- England return to winning ways in Nations League, Austria thrash Norway
- UN chief says attacks on UNIFIL 'may constitute a war crime'
- Ravens outlast Commanders while Bucs batter Saints in NFL
- Dozens hurt in Israel as Hezbollah claims drone strike
- England deserve 'world class' coach: Carsley
- Burkina Faso win to become first qualifiers for 2025 AFCON
- AC Milan's Pulisic among five out for USA match in Mexico
- France's Amandine Henry retires from international football
- Centre-left set to win pro-Ukraine Lithuania's vote
- India's World Cup hopes in Pakistan hands after Australia defeat
- Zelensky says NKorea sending troops to Russian army
- England beat Finland to get back on track
- King and Lewis propel West Indies to T20 triumph over Sri Lanka
- Pre-Halloween 'Terrifier' lands atop North America box office
- 'I still plan to compete and play next season,' says Djokovic
- Harris, Trump seek advantage in knife-edge election battle
- Chepngetich shatters women's marathon world record in Chicago
- Kamindu and Asalanka power Sri Lanka to 179 against West Indies
- Chepngetich shatters women's marathon world record as Korir wins in Chicago
- Spain send injured Yamal home 'to prioritise player's health'
- In milestone, SpaceX 'catches' megarocket booster after test flight
- Iraq walks fine line with pro-Iran factions to avoid war
- Race four abandoned after New Zealand breeze into 3-0 lead in America's Cup
- West Indies win toss, put Sri Lanka in to bat in first T20
- Sudan rescuers say air strike killed 23 in Khartoum market
- Netanyahu tells UN to move Lebanon peacekeepers out of 'harm's way'
- Bangladeshi Hindus defy attack worries to celebrate festival
- Kiwis three up in America's Cup as Ineos pay for time penalty
- In a first, SpaceX 'catches' megarocket booster after test flight
- Dominant England crush Scotland at Women's T20 World Cup
- Dropped: The rise and fall of Pakistan batting maestro Babar Azam
- Israel fights Hezbollah on the ground, pounds Lebanon from the air
- Sabalenka outlasts local hero Zheng to win third Wuhan Open title
- Bangladeshi Hindus shrug off attack worries to celebrate festival
- Former Pakistan captain Azam dropped for second England Test
- 'Opportunist' Dupont dazzles on Toulouse return
- Australia replace injured Vlaeminck with Graham at Women's T20 World Cup
- Sinner wins Shanghai Masters to deny Djokovic 100th career title
- Ubisoft fears assassin's hit over falling sales
- Israel hits Lebanon from the air and fights Hezbollah on the ground
- China's Yin has 'goosebumps' as she romps to LPGA win in Shanghai
- Pakistan to re-use Multan pitch for second England Test
- Blair and King Charles hail Salmond's 'devotion' to Scotland
- Vietnam, China hold talks on calming South China Sea tensions
- SpaceX will try to 'catch' giant Starship rocket shortly before landing
- England captain Stokes in line for second Pakistan Test return
- Japan's former empress Michiko discharged after surgery: reports
- Japan's former empress Michiko discharged after surgey: reports
- Israel widens Lebanon strikes as troops fight Hezbollah along border
- Bowlers' graveyards: Pakistan's placid pitches under fresh fire
What to know about Milei's bid to liberalize Argentina's economy
Argentina's libertarian President Javier Milei this week unleashed a mega-decree to change or scrap 366 economic rules in a country accustomed to heavy government intervention in the market.
The move is a first in Argentina's history, with none of its democratically elected presidents or dictators attempting such a massive dismantling of the system.
It is also exactly what Milei promised on the campaign trail, where he would wave around a live chainsaw to symbolize his bid to slash public spending, as Argentina creaks under triple-digit inflation after decades of financial mismanagement.
However, according to Argentine law, Congress still has the power to sink Milei's program.
This is what you need to know about the decree:
- What could change in daily life? -
Ten days after taking office, and on the eve of the festive holidays, Milei presented his "necessary and urgent" decree to loosen some of the rules governing the country's economy as annual inflation hit 160 percent.
One big change will be the removal of all constraints between tenant and landlord, such as laws on rental increases.
In recent years landlords have increasingly priced their properties in dollars to avoid being stuck with rental income long overtaken by soaring inflation. This has been a nightmare for renters in a country where access to dollars had been strictly controlled.
Milei has also loosened labor laws, with the trial period for new employees going from three to eight months. Compensation laws for dismissal without cause have been modified in favor of companies and he plans to renegotiate labor agreements in force since 1975.
He also scrapped limits on exports, and said the internet market will be liberalized.
Milei also ditched rules preventing the privatization of state enterprises, and has already set his sights on national airline Aerolineas Argentinas and oil company YPF.
He also moved to limit the right to strike, which is enshrined in the constitution.
- What is the goal of the decree? -
Milei, an outsider whose rise to the top office stunned much of the country, blames the interventionism and protectionism of previous governments for choking the economy.
Before the announcement of the decree, the new government had already devalued Argentina's peso by more than 50 percent, and announced huge cuts in generous state subsidies of fuel and transport from January.
"The goal is to begin the path of reconstruction of the country, to return freedom and autonomy to individuals and begin to dismantle the enormous amount of regulations that have stopped, hindered and impeded economic growth," said Milei.
Of those protesting his measures he said: "There may be people suffering from Stockholm syndrome. They are infatuated with a model that impoverishes them."
- Is it constitutional? -
The opposition -- recently ousted from government -- has slammed Milei for the decree, and sees it as a way to bypass his lack of a majority in Congress.
Milei's Libertad Avanza party, which is only two years old, has only 40 of the 257 seats in the lower house, and seven of 72 in the Senate.
"This is not the way. Send the reforms as bills. Do not be afraid of democratic debate," said German Martinez, parliamentary chief for the Peronist coalition Union for the Homeland.
Constitutional lawyer Emiliano Vitaliani told AFP that the highest laws of the land say that "in principle laws cannot be modified by decree and the president cannot replace Congress."
Political scientist Lara Goyburu said the decision "leaps past all limits, decreeing many issues that need political agreements from Congress and the provinces."
- Can the decree be rejected? -
The decree can be overturned if it is rejected by both houses of Congress, said Vitalini. Otherwise it comes into force on December 29.
"The president has made a very big bet, and its success will depend on his ability to obtain legislative support which, until now, is not known," said constitutional lawyer Alejandro Carrio, in a column in the La Nacion newspaper.
Y.Nakamura--AMWN