BUENOS AIRES — Argentine President Javier Milei signed a sweeping emergency decree Friday granting himself extraordinary powers to override congressional oversight on economic policy, citing what his government called an “existential fiscal crisis.” The decree — formally labeled DNU 4/2026 — allows the executive branch to unilaterally restructure tax brackets, privatize state enterprises and impose price controls without a parliamentary vote for 90 days.
The measure immediately triggered mass protests in Buenos Aires, Cordoba and Mendoza, with an estimated 320,000 people filling the Plaza de Mayo within hours of the announcement. Riot police deployed tear gas and water cannons after crowds attempted to breach the Casa Rosada perimeter. The Argentine Episcopal Conference called the decree “a constitutional rupture” and urged Milei to submit the measure to Congress within 48 hours.
opposition leader Cristina Fernandez de Kirchner filed a formal impeachment motion against Milei before midnight, arguing the decree violates at least seven articles of the Argentine Constitution. The Chamber of Deputies is scheduled to vote on the motion next Tuesday. Milei’s La Libertad Avanza bloc holds 38% of congressional seats — insufficient to block the impeachment, which requires a two-thirds majority in both chambers.
The peso fell 4.1% against the dollar in after-hours trading. The IMF said it was “concerned by the concentration of executive power” and requested an urgent call with Economy Minister Luis Caputo. Argentina’s Supreme Court has historically blocked DNU-style emergency decrees — three such measures were struck down between 2001 and 2019.