'There's no money': Argentina's Milei doubles down on economic shock therapy

FILE PHOTO: Argentine president-elect Javier Milei addresses supporters after winning Argentina's runoff presidential election, in Buenos Aires, Argentina November 19, 2023. REUTERS/Agustin Marcarian/File Photo

BUENOS AIRES (Reuters) - Argentina's libertarian President-elect Javier Milei is sticking by his plans for economic "shock" therapy to fix the country's myriad crises from triple-digit inflation to rising poverty and a dearth of foreign currency reserves.

In an interview late on Tuesday, Milei said that his government, which will take office on Dec. 10, would have to make deep spending cuts, something he pledged in the campaign as part of a "chainsaw" plan to trim state spending.