Argentina's President-elect Javier Milei says closure of central bank 'non-negotiable'

livemint.com:

statement from his office was posted on social media platform X (formerly Twitter) and was aimed at addressing what he termed as "false rumors". Also Read: Who is Javier Milei, Argentina's next president who wants to scrap local currency, and eliminate the central bank? With his December 10 inauguration looming, the outsider libertarian economist is in a rush to assemble his team. Indications suggest that Milei might opt for a more moderate Cabinet than initially anticipated, the report added.

The statement disclosed that economist Osvaldo Giordano, from the central Cordoba region, is set to head Argentina's social security administration ANSES. This move holds significance in light of Milei's commitment to reducing state spending and subsidies. This announcement also marks a shift from Milei's earlier plan, which involved nominating a close ally to lead the administration.

Furthermore, Horacio Marin, a private energy sector executive, was confirmed as the incoming chief of state oil company YPF. Also Read: Will Javier Milei dare dollarize Argentina? Implementing Milei's radical reform agenda faces significant challenges. Plans encompass dollarizing the economy, closing the central bank, and privatising state companies such as YPF.

However, these reforms may encounter substantial time constraints or feasibility issues. Also Read: PM Modi greets Argentina's new president Javier Milei, says ‘Look forward to working closely with you’ Milei's libertarian coalition holds a limited number of seats in Congress and lacks provincial governors' support, the report added. Additionally, he must navigate demands from the more mainstream conservative bloc, whose endorsement was pivotal in his victory during the run-off election last