Argentina Snubs BRICS, Leans Towards US Dollar

• Argentina Elects Right-Wing Populist President Javier Milei
• Milei's Stance on BRICS and International Relations
• Argentine Presidential Stance: Reject BRICS Membership, Adopt US Dollar
• Implications of Milei's Economic Plans
• Could Milei's Vision Alter Argentina's Course?

Argentina Elects Right-Wing Populist President Javier Milei

In the wake of Argentina's high-stakes elections, right-wing populist leader Javier Milei has been declared the president. His campaign was marked by a robust anti-establishment sentiment and a slew of proposed changes aimed at setting the country's economy on the right track. As part of his agenda, Milei vowed to reject BRICS membership and instead favor the use of the US dollar in international transactions.

Milei's Stance on BRICS and International Relations

Milei used emphatic language in criticizing BRICS members, labeling China and Russia as assassin governments. He also reproached the alliance for including Iran, referencing the country's involvement in the 1994 bombing of a Jewish center in Buenos Aires as a still festering wound. In his criticism, he didn't spare Brazil, accusing it of facilitating BRICS' expansion into South America. In his words, I defend liberty. China, Putin, and Lula don't, as he commented on the BRICS coalition.

Argentine Presidential Stance: Reject BRICS Membership, Adopt US Dollar

As the new president, Milei might reject BRICS membership as early as December, which would make Argentina the first country to turn down an invitation from the bloc. In addition, the newly-elected president proposes to replace the country's local currency, the Peso, with the US dollar. His campaign even included an ambitious plan to shut down the Central Bank and switch to Bitcoin$42,260 -0.64% as reserves.

Implications of Milei's Economic Plans

These suggestions come at a time when Argentina is grappling with a scarcity of US dollars. Under Milei's leadership, plans are underway to phase out the Peso and substitute it with the US dollar. The populist leader's distinct vision for Argentina includes a critical perspective of BRICS and a complimentary view of the US dollar.

Could Milei's Vision Alter Argentina's Course?

The newly inaugurated leader's audacious plans, if realized, hold the potential to alter Argentina's trajectory. Nonetheless, it will take several years to fully understand the impact of his policies as they are yet to be officially implemented.

Edited by Jonathan Stoker