The Argentine Peso And Javier Milei Are In Trouble
Economist1 day
Milei Unveils 'Make Argentina Great Again' Plan, Faces Setbacks Ahead of Midterms
Above: Argentine President Javier Milei at the Movistar Arena in Buenos Aires on Oct. 6, 2025. Image copyright: Matias Baglietto/NurPhoto/Getty Images
The Spin
Pro-government narrative
Milei's libertarian revolution has delivered remarkable results that prove free-market policies work even in a country that was heading toward complete economic collapse, and without commanding a congressional majority. There's still much to do in Argentina, and Milei will be able to continue his reform agenda if his party wins at least one-third of the legislature.
Government-critical narrative
Milei's leadership is crumbling just before make-or-break midterm elections amid corruption scandals that implicate his inner circle and economic instability. He did achieve success in tackling inflation, but his austerity measures have hurt jobs. As his outsider approach has alienated powerful players, his unpopular reforms now depend on an unlikely landslide win.