Bitter austerity is biting in Argentina as the new president enacts the brutal cuts he promised in a bid to reign in one of the world’s worst inflation rates.
Entire government departments – including the Culture Ministry – have been canned and consumer spending has slumped across the board as Argentines find their stacks of pesos aren’t going as far as they once did. In a stark sign of the times, consumption of beef – reared by the country’s rural gauchos – slumped in the first quarter of 2024 by the biggest margin seen in 30 years.
Milei is still attempting to hold things together in Congress
However, one area of civic life hasn’t been exposed to Javier Milei’s chainsaw in quite such dramatic fashion. In fact, Milei has not only failed to cut military spending but promised that the budget for the armed forces will increase from 0.5 per cent of GDP to 2 per cent over the next decade.
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