BUENOS AIRES, Argentina (AP) - In a sobering inaugural address, Argentina's newly sworn-in President Javier Milei painted a stark picture of the nation's dire economic situation and prepared the public for a series of painful shock adjustments. The right-wing economist emphasized the urgency of taking immediate action, as Argentina grapples with staggering inflation, a plunging currency, and widespread poverty.

Addressing thousands of supporters in Buenos Aires, Milei stressed that the country is facing a severe economic "emergency" and cannot afford to engage in fruitless debates. He placed the blame on the political class, accusing them of leaving Argentina on the brink of its largest crisis in history. With no margin for delay, he stated that difficult decisions must be made in the coming weeks.

Argentina, the second largest economy in South America, is currently experiencing an annual inflation rate of 143%. Nearly four in 10 Argentines live in poverty, exacerbating a yawning fiscal deficit and a staggering trade deficit of $43 billion. Additionally, the country faces a formidable debt of $45 billion to the International Monetary Fund, with $10.6 billion due to be repaid to multilateral and private creditors by April.

Milei reiterated his mantra that "there's no money," rejecting a gradualist approach that would require additional financing. Despite acknowledging that the short-term situation may worsen, he expressed optimism about the future, stating that the painful adjustment is necessary to establish the foundation for solid and sustainable growth.

The rise of Milei, a 53-year-old economist known for his fiery television appearances and his opposition to the political establishment, has been nothing short of meteoric. From a congressional seat to a presidential run, he gained popularity by presenting unconventional ideas to address Argentina's economic woes. His resounding victory in the August primaries sent shockwaves through the political landscape, ousting the long-dominant Peronist political force.

However, Milei will likely face fierce opposition from Peronist lawmakers and the unions they control. As a self-declared "anarcho-capitalist," Milei's proposed public spending cuts and dismantling of state institutions are bound to encounter resistance from entrenched interests unwilling to bear the brunt of wage losses.

While Milei's presidential campaign was marked by radical rhetoric, there are signs of moderation in his approach as he assumes office. Appointing former Central Bank President Luis Caputo as his economy minister suggests a departure from his previous plans for rapid dollarization. His willingness to engage with political opponents and open dialogue indicates a pragmatic approach to governance.

Nevertheless, Milei has already announced plans to eliminate various ministries, including culture, environment, women, and science and technology, in a bid to streamline government operations. He aims to merge ministries of social development, labor, and education into a single ministry of human capital.

As Milei's presidency begins, the nation watches with anticipation to see which version of the leader will prevail: the anti-establishment crusader of the campaign trail or the more moderate president-elect who has emerged in recent weeks. With the immense challenge ahead, his political inexperience and the need to form alliances in Congress, Milei's true governing style is yet to be fully revealed.

In a break from tradition, Milei delivered his inaugural address not to the gathered lawmakers but to his supporters outside the National Congress building. He vowed not to persecute or settle old scores with politicians or union leaders, expressing openness to anyone willing to support his project.

Following the address, Milei made his way to the presidential palace in a convertible, accompanied by cheers and enthusiastic supporters waving Argentine flags and the Gadsden flag, which has been adopted by Milei and his followers.

As Argentina embarks on this challenging economic transformation, its people hope that this new era under President Milei will bring about long-lasting change and prosperity for all.