Milei Vowed to Fix Argentina’s Economy. Then Came a New Crisis - New York Times

[Pink Panther]

I did not realize just how bad things were. Just goes to show you how quickly things can turn. I guess the miracle story of the turn around in Argentina wasn't a miracle after all.

Argentina’s President Vowed to Fix Its Economy. Then Came a Crisis.

President Javier Milei slashed inflation and spending, but it wasn’t enough to stave off an economic crisis. President Trump has offered him a lifeline.

www.nytimes.com

 

[Bingo]

Archived version here

 

[Uncle Wong]

Thanks for posting these articles. What strong support by the United States but I wonder what happens if the elections go sour next month? All of these articles online seem to hint at the same thing that the USA is buying Milei more time but what happens if the elections don't go well next month?

With US backing, Argentina gains time - but October vote will be crucial

Argentina's "whatever it takes" moment with the United States this week may have given the country its best chance to escape decades of chaotic debt defaults and bailouts, investors say. But everything hinges on October's nationwide election.

www.reuters.com

It looks like even with all the support from the USA the blue dollar, and MEP went up today. The elections seem like a long time away.

 

[CraigM]

“Austerity is hard to swallow,” said Andrei Roman, chief executive officer of AtlasIntel. “And then at some point people get tired of waiting and they feel impoverished and they want to get out of it.”

This has always been the challenge with Milei's agenda and also why these scandals are so damaging. There are no pathways back to a normal functioning economy that don't involve a lot of sacrifice for Argentina. I do believe voters will endure a lot if their elected leaders display genuine respect for their sacrifice, but when your crooked sister is stealing from social programs and your response is to ask voters to give her a standing ovation...

 

[Uncle Wong]

“Austerity is hard to swallow,” said Andrei Roman, chief executive officer of AtlasIntel. “And then at some point people get tired of waiting and they feel impoverished and they want to get out of it.”

This has always been the challenge with Milei's agenda and also why these scandals are so damaging. There are no pathways back to a normal functioning economy that don't involve a lot of sacrifice for Argentina. I do believe voters will endure a lot if their elected leaders display genuine respect for their sacrifice, but when your crooked sister is stealing from social programs and your response is to ask voters to give her a standing ovation...

This is what I was wondering. Milei is asking the locals to sacrifice so much. But his sister sounds like she is on a stealing spree to take as much as she can while he is in office. I don't know if he is in on it or not but he has to know what his sister is doing. It is so obvious. I heard a lot of stories about her for charging for meetings and other things that someone in office should not be doing. I am not sure how he expects people to sacrifice when his sister is taking money from these social programs. There is loyalty and there is stupid.

 

[Nasdaq]

“Austerity is hard to swallow,” said Andrei Roman, chief executive officer of AtlasIntel. “And then at some point people get tired of waiting and they feel impoverished and they want to get out of it.”

This has always been the challenge with Milei's agenda and also why these scandals are so damaging. There are no pathways back to a normal functioning economy that don't involve a lot of sacrifice for Argentina. I do believe voters will endure a lot if their elected leaders display genuine respect for their sacrifice, but when your crooked sister is stealing from social programs and your response is to ask voters to give her a standing ovation...

Fully agree. It is one thing to deal with austerity and doing your part to accept pain but in the end his sister is robbing Argentina blind just like Cristina and others did. I laugh when people say she is nothing compared to CFK but Cristina had decades to bilk Argentina. Karina sounds like she is doing all she can in a short amount of time.

And odds are if she is so blatant with Libra and this it is all across the board on many other things too. Oh well. Boom and bust cycles. I read this today and it was good.

How Javier Milei’s shock therapy could not save Argentina

Despite renewed faith from the IMF and Donald Trump in Javier Milei’s shock therapy, Argentina continues to bleed financially

www.firstpost.com