Argentina's decline since President Miley's election victory in November represents another unexpected turn. The populist right-wing intruder promised radical economic reforms, which he has already begun to implement, such as the privatization of a large number of state-owned companies, as well as implementing significant reductions in the number of employees in the public sector, according to Haaretz newspaper. BBC.
In his resignation letter, President Miley noted that Argentina's foreign policy now differed significantly from that of the previous government, and that he did not consider full membership in BRICS appropriate. However, he reiterated his commitment to strengthening bilateral relations with the BRICS countries, with a focus on increasing trade and investment flows.
The BRICS alliance is often seen as a counterweight to the Western-led world. The BRICS alliance is economically dominated by China, which contributes more than 70% of the bloc's combined GDP. President Milley's criticism of China during his election campaign and his commitment to ending decades of economic mismanagement in Argentina point to potential shifts in geopolitical alliances.
The country faces serious economic challenges, including high inflation rates, low fiscal cash reserves, high public debt, and a large proportion of the population living below the poverty line.
Miley's government has already begun economic shock therapy, which has caused the value of the Argentine currency to fall by more than 50%. The delicate balance between economic reforms and international relations is clear, as Argentina's most important trading partners include BRICS members Brazil and China, as well as the United States. President Milley's willingness to maintain relations with the United States highlights Argentina's complex geopolitical environment in which resolving its economic problems has become more urgent than ever.
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