President Javier Milei told traders of his government’s “unwavering commitment to fiscal balance” as he visited Wall Street on Monday.
Delivering a speech before participating in the traditional bell-ringing ceremony to mark the opening of business on the New York Stock Exchange, Milei told business leaders, invited guests and executives that he would not “sacrifice” his stance on a balanced budget for anything.
“Our commitment to fiscal balance is unwavering and we are not willing to negotiate fiscal balance under any circumstances,” he told an audience of close to 200 people.
Acknowledging one of the most persistent enquiries from the business community, the La Libertad Avanza leader said that strict exchange controls “will be released when the inflation rate of the macroeconomic programme is zero.”
Milei delivered his remarks at the start of what promises to be a whirlwind day in the Big Apple for the 53-year-old head of state.
After his date with Wall Street, he is due to hold talks with Tesla CEO Elon Musk at around midday and Google’s Vice-President of Global Policy and Government Affairs, Karan Bhatia at 3pm.
At 4pm on Tuesday, he will attend the United Nations General Assembly to deliver Argentina’s speech to global leaders. He will close out the day's activities with a lengthy speech to the US Council on Foreign Relations.
The President arrived in New York on Saturday night and – on a busy Sunday – met with economist Alberto Ades, granted an interview to The New York Times and found time to again visit El Ohel, the tomb of the Lubavitch Rebbe, Rabbi Menachem Mendel Schneerson.
Milei, who is expected to return to Buenos Aires on Wednesday morning, will also meet with Ecuador President Daniel Noboa and the President of the European Commission, Ursula von der Leyen while in New York.
Wall Street welcome
Milei seemed delighted as he revelled in a warm Wall Street welcome on Monday morning.
Pestered by fans for autographs and selfies as he arrived, the President greeted the public before entering the Stock Exchange, which was draped in light-blue-and-white flags to celebrate the occasion.
Milei’s participation in the traditional bell-ringing ceremony, which marks the opening of trading, makes him the third Argentine head of state to do so, following in the footsteps of former presidents Néstor Kirchner (2006) and Carlos Menem (1989).
But he was soon down to business, using his speech to pitch Argentina to global investors and highlight the progress his administration has made since taking office
“Everything in Argentina was ready to explode” when he took office last December, complained Milei.
The La Libertad Avanza leader stressed progress in lowering runaway inflation, which currently exceeds 230 percent per annum.
“We radicalised the cut in monetary issuance. And now wholesale inflation is 2.1 percent a month,” he celebrated. “We are going to tame inflation, that is underway.”
Milei also took time to namecheck several officials, not least Luis Caputo, who the President declared will be “remembered as the best economy minister in history because he is doing an enormous job.”
Brushing off criticism that his austerity programme is weighing too hard on the backs of Argentines, the President said his opponents had “no brains.”
“They question my social policy, that we have no heart; I would say that those who make this comment have no brains,” declared the self-described “anarcho-capitalist” economist.
Outspoken tone
That typically outspoken tone will be deployed once again on Monday, when Milei addresses the United Nations General Assembly.
Government sources are briefing that the President’s speech will be similar in tone to the one he delivered earlier this year to the World Economic Forum in Davos. Milei is likely to voice fierce criticism of the UN’s 2030 agenda, including its policies on climate change and gender equality.
Sources say Milei will also question the UN’s alleged “alignment” with the People's Republic of China, ruled by the Chinese Communist Party.
“The President is more aligned with Western values” than those of China, a source with influence over his speeches told the Noticias Argentinas news agency.
– TIMES/NA/PERFIL
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