40 percent of the population live in poverty.
The new government has already devalued the national currency, the peso, by more than 50 percent. The first demonstrations against Milei took place in the capital Buenos Aires on Wednesday.
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- The Argentinean President has announced a decree for a comprehensive deregulation of the real estate market, aiming to abolish a law regulating rents and facilitate the search for housing.
- According to the new decree, the tenancy law will undergo deregulation, which is part of Milei's "shock therapy" to revitalize Argentina's severely crisis-stricken economy.
- To encourage investment and stimulate economic growth, the Argentinean President is planning to deregulate sectors such as healthcare, tourism, the internet, and trade, along with the privatization of state-owned companies.
- Speaking about the decree, Milei emphasized the need to give people back their freedom, autonomy, and remove obstacles that have undermined economic growth in the country.
- To address the country's high indebtedness and inflation, Milei's government has already deregulated the currency market by devaluing the peso, and further deregulations in key sectors are on the horizon.
Source: www.stern.de
