Milei sets out to slash regulations
The new president of Argentina announces "shock therapy" when he takes office. Ten days later, he followed up with the first measures - and there are no fewer. Numerous areas are affected, including labor and tenancy law.
The new Argentinian President Javier Milei has announced a decree for a comprehensive deregulation of the South American country's economy. The aim is to abolish or reform 300 existing regulations, as the libertarian right-wing populist said in a televised speech. These include labour law, tenancy law and the privatization of state-owned companies.
"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 proposed deregulation efforts by President Milei also aim to reform the country's bureaucratic rental laws, potentially abolishing the rent regulation law to improve the housing market. Furthermore, the Buenos Aires bureaucracy may face significant changes with the privatization of state-owned companies such as YPF and Aerolíneas Argentinas.
Source: www.ntv.de
