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In a significant policy victory, Argentina President Javier Milei has managed to prevent an attempt to increase pension spending as the opposition’s efforts to override his veto fell short of the necessary votes.
What Happened: The lower house of the Argentina Congress voted 153-87 in favor of overriding Milei’s veto, failing to obtain the two-thirds majority, the Financial Times reported on Wednesday.
Milei had argued that the proposed increase, intended to offset Argentina’s high inflation for pensioners, would undermine his key commitments to eliminate the country’s chronic fiscal deficit and curb inflation.
The proposed hike would have represented approximately 0.45% of GDP, analysts suggested, against the 1.1% of GDP fiscal surplus that Mile achieved in the first half of the year through a rigorous austerity package.
“Today 87 heroes stopped the fiscal degenerates who tried to destroy the fiscal surplus Argentines have worked so hard to build,” Milei declared after the vote.
Why It Matters: Milei’s victory in the lower house was noteworthy, given the massive 61-8 vote in favor of the pension increase in the Senate last week.
A free-market proponent, Milei secured victory in the November elections after promising large cuts in public spending to address Argentina's fiscal deficit and increasing inflation. His government achieved the first budget surplus in over 12 years, after being in office for just nine weeks.
Milei's libertarian stance is also reflected in his support for Bitcoin (CRYPTO: BTC), the world's largest cryptocurrency, being one of the very few heads of state to openly support the asset. He has praised the scarcity-driven growth model of the apex cryptocurrency and dubbed it a way to return monetary power to people.
However, the Argentine President has also faced flak over his austerity measures, with his critics saying that millions in the country are paying the price as public sector jobs face the ax.
Protests have broken out in response to Milei’s decision, with frequent skirmishes between retirees and security officers. According to Reuters, hundreds of protestors battled outside the country’s Congress as news of the bill’s reversal spread.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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