Demonstrations against reforms

Mega general strike looms in Argentina in May

A man delivers meat in the Argentinian capital.

(Bild: AP)

Shortly after the announcement of a new attempt to push through the reforms of Argentina's President Javier Milei, the powerful umbrella union CGT has called a general strike. The country is to be brought to a standstill on May 9.

On Wednesday, his government submitted a slimmed-down version of the reforms to parliament, which had failed to gain a majority among MPs in February.

Among other things, the bill provides for the privatization of state-owned companies and measures to cut state subsidies.

A man delivers meat in the Argentinian capital.

(Bild: AP)

Argentina's President Javier Milei

(Bild: AP)

Milei, who was elected last year, does not have a governing majority in parliament and must seek allies there. The new bill is expected to be discussed in committees next week before it comes to a vote.

Argentina: Inflation at 275 percent

Argentina, once a prosperous country, is currently experiencing inflation of 275 percent and the poverty rate has risen to almost 60 percent. On Thursday, the central bank lowered the key interest rate by ten points to 70 percent. A significant slowdown in inflation has been registered.

Horse cure to boost the economy
The reforms must be approved by both chambers of Congress. In the new draft, Milei has reneged on the promise to avoid new borrowing as early as this year. Some reforms have also been watered down. The head of state, who has been in office since December, wants to kick-start the economy, which has been languishing for years, with a drastic overhaul.

At the heart of his ideas are a drastic reduction in the size of the state apparatus, including social benefits, as well as a significant reduction in regulations and financial burdens on the economy. Trade unions, among others, have mobilized against the economic situation and his reform plans.