Buenos Aires, September 2023. Hundreds of people crowded around to wave flags and film on their phones. Javier Milei, the man with unruly hair in a black leather jacket, raised a roaring chainsaw above his head during an election rally, signaling his plans to slice through government inefficiencies.
Milei's campaign pivots around the view that Argentina's government is bloated, saddled with a staggering debt exceeding the country's economic output. Where past politicians might have sought to 'trim the fat', Milei promised a radical approach—using his metaphorical chainsaw to dismantle ministries, subsidies, and the entrenched political elite he condemns as la casta (the caste).
As he took office in December 2023, Argentina's inflation had surpassed 211%, with around 40% of the population living in poverty. Yet just two years into his presidency, headlines tell a different story: Argentina posted its first fiscal surplus in 14 years, and inflation dropped to approximately 36%.
Celebrated internationally, even catching the attention of right-wing figures like Donald Trump, Milei's strategies have reignited investor confidence. Washington's recent decision to convert $20bn into pesos demonstrates the belief that Milei's fiscal overhaul can sustain international partnerships, a critical stance as he meets Trump soon.
However, the national narrative isn't solely one of praise. Protests erupted against Milei's drastic measures, highlighting suffering among pensioners and the working class. With midterm elections approaching, Milei's support could wane, questioning the sustainability of his economic recovery against the backdrop of growing public discontent.
In rural areas like Misiones, farmers like Ygor Sobol express grave concerns as deregulated prices render their crops worthless. We're all going backwards economically, he laments, revealing the tangible struggles that Milei's reforms exacerbate.
While Milei’s economic plan may resonate with investors, the reality for many Argentines remains precarious, as they navigate the changes that will impact their futures.
Milei's campaign pivots around the view that Argentina's government is bloated, saddled with a staggering debt exceeding the country's economic output. Where past politicians might have sought to 'trim the fat', Milei promised a radical approach—using his metaphorical chainsaw to dismantle ministries, subsidies, and the entrenched political elite he condemns as la casta (the caste).
As he took office in December 2023, Argentina's inflation had surpassed 211%, with around 40% of the population living in poverty. Yet just two years into his presidency, headlines tell a different story: Argentina posted its first fiscal surplus in 14 years, and inflation dropped to approximately 36%.
Celebrated internationally, even catching the attention of right-wing figures like Donald Trump, Milei's strategies have reignited investor confidence. Washington's recent decision to convert $20bn into pesos demonstrates the belief that Milei's fiscal overhaul can sustain international partnerships, a critical stance as he meets Trump soon.
However, the national narrative isn't solely one of praise. Protests erupted against Milei's drastic measures, highlighting suffering among pensioners and the working class. With midterm elections approaching, Milei's support could wane, questioning the sustainability of his economic recovery against the backdrop of growing public discontent.
In rural areas like Misiones, farmers like Ygor Sobol express grave concerns as deregulated prices render their crops worthless. We're all going backwards economically, he laments, revealing the tangible struggles that Milei's reforms exacerbate.
While Milei’s economic plan may resonate with investors, the reality for many Argentines remains precarious, as they navigate the changes that will impact their futures.
