BUSINESS Enel suspends sale of Edesur amid Milei optimism Yesterday 22:45 Enel becomes the first major multinational to pivot its strategy in Argentina based principally on Milei’s shock therapy economic plan.
POLITICS No grey areas: 100 days of Milei's Presidency Yesterday 17:15 As he celebrates 100 days in office, President Milei has an unsurprisingly positive analysis of time in office to date. He accepts that most citizens are worse off, but he believes voters are still on his side, with optimism about the future. by Rosario Ayerdi
POLITICS & ECONOMY Kicillof announces wage increase for state workers Yesterday 15:11 Salaries of state teachers, police officers and public employees will rise by 13.5% this month, orders Buenos Aires Province Axel Kicillof, in defiance of President Javeir Milei’s cost-cutting plans.
FINANCE Milei seeks US$15 billion for removal of currency controls Yesterday 11:24 President Javier Milei says he would open up restrictions on foreign currency immediately if he has US$15 billion; Money could be provided by the IMF, multilateral bodies, private investors and even “some countries."
ANALYSING ARGENTINA Pax cambiaria, pax mafiosa? 16-03-2024 06:45 Inflation and crime are at the top of President Javier Milei’s agenda. Both will test his libertarian approach to problem-solving. by Marcelo J. Garcia
EDITORIAL Belling terror 16-03-2024 06:41 The solution to drug crime bloodshed in Rosario is far from being as brutally simple as the problem, as some would seem to think.
Lithium in Argentina Lithium permit freeze limited to new projects, says Catamarca 15-03-2024 14:10 Catamarca Province says court ruling to halt the awarding of lithium permits only affects new projects, leaving other firms free to continue producing the metal.
THE WEEK IN REVIEW Stories that caught our eye: March 8 to 15 15-03-2024 12:50 A selection of the stories that caught our eye over the last seven days in Argentina.
POLITICS & CONGRESS Milei’s bold decree suffers major setback after repeal in Senate 14-03-2024 21:18 President's initial dose of shock therapy teeters on the edge of collapse after Senate defeats his sweeping executive decree.
POLITICS & CONGRESS Blow for Milei as Senate rejects sweeping mega-reform decree 14-03-2024 20:31 President's sweeping deregulation DNU rejected by senators in upper house; Emergency deregulation decree now heads to lower house Chamber of Deputies, where it must also be voted down if it is to be repealed; Tensions reported between head of state and Victoria Villarruel, his vice-president.
US COURT CASE Argentina sued in United States over unpaid fuel for presidential plane 14-03-2024 18:29 Associated Energy Group files lawsuit against Argentina for failing to make payments to cover fuel costs from the presidential plane during trips by former president Alberto Fernández and current head of state Javier Milei.
POLITICS & CONGRESS Government circulates new text of omnibus bill to governors 14-03-2024 16:54 Government circulates new text of sweeping reform bill – now slashed by half to 269 articles – to provincial leaders in bid to win support before it heads to Congress.
AGRICULTURE & ECONOMY US green fuel push threatens Argentina’s main export market 14-03-2024 15:56 Biden administration’s landmark decarbonisation plan has the potential to cause tectonic shifts in global agricultural markets – and deal a damaging blow to Argentina’s troubled economy.
POLITICS Milei sends scaled-back 'omnibus' reform bill to governors 14-03-2024 14:54 So-called ‘omnibus bill’ — now containing 269 articles, less than half than the original version — excludes the privatisation of YPF while maintaining sell-off of Aerolíneas Argentinas SA.
EDUCATION STRIKE Universities in Argentina stage one-day strike over budget demands 14-03-2024 13:36 More than 50 universities across Argentina failed to open their doors on Thursday as part of a strike in demand of “an urgent salary increase and in defence of the state, public, free and secular university.”
EDUCATION Universities challenged: Chancellors warn Milei government money will only last until May 14-03-2024 11:44 President Javier Milei’s government is in the grip of a battle with universities over the education budget in 2024. Amid growing complaints, chancellors despair at condemnation from Casa Rosada and Presidential Spokesman Manuel Adorni. by Giselle Leclercq
DEBT DOWNGRADE Argentina downgraded to selective default by S&P on debt swap 13-03-2024 23:08 Standard & Poor's downgrades Argentina's peso-denominated debt to "selective default," following announcement of US$55.3-billion debt swap.
More hikes on way Gas prices set to rise sharply as Energy Secretariat prepares to trim subsidies 13-03-2024 17:48 Sources in Energy Secretariat anticipate new rates will be disclosed in next week; Energy companies have asked for rises above 500%.
CHILD POVERTY Six out of every 10 schoolchildren in Argentina are poor, says UCA 13-03-2024 16:21 A report by UCA's Social Debt Observatory exposes complex situation facing Argentine children and youths who attend educational institutions.
CONGRESS & POLITICS Senate set for debate as Milei's deregulation decree hangs in balance 13-03-2024 15:48 Vice-President Victoria Villarruel, in her role as head of Senate, accepts opposition's request for debate and calls special session for Thursday to address President Javier Milei's sweeping emergency deregulation decree.
DEBT SWAP OFFER Milei notches win as Argentina completes US$50-billion debt swap 13-03-2024 10:48 Government successfully swaps about 77% of peso debt due this year for longer-dated notes in the largest domestic debt rollover in Argentina’s history.
AMCHAM SUMMIT Caputo: Argentina 'just starting talks' with IMF over new programme 12-03-2024 20:26 "They always said that they were open to a new programme," economy minister tells business leaders at AmCham 2024 summit.
POLITICS Julio Cordero appointed Labour secretary after firing of Omar Yasín 12-03-2024 18:24 New official, linked to Paola Rocca’s Techint Group and UIA business group, has been advising Javier Milei and participated in drafting of labour chapter of sweeping state deregulation decree.
ECONOMIC INDICATORS UNICEF: 7 out of 10 children live in poverty in Argentina 12-03-2024 17:16 Approximately 8.6 million kids under the age of 18 live in low-income households or in environments where they are deprived of their rights, reports local branch of UN agency dedicated to children.
ANALYSIS Monthly inflation slows to 13% as Milei’s cuts bite 12-03-2024 16:45 Inflation in February slowed for a second consecutive time as the impact of December’s large peso devaluation fades and President Javier Milei’s austerity measures push the economy into recession.
Economic indicators Boost for Milei: Inflation slowed to 13.2% in February 12-03-2024 16:12 Good news for President Javier Milei as INDEC data shows February inflation of 13.2%, below estimates; Prices have increased by 276.2% over the last 12 months in Argentina.
CLEAR WAY FOR IMPORTS Milei government opens up food imports in bid to curb price hikes 12-03-2024 12:38 Argentina’s government orders full opening of food imports in an attempt to curb an inflationary spike and introduce more “competitive” prices.
Options for peso bonds Argentina hinders debt swap by not offering puts on peso bonds 12-03-2024 12:23 Central Bank isn’t offering put options for peso bonds the government is selling this week in a record debt swap.
WAGES STUDY Falling wages: 12 years of lost purchasing power in Argentina 12-03-2024 12:23 New study shows evoluation of Argentines’ wages over past 12 months and points to economic sectors likely to gain traction this year.
MONETARY POLICY Central Bank cuts rates to 80% in surprise move as inflation cools 12-03-2024 09:43 Central Bank unexpectedly cuts banchmark interest rate as policy-makers forecast cooling of inflation.
STATE NEWS AGENCY SHUTTERED Government extends suspension of workers at Télam state news agency 11-03-2024 20:42 Workers at state news agency given another week off with pay as bosses offer voluntary redundancy to employees.
APPETITE FOR FOREIGN CURRENCY Dollar fever eases in Milei’s Argentina... good news? 11-03-2024 16:25 Appetite for dollars in Argentina as a shelter against inflation is falling under Milei’s government, but what from afar looks encouraging, smells of recession, declining imports and falling incomes.
ECONOMIC OUTLOOK 'Very complicated': Milei warns inflation rate for March could be high 11-03-2024 14:29 Argentina’s president says consumer price hikes are slowing and that he “is convinced” battle against inflation will be won.
MARKETS Argentina seeks breathing room with peso swap worth US$65 billion 11-03-2024 11:46 Government starting a record swap of peso-denominated debt Monday in a bid to roll over almost all of its 2024 maturities into the next four years.
POLITICS – ANALYSIS The joy of being Javier Milei and the threat of ostracism 09-03-2024 06:43 Milei needs his plan to move from the whiteboard — and social media — to the realpolitik realm of Argentina’s traditional power structure, either from within or by trampling over it. by Agustino Fontevecchia
Editorial The Pact of May (or maybe?) 09-03-2024 06:30 This month and the next stand to be the eye of a perfect storm – a rare moment in the always abnormal Argentine economy which is a nightmare for spenders and savers alike.
ANALYSING ARGENTINA The elusive goal Milei needs to score 09-03-2024 06:14 Javier Milei's government knows that should the president’s popularity sink further, his power to impose reform on “the caste” would wane significantly. by Marcelo J. Garcia
#8M: INTERNATIONAL WOMEN'S DAY Tens of thousands of women challenge Milei on march for rights 08-03-2024 22:53 People across Argentina marked International Women's Day Friday with protests and celebrations, with demonstrators at a large rally in Buenos Aires voicing fierce criticism of President Javier Milei's government.
POLITICS Menem, Villarruel agree to increase lawmakers' pay by 30% 08-03-2024 18:20 President Javier Milei says he is against move, declaring that “a lot of people are a lot worse off with a lot less money.”
OPINION & ANALYSIS No growth in Argentina for 12 years (and it could be 13) 08-03-2024 16:24 Data from Argentina’s INDEC national statistics bureau revealed that the economy fell by 4.5% in 2023. Over the course of the 2011-2023 period, it barely grew by 0.8% – a virtual stagnation lasting more than a decade.
THE WEEK IN REVIEW What we learned this week: March 1 to March 8 08-03-2024 13:40 A selection of the stories that caught our eye over the last seven days in Argentina.
MERCOSUR TENSIONS Mercosur tensions: Uruguay rage overshadows hope for EU deal 08-03-2024 11:43 Uruguayan President Luis Lacalle Pou slams Argentina, Brazil governments for blocking his free-trade deal with China; Lula and Spanish PM Sánchez optimistic about long-trailed EU despite impasse.
ECONOMIC OUTLOOK Analysts improve outlook, forecast inflation slowing to 210% in 2024 08-03-2024 10:48 Experts consulted for Central Bank’s REM survey of market expectations lower forecasts for inflation in the next few months, predicting 15.5% rate for February and a 3.5% economic slump this year.
IMPACT OF AUSTERITY Financing the fiscal surplus: Stories behind reduction in state spending 08-03-2024 08:52 Argentina recorded its first monthly budget surplus in nearly 12 years in January, President Milei’s first month in office. But according to one analysis, a third of those spending cuts came from a refusal to update pension payments for inflation. A look at the faces behind the figures. by Agustina Bordigoni
#8M: Women's Rights Corporate shortfall: Women far from reaching 50% of corporate leadership positions 08-03-2024 06:10 Despite the increased presence of women on boards of directors, the corporate world is still largely run by men.
ENERGY & GAS YPF says fire sale to free up US$800 million for shale oil push 07-03-2024 17:51 State-run YPF SA says its sweeping plan to divest ageing oil fields will free up US$800 million to invest in renewed Vaca Muerta shale push formation.
COMMUNICATION & POLITICS Argentina's 'troll' president: Milei takes aim at rivals online 07-03-2024 15:42 Argentina’s outspoken ultra-liberal president expresses himself online at frantic speed, using social media sites as a both a platform for his "revolution" and an outlet for his anger.
POLITICS Macri praises ‘honest’ and ‘well-intentioned’ Milei 07-03-2024 14:01 Horacio Rodríguez Larreta voices opposition to ‘co-government’ or ‘merger’ between PRO and La Libertad Avanza, criticises party colleague Patricia Bullrich's decision to join Javier Milei's government.
SCIENCE & TECHNOLOGY Nobel laureates warn budget cuts are 'cancelling' research 06-03-2024 22:31 Sixty-eight Nobel laureates urge President Javier Milei to restore budgets for science and technology that have been cut under his drive to slash public spending.
INFLATION Food prices have risen by up to 70% over last three months 06-03-2024 15:24 Hikes were driven by grocery products, fruits and vegetables, and meats, according to a private report.
EMPLOYMENT Wages have plunged 18% in Milei’s first 50 days, says economist 06-03-2024 14:33 During the first 50 days of Javier Milei’s government, wages experienced a real fall of 18%, says a new report.
ECONOMIC INDICATORS Argentines put US$2.3 billion into banks, signalling faith in Milei 06-03-2024 11:37 If the trend continues, it would be good news for Argentina’s Central Bank, where a portion of savers’ dollar deposits count toward the foreign reserves needed to stabilise the peso.
#8M: WOMEN'S RIGHTS Feminists ready to rally for rights in face of Milei pushback 06-03-2024 09:37 International Women’s Day takes place this week and feminists across Argentina are ready to take to the streets to highlight the food crisis, the right to abortion, the pay gap, gender violence and much more. by Ashton Goren
HISTORIC MEMORABILIA Messi's promised Barça contract, on a napkin, up for auction 05-03-2024 21:26 The serviette that served Lionel Messi's springboard to greatness at FC Barcelona is going up for auction – it is expected to raise more than US$600,000.
EXPOAGRO 2024 President: Currency controls could be lifted ‘mid-year’ 05-03-2024 17:33 Javier Milei restores tradition of presidential visit to ExpoAgro exhibition and tells agricultural producers that inflation in February likely slowed to around 15%.
POLITICS & CONGRESS Martín Menem defends decision to hire 23-year-old nephew for Congress job 05-03-2024 14:24 Lower House Speaker Martín Menem (La Libertad Avanza) defends decision to appoint 23-year-old 'once-removed' nephew to lush Congress job reported to pay two million pesos a month.
Argentina peso bond Argentina peso bond puts balloon, spurring inflation risk 05-03-2024 14:16 Puts on Argentina’s peso debt issued by the Central Bank have surged under Javier Milei’s government, reaching a record and prompting officials to scale back their use amid growing investor concern.
YPF nationalisation case Brazil backs Argentina in fight over US$16-billion US YPF judgment 05-03-2024 14:02 Brazil, Chile, Ecuador and Uruguay file "friends of the court" brief to assist Argentina’s appeal against a US$16.1-billion US court judgement over the controversial 2012 nationalisation of oil company YPF SA.
ECONOMIC FORECASTS Moody’s: Argentina will be only G20 economy to shrink this year 05-03-2024 08:53 According to Moody’s ratings agency, economic activity will contract by five percent his year – twice as much as previous forecast issued in November last year.
NEWS AGENCY SHUTTERED Government suspends Télam state news agency, puts workers on leave 04-03-2024 16:57 State news agency’s offices fenced off as workers are sent on leave for seven days; Website shut down for “reconstruction” as Télam’s staff take to streets in protest.
STATE NEWS AGENCY Télam offices fenced off, website disabled and workers suspended 04-03-2024 16:45 Workers of the state news agency called for "embrace” of Télam state news agency building in Buenos Aires in response to lockout by Milei government.
ECONOMIC INDICATORS Spending plunges at shops with Milei cuts hitting hard 04-03-2024 15:48 Spending at small- and medium-size businesses — Argentina’s largest sector of employment — plunged 25.5 percent in February from a year ago, the third straight month of double-digit losses.
COST OF CRISIS Food or medicine? Stark choice for the sick 04-03-2024 07:04 At pharmacies across Argentina, people are checking the price of medicines and opting not to purchase – even when it comes to antibiotics. As the economic crisis bites, healthcare has become a luxury some can’t afford.
President's address Milei announces he will close Argentina's state news agency Télam 02-03-2024 12:55 President Javier Milei announced Friday that he would move to shutter Argentina’s state news agency Télam.
FEATURE INTERVIEW Ian Bremmer: ‘No matter who wins, many Americans will not accept the legitimacy of the election’ 02-03-2024 06:53 Influential political analyst and founder of the Eurasia Group traces a panorama of the elections which will be dogged by the spectre of the assault on Capitol Hill and the possible conviction of Donald Trump. In a feature-length interview, he debates the new world order – and offers a few remarks on Javier Milei. by Cecilia Degl'Innocenti
EDITORIAL Pouring oil on the flames 02-03-2024 05:57 If the spark that lit the fire was the threat of Chubut’s PRO Governor Ignacio Torres to cut off all oil and gas unless the cutbacks were reversed, this might appear a wild outburst – but it was less random and accidental than it might seem.
ANALYSING ARGENTINA Are two Caputos one too many for Milei? 02-03-2024 05:25 Foreign observers and investors welcome that Milei is a man on a mission to turn Argentina into a more open, more pro-market economy … but they don’t like conflict as the end itself, nor the Casa Rosada’s unwillingness to compromise. by Marcelo J. Garcia
POLITICS – ANALYSIS A mix of amateurism and strategy 02-03-2024 05:19 The Milei-Caputo plan is trying to hammer down inflation through a painful recession, hoping that once the numbers begin to look encouraging, expectations will help spark a bonanza of investment and ultimately growth. It’s a risky strategy. by Agustino Fontevecchia
STATE OF THE NATION – ANALYSIS Milei seeks pact with political leaders in bid to save reforms 02-03-2024 00:26 In his first annual address to lawmakers on Friday, Milei invited leaders from all parties to sign a 10-principle agreement that includes a “non-negotiable fiscal balance” and public spending cuts, as well as labour reform and free trade.
POLITICS Sign up to my reforms or face ‘conflict,’ Milei tells lawmakers 01-03-2024 22:34 President Javier Milei delivers aggressive yet gloomy state-of-the-nation speech, calls on his allies and enemies to sign up to his 10-point ‘Pacto de Mayo’ – or face the consequences.