The ultraliberal Argentine President, Javier Milei, announced on Wednesday December 20 that he would issue a decree massively deregulating the country’s economy, by modifying or repealing more than 300 standards. “The goal is to begin the path to rebuilding the country, returning freedom and autonomy to individuals and beginning to disarm the enormous amount of regulations that have held back, hindered and prevented economic growth in our country,” he said. declared Mr. Milei, elected in November, in a speech broadcast on radio and television.
Among the measures announced is the repeal of the law governing rents “so that the real estate market begins to function smoothly again and renting is not an odyssey,” explained the president.
Laws preventing the privatization of public companies will also be repealed. The latter will all be transformed into public limited companies with a view to their privatization, announced Javier Milei.
A minority party in the assemblies
The Head of State also announced a “modernization of labor law to facilitate the process of creating authentic jobs”, the modification of the law on companies so that football clubs can transform into limited companies. they want it, and a long series of other deregulation measures in the sectors of tourism, satellite internet, pharmacy, viticulture and even international trade.
To enter into force, the decree must be published in the official journal, then be examined by a joint commission composed of deputies and senators. It will only be invalidated if it is rejected by both the Senate and the Chamber of Deputies, constitutional lawyer Emiliano Vitaliani explained to Agence France-Presse. Mr. Milei’s far-right party, La Libertad Avanza, has only 40 seats out of 257 in the lower house and only seven seats in the Senate out of 72.
Javier Milei had already announced on December 12 a first series of austerity measures, including a shock devaluation of more than 50% of the peso, and the reduction from January of transport and energy subsidies. Measures which, coupled with inflation and prices that are now unregulated, are destined to have a serious impact on the purchasing power of Argentines.