BUENOS AIRES -- Javier Milei, a liberal politician and economist, assumed the Argentine presidency Sunday in a ceremony held at the National Congress in Buenos Aires, the country's capital.

The outgoing head of state, Alberto Fernandez, placed the presidential sash and handed the baton of command to Milei, whose term will last for four years, until Dec. 10, 2027.

Victoria Villarruel was sworn in as vice president.

After the inauguration at the congress, Milei delivered a speech to the public noting that he had no alternative to a sharp, painful fiscal shock to fix the country's worst economic crisis in decades, with inflation heading towards 200 percent. "There is no alternative to a shock adjustment."