The 53-year-old libertarian economist Javier Milei was sworn in as Argentina's president on Sunday.

He has vowed there will be no "half-measures" as he confronts decades of overspending, debt and convoluted currency controls in Latin America's third-largest economy.

"I swear to God and country ... to carry out with loyalty and patriotism the position of president of the Argentine nation," he said as he took the oath of office.

Meanwhile, thousands of his supporters lined the streets in front of the Congress in Buenos Aires, waving the blue and white flag of the country and chanting Milei's rallying cry of "Freedom!"

'No alternative to shock treatment'

After the swearing-in ceremony, Milei promised a new era for the country, but warned of painful austerity measures and an economic crisis that will "get worse" before it gets better.

"Today begins a new era in Argentina," he said, highlighting that "no government has received a worse inheritance than what we are receiving."

"The bottom line is that there is no alternative to austerity and there is no alternative to shock treatment," Milei warned, saying his predecessors had left the country without funds and on a path to hyperinflation.

Milei faces enormous challenges

Inflation in Argentina has reached 140% year-on-year, and 40% of the population lives in poverty. Analysts have warned that foreign exchange reserves are deeply depleted, and the heavily indebted country has few options for borrowing.
     
Milei has said he plans to radically restructure the country, which is in the midst of a severe economic crisis. During the election campaign, Milei warned of spending cuts equivalent to 5% of Argentina's gross domestic product.

He even said that he would abolish the central bank and adopt the dollar as the national currency due to extremely high inflation.

Guests from around the world

The ceremony's guests included Ukrainian President Volodymyr Zelenskyy and Hungarian Prime Minister Viktor Orban.

Milei spoke briefly with Zelenskyy on the steps of Congress, and the two men shared a warm embrace. The Ukrainian leader said on social media that he had also held talks with the leaders of Ecuador, Paraguay and Uruguay as he sought to shore up support for war-torn Ukraine. 

The right-wing former President of Brazil Jair Bolsonaro was also present, as was Chile's leftist president, Gabriel Boric. However, leftists Luiz Inacio Lula da Silva, the current Brazilian leader, and Mexican President Andres Manuel Lopez Obrador were some of the major absences.

dh/nm (AFP, AP, Reuters)