Colombo (News 1st) – Facing its worst economic crisis in two decades with inflation running at 143%, Argentina on Sunday elected as President a completely radical far-right outsider, Javier Milei, who has said he will replace the peso with the US dollar, slash government expenditure and disband the country’s central bank.

His rival, Economics Minister Sergio Massa, conceded defeat in the runoff election that was held on Sunday after the first round of voting ended without a clear winner among multiple candidates.

Milei's next moves will be closely watched. No country the size of Argentina, which has South America's third-largest economy, has ever tried to replace its currency with the USD. But his radical ideas have drawn the support of voters who are angry with the country's economic disaster, a situation that rival Massa was trying to correct with more moderate reforms.

Milei, 53, a former TV talk show host, drew a main vote base among young voters. He has a pro-U.S. philosophy and has criticised both China and South America's regional power Brazil.

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