In Argentina, thousands of students rallied against the “shock therapy” of President Miley

Hundreds of thousands of Argentines, mostly students, took to the streets of Buenos Aires on April 23 for a rally against budget cuts for public universities. This is the largest protest against the austerity measures implemented by President Javier Millay.

Reuters writes about it.

The Argentine government has decided not to increase university budgets for the 2024 academic year, despite inflation reaching 288% over the past 12 months.

University budgets were frozen as part of the economic "shock therapy" that Miley announced when he took office in November 2023. First of all, "shock therapy" involves a massive reduction in government spending. So Miley seeks to reduce inflation, reduce the deep budget deficit and restore the state treasury. However, economists believe that the improvement will not last long.

Since Argentinaʼs national universities are funded by the state, they will be greatly affected by the budget cuts. Some faculties at the University of Buenos Aires have already implemented extreme cost-saving measures, including reducing lighting in common areas, limiting the use of elevators and reducing library hours. Latin Americaʼs largest university fears it is at risk of closure due to austerity measures.

The marchers held banners that read "Protect Public Universities," "Education is a Right," and "Down with the Budget, Down with the Miley Plan." The students are convinced that free education in Argentina must be protected because it is the best way to equalize society and create opportunities for all.

• On November 19, 2023, the libertarian Javier Millay won the presidential election in Argentina, winning 56% of the vote, against 44%, which Argentines voted for the Minister of Economy, Sergio Masa. Millais promised economic "shock therapy" aimed at correcting decades of ineffective policies. In particular, he proposes the dollarization of the economy, privatization, and the rejection of cooperation with China, Brazil, and Russia in favor of the United States.
• Although high inflation has been observed in Argentina for many years, the rate of price growth is now at its highest level since the early 1990s. In terms of inflation, Argentina overtook Venezuela, where price growth in 2023 fell to 193%.