News of economy

Florencia Misrahi, the head of ARCA (ex-AFIP) tax bureau has been fired by President Javier Milei.

Milei fires head of tax bureau over ‘streaming and influencers’ rules

Yesterday 18:21 ARCA (ex-AFIP) chief Florencia dismissed from her post after less than a year in office; Order to fire official reportedly came straight from President Milei.

Analysing Argentina

Year one: Milei surpassed expectations, but now faces high ones

Yesterday 06:51 The question of whether Milei will be an anecdote or a new force that defines an era will largely begin to be answered in 2025. First and foremost, it will depend on the economy, and second — but by no means less important — on the midterm elections in October.

by Marcelo J. García

EDITORIAL

The year of the lion

Yesterday 06:17 Milei’s first year in office has seen much more grey than its inflamed and somewhat arbitrary crusade against the “caste” of drab democratic politics would care to admit.

BEYOND THE HEADLINES

No quorum, no forum

Yesterday 05:30 Congress becomes its own worst enemy when deputies and senators refuse to do the work for which the tax-payer remunerates them.

by Michael Soltys

MILEI'S FIRST YEAR

Milei’s self-congratulatory maiden year

Yesterday 00:36 A year in, Milei is surfing the wave of popularity, feeling invincible as he receives the constant attention of the international media, which in turn feeds his ego even further.

by Agustino Fontevecchia

the week in review

Stories that caught our eye: November 30 to December 6

06-12-2024 15:29 A selection of stories that caught our eye over the last seven days in Argentina.

Argentina's President Javier Milei, Uruguay's President Luis Lacalle Pou, European Commission President Ursula von der Leyen, Brazil's President Luiz Inácio Lula da Silva and Paraguay's President Santiago Peña pose for the family picture of the LXV Mercosur Summit in Montevideo on December 6, 2024.

EU-MERCOSUR TRADE DEAL

Mercosur and EU announce agreement on free-trade deal

06-12-2024 13:02 Almost 25 years on from the first opening of negotiations, the the EU and Mercosur reach agreement for free-trade deal that will create a market exceeding 700 million people.

European Commission President Ursula von der Leyen shakes hands with Uruguay's President Luis Lacalle Pou behind Argentina's President Javier Milei during the LXV Mercosur Summit in Montevideo on December 6, 2024.

EU-MERCOSUR TRADE DEAL

EU reaches long-sought Mercosur deal despite French objections

06-12-2024 12:47 European Union and Mercosur bloc clinch trade deal despite objections of France, which will try to block process; Signing and ratification process could take as long as 18 months.

Javier Milei, Argentina’s president, during the Conservative Political Action Conference (CPAC) Argentina in Buenos Aires, Argentina, on Wednesday, December 4, 2024.

ECONOMIC POLICY

Milei admires Ireland for a statistic the Irish don’t favour

06-12-2024 12:35 President Javier Milei aspires to reform Argentina’s economy in the way Ireland turned around its fortunes over the past three decades. The Irish see more nuance to their own story.

Argentina's President Javier Milei laughs during the LXV Mercosur Summit in Montevideo on December 6, 2024.

future of mercosur

Milei: Mercosur has ‘ended up becoming a prison’ for members

06-12-2024 12:28 Argentina’s President slams Mercosur protectionism at summit and calls for "new formula" for regional bloc, stating it has been a “stumbling block to the progress of Argentines.”

Argentina’s Central Bank in Buenos Aires.

INTEREST RATES

Central Bank lowers rate to 32% on price expectations

06-12-2024 00:10 Argentina’s Central Bank cut its benchmark interest rate by 300 basis points to 32 percent as inflation expectations fall.

EU-MERCOSUR TRADE DEAL

EU-Mercosur deal ‘in sight,’ says top European official

05-12-2024 20:49 Chances of a sealed deal seemed slim at press time as leaders in France, Italy renew criticism.

Professor Alan Barrett, Director of the Economic and Social Research Institute in Dublin.

ECONOMIC PERSPECTIVES

Irish eyes offer native perspective on Ireland’s ‘Celtic tiger’ rise

05-12-2024 17:45 Alan Barrett, director of one of Ireland’s leading think tanks, details how his nation went from one of Europe’s poorest countries to a "Celtic tiger."

by Michael Soltys

EU-MERCOSUR TRADE DEAL

EU nears deal with Mercosur as Von Der Leyen heads to summit

05-12-2024 09:02 European Commission President Ursula von der Leyen due in Uruguay to attend Mercosur summit.

Argentina's President Javier Milei speaks during the Conservative Political Action Conference (CPAC) in Buenos Aires on December 4, 2024.

CPAC ARGENTINA

CPAC Argentina: Milei calls for ‘cultural battle’ against left in speech

05-12-2024 01:00 President rails against leftie ‘zurdos’, attacks critical press outlets and calls for a right-wing “cultural battle” to refound the West.

Javier Milei withdrew his so-called 'omnibus bill' from Argentina’s Congress last month.

POLITICS & CONGRESS

Budget clash, extra sessions, Speaker Menem – Milei’s first year in Congress

04-12-2024 17:39 Despite being firmly in the minority, Milei has managed to amend over 100 laws since taking office and advance his programme of fiscal austerity. Nevertheless, tensions with allies and opposition persist, centred on the 2025 Budget, anti-graft laws and electoral reform.

by Facundo Maceira

Argentine Senator Edgardo Kueider was detained in Paraguay while travelling across the border with more than US$200,000 in cash and 600.000 pesos, without declaring the amount before the authorities.

POLITICS

Entre Ríos senator detained in Paraguay with US$200,000 in cash

04-12-2024 16:23 Senator for Entre Ríos Province Edgardo Kueider arrested on Paraguayan border carrying US$200,000 and 600,000 pesos in cash; Arrest of Peronist lawmaker, who has distanced himself from Kirchnerism and backed Javier Milei’s government in key votes, confirmed by Paraguayan authorities.

POLLING & SURVEYS

Milei gains popularity as economy shows sign of life

04-12-2024 15:44 Argentines’ approval of his government rose to about 47% in November, compared with 43% the month before.

Left to right: Argentina's Foreign Minister Diana Mondino, Bolivia's President Luis Arce, Brazil's President Luiz Inácio Lula da Silva, Paraguay's President Santiago Peña, Uruguay's President Luis Lacalle Pou, and Panama's President José Raúl Mulino pose for the family photo at the Palacio de López Presidential Palace during the Mercosur summit in Asuncion on July 8, 2024.

MERCOSUR SUMMIT IN MONTEVIDEO

Mercosur members eye sealing of 'historic' free-trade deal with EU

04-12-2024 15:09 Brazil, Argentina, Uruguay and Paraguay are hoping to announce a blockbuster trade deal with the European Union at a regional summit Friday.

CONGRESS & POLITICS

Milei has amended almost 100 laws by decree in first year in office

04-12-2024 14:40 Argentina’s President, a self-proclaimed lover of the Constitution, has signed DNU emergency decrees to override Congress on a host of issues – from the budget, to pension and public debt.

Argentina Shale FLNG

Argentina LNG export project gathers backing from shale drillers

04-12-2024 13:18 Argentina has a plan to export liquefied natural gas, with drillers in shale patches now signed to supply fuel. This would be a US$3-billion liquefaction project.

The city also announced Tuesday it planned to buy back some notes, adding that it will pay cash for up to $550 million of its 7.5% bonds due 2027.

MARKETS

Buenos Aires City pitches first global bond sale since 2016

04-12-2024 13:13 Buenos Aires city is pitching the first global bond sale since 2016. Hoping to return to international capital markets, and city officials are already starting to meet with investors.

Javier Milei speaks to Donald Trump in Palm Beach, Florida on Nov. 14

ANALYSIS

Why Donald Trump and Javier Milei are worlds apart on austerity

04-12-2024 12:25 Donald Trump and Javier Milei have a shared favour of theatrics, but it does not reflect their economic strategies in vastly different contexts – the Argentine enforcing radical austerity and Trump preferring tax cuts and tariffs.

NEW RULES FOR IMMIGRANTS

Argentina to charge foreigners for use of universities, public hospitals

03-12-2024 18:15 President Javier Milei’s government says it will introduce new rules allowing public hospitals and universities to charge foreigners, while tightening restrictions for expulsion and refusal of entry.

President Javier Milei spoke in the Congress Hall as part of the 54th annual meeting of the World Economic Forum (WEF) in Davos.

Foreign policy & diplomacy

Milei to return to Italy this month, plans second trip to Davos

03-12-2024 17:37 President will travel to the Italian capital to attend the Atreju festival organised by Italian leader's party, Fratelli d'Italia. He also plans to attend January's World Economic Forum in Davos.

Arthur Laffer, who was an aide to President Ronald Reagan, was given the Medal of Freedom by Trump.

CAPITAL CONTROLS

Trump adviser Laffer tells Argentina ‘get it done now’ on capital controls

03-12-2024 15:19 Arthur Laffer has a word of advice for Argentina: Scrap capital controls now.

Flag of the Confederation Paysanne union and a puppet hanging with a placard reading "killed by European policies" during a protest against the EU-Mercosur trade deal

EU-MERCOSUR TRADE DEAL

German FM says 'essential' to seal EU-Mercosur deal at Friday summit

03-12-2024 14:44 German Foreign Minister Annalena Baerbock says it is "essential" that the European Union to finalise a free-trade deal with Latin America's Mercosur this week.

Javier Milei is trying to guarantee that his free-market vision for business withstands any future change in government.

Investing in Argentina

Milei touts US$50 billion from investors eyeing 30-year loopholes

02-12-2024 13:04 Argentina has abundant natural resources and legions of well-educated workers. But it struggles to attract investors because its politicians have a habit of changing the rules on a whim.

Trump BRICS

Trump weaponizing dollar seen as needless BRICS provocation

02-12-2024 12:43 Trump puts pressure on BRICS, in an attempt to have countries around the world stay anchored to the US dollar-based financial system.

Luiz Inacio Lula da Silva, Brazil’s president, left, and Fernando Haddad, Brazil’s finance minister

Lula sparks market rout

Lula ignores aides and sparks market rout that threatens economy

02-12-2024 12:32 Brazil's president Lula da Silva ignored his economic aides warning to not ignite any economic plans that will spark a selloff, and markets plunged immediately. The plan calls for limiting hikes to the minimum wage, earnings for the highest-paid civil servants and salary bonuses to low-income workers.

A wheat field, on the left, in Buenos Aires Province on November 28.

AGRICULTURE & ECONOMY

Argentina seeks its first wheat shipments to China in decades

30-11-2024 09:14 Argentina wheat traders are seeking to close their first significant sales to China since the 1990s, according to the head of the country’s top crop-exporting group.

POLITICS – ANALYSIS

The ecstasy of Javier Milei

30-11-2024 05:48 Things look rosy for the libertarians at this juncture, encouraging them to become even more ambitious.

by Agustino Fontevecchia

As I see it

The invasion is about to begin

30-11-2024 05:46 Putting up protectionist barriers can be wonderfully easy, but pulling them down is anything but.

by James Neilson

BEYOND THE HEADLINES

The protectionist racket

30-11-2024 05:37 While Donald Trump and Javier Milei might be a mutual admiration society, they are moving in opposite directions on protectionism.

by Michael Soltys

A drilling site at the Vaca Muerta formation in northern Patagonia.

GAS & ENERGY

Analysing Argentina’s bid to boost Vaca Muerta natural gas exports

30-11-2024 05:18 A look at the challenges facing President Javier Milei’s government as it attempts to consolidate the natural gas exports from the vast Vaca Muerta formation.

Analysing Argentina

Milei and nothing but Milei

30-11-2024 05:12 If the opposition wants to challenge the President, the best they could do is to try something radically different. This is exactly what Milei did when he launched his political career.

by Marcelo J. García

EDITORIAL

Home away from Rome

30-11-2024 05:06 Returning Argentina to the world is not a straight or single line like any flight abroad – nor for that matter like domestic economic policy.

STATE SELL OFF

Milei’s first Argentina privatisation beset by US$536-million debt

29-11-2024 21:57 President Javier Milei is imposing a December deadline on Argentina’s first bid to sell a long list of state-run companies to the private sector, outlining how challenging it will be.

An Argentine aircraft flew over the Antarctic for the first time in 51 years when a Beechcraft TC-12B Huron belonging to the Argentine Navy landed at Petrel base in the small hours of Wednesday, flying in from Río Grande (Tierra del Fuego).

The Week in Review

Stories that caught our eye: November 22 to 29

29-11-2024 18:44 A selection of stories that caught our eye over the last seven days in Argentina.

Contactless payment on the Subte metro underground rail service.

TRANSPORT SWITCH

City government expands payment options for Subte metro service

29-11-2024 15:27 Buenos Aires City government announces multi-payment system for that Subte underground and Pre-metro rail services, allowing users to pay fares with mobile phones, debit and credit cards.

President Javier Milei, pictured by 'The Economist' magazine.

POLITICS & ECONOMY

Milei talks relations with ‘docile’ IMF and ‘generous’ Trump in interview

29-11-2024 12:58 President Javier Milei grants lengthy interview to UK magazine 'The Economist' detailing how he cut state spending, his relationship with US president-elect Donald Trump, ties with China and is seeking new deal with the International Monetary Fund.

DEFENCE SPENDING

Milei, Macron agree outline of deal for French submarines, vessels

28-11-2024 22:05 During French leader’s recent visit to Buenos Aires, Argentina’s President Javier Milei worked out the details of a deal with his counterpart Emmnauel Macron that will see Argentina purchase new vessels for its Navy.

ANALYSIS

Milei evaluates Argentina’s future in Mercosur

28-11-2024 15:36 Argentina's government is evaluating its future relationship with the Mercosur trade bloc – the plans it has in mind and the possibilities of a break-up.

A woman looks at the window of a clothing store that reads 'Clearance Last Days' in Buenos Aires on May 14, 2024, on the day of the announcement of April's inflation index.

ECONOMIC INDICATORS

Purchasing power loss slumps to levels not seen since 2001 crisis

28-11-2024 00:06 Soaring utility bills and basic shopping-basket prices have eroded the capacity of families to buy everyday goods. Minimum wage has fallen 28% in terms of purchasing power over last 12 months, UBA report finds.

Brazilian President Luiz Inacio Lula da Silva participates in a meeting with journalists at Planalto Palace in Brasilia on April 6, 2023.

EU-MERCOSUR TRADE DEAL

Lula: Brussels, not Paris, will decide EU-Mercosur trade deal

27-11-2024 23:29 Blockbuster deal between the 27-country European Union and Mercosur countries – Brazil, Argentina, Paraguay and Uruguay – will not be decided only by France, declares Lula.

ECONOMIC POLICY

Milei confirms his ‘chainsaw’ will keep running next year

27-11-2024 15:52 “Full speed ahead,” says Argentina's president, vowing that public spending cuts will continue into 2025.

ANALYSIS: SHOCK THERAPY

Betting on Milei, investors choose longer duration

27-11-2024 12:43 Investors are extending the duration of their peso savings and investments, signalling confidence in President Javier Milei.

ANALYSIS

Too stable? Uruguay's model election masks problems

27-11-2024 10:00 Election day passed off peacefully in Uruguay, with the losing candidate accepting defeat gracefully. But underneath the surface, Argentina's neighbour faces a raft of issues, including growing disenchantment with the political system.

Polish Defence Minister Wladyslaw Kosiniak-Kamysz addresses a press conference with French Defence Minister Sebastien Lecornu (R)

EU-Mercosur Deal

Poland rejects EU-Mercosur deal in current form

26-11-2024 18:48 Poland's Prime Minister rejects the EU-Mercosur deal, joining France in opposition against the free trade deal with South American countries.

Argentina's President Javier Milei attends the G20 Leaders Summit in Rio de Janeiro.

MERCOSUR SUMMIT

President Milei to attend first Mercosur Summit in Montevideo

26-11-2024 10:41 After his absence in Asunción, President Javier Milei is set to attend his first Mercosur summit in Montevideo next week; talks will focus on the long-stalled EU free trade deal, though Argentina's leader is expected to criticise the bloc's functioning.

POLITICS – ANALYSIS

Gerardo Werthein: New foreign minister's ties to Kirchnerism

26-11-2024 06:53 Despite his developing relationship with President Javier Milei, Argentina’s new foreign minister was once close to Kirchnerism and is a friend of ex-US president Bill Clinton. Today, he defends Argentina’s head of state and poses for photographs with Donald Trump.

by Rodis Recalt

MARKETS

Argentina ETF sees record inflows as traders buy Milei’s efforts

25-11-2024 20:53 An exchange-traded fund tracking Argentine stocks saw record inflows as Wall Street embraces President Javier Milei.

ENERGY & GAS

YPF to merge LNG project with rival’s joint venture

25-11-2024 12:54 State-run energy company YPF SA will join a venture being developed by rival shale driller Pan American Energy and liquefied natural gas shipper Golar LNG.

Agustín Laje delivers a speech at the launch of the Las Fuerzas del Cielo grouping.

POLITICS

‘Las fuerzas del cielo’ – Who’s who in Milei’s new ‘praetorian guard’

23-11-2024 17:00 With presidential advisor Santiago Caputo leading operations in the shadows and Daniel ‘Gordo Dan’ Parisini as its main reference point, new organisation intends to gain ground in Buenos Aires Province and beyond ahead of 2025 midterms.

by Giselle Leclercq

ANALYSING ARGENTINA

Milei and his Doppelganger

23-11-2024 06:00 There may be two Javier Mileis. One lives on Planet Earth and engages with people he said he loathed, and another fights fantasy battles in a parallel reality on social media. Which one will prevail?

by Marcelo J. García

ECONOMIC INDICATORS

Economy unexpectedly shrank amid austerity push

22-11-2024 22:31 Economic activity fell 0.3% from August. From a year ago, activity fell 3.3%, according to government data.

Economy Minister Luis Caputo and President Javier Milei at the G20 Leaders Summit in Rio de Janiero, Brazil, in November 2024.

THE WEEK IN REIVEW

Stories that caught our eye: November 15 to 22

22-11-2024 18:48 A selection of the stories that caught our eye over the last seven days in Argentina.

The former offices of the Public Works Ministry, which most recently housed the former Social Development Ministry, located on Avenida 9 de Julio.

POLITICS & ECONOMY

Chau Evita? Milei officials eye demolition of iconic BA building

21-11-2024 19:29 Evita must be trembling in heaven – President Javier Milei’s government is evaluating the future of an iconic building on Avenida 9 de Julio. Will the site, once home to state ministries, face the libertarian chainsaw?

OPINION & ANALYSIS

Long live pragmatism, carajo!

21-11-2024 18:04 President Javier Milei is adjusting his rhetoric to the challenges of power – from his frosty exchanges with Lula and his rapprochement with Xi Jinping, to his contradictions with Emmanuel Macron and Giorgia Meloni.

by Javier Calvo

International Monetary Fund spokeswoman Julie Kozack.

IMF LOAN PROGRAMME

Argentina ‘sure’ of new IMF deal, says it doesn’t depend on Trump

21-11-2024 14:28 IMF spokeswoman Julie Kozack says authorities in Argentina are “exploring the option of moving to a new arrangement” with the multilateral lender to replace its existing US$44-billion loan programme.

France, Chile, La Moneda Presidential Palace, Santiago

FRENCH LEADER IN LATIN AMERICA

Macron praises EU-Chile trade agreement on Latin America tour

20-11-2024 20:53 French President Emmanuel Macron visits Chilean counterpart Gabriel Boric in Santiago on the last leg of a Latin America tour.

Italy's Prime Minister Giorgia Meloni and Argentina's President Javier Milei embrace each other after a joint statement at Casa Rosada presidential palace in Buenos Aires on November 20, 2024.

Foreign policy & diplomacy

Milei calls for ‘alliance of free nations’ as he hosts Meloni

20-11-2024 15:06 Javier Milei voices his intention to create a new multilateral grouping of right-wing nations as he hosts Italian Prime Minister Giorgia Meloni; President uses press conference to criticise the “woke virus” he claims is infecting the West.

A cargo ship travels on the Paraná River during low water levels in Rosario, Argentina.

AGRICULTURE & ECONOMY

Argentina moves to deepen soy waterway to ship bigger cargoes

20-11-2024 10:56 Argentina publishes terms of long-awaited tender for contractors to dredge waterway that ships billions of dollars of crops a year to global markets.

Leonora Carrington's sculpture La Grande Dame is on display during a media preview at Sotheby's in New York, on November 8, 2024.

ART & CULTURE

Costantini pays US$11.4 million for Carrington sculpture

19-11-2024 13:49 Collector behind MALBA, Eduardo Costantini, pays more than US$11 million for ‘La Grande Dame,’ which now becomes artist Leonora Carrington’s second-most expensive work.

Handout picture released by the Presidency showing Argentina's President Javier Milei shaking hands with China's President Xi Jinping during a bilateral meeting on the sidelines of the G20 summit in Rio de Janeiro, Brazil, on November 19, 2024.

BILATERAL RELATIONS

From ‘assassins’ to ally? Milei caps turnaround by meeting China's Xi

19-11-2024 13:40 Half-hour discussion with Chinese premier takes place on sidelines of G20 Leaders Summit in Rio de Janiero.

Farmers used a truck to dump used materials during a farmers protest in front of the prefecture in Agen on November 19, 2024 as part of a nationwide movement against the EU-Mercosur agreement.

EU-Mercosur Deal

French farmers threaten 'chaos' over proposed EU-Mercosur deal

19-11-2024 13:19 Farmers protest against the free-trade agreement between the European Union and the Latin American countries of Mercosur, with Paris leading the resistance against ratification of the proposed deal.

Leaders attending the launch of the Global Alliance Against Hunger and Poverty pose for a group photo after the first session of the G20 Leaders' Meeting in Rio de Janeiro, Brazil, on November 18, 2024.

G20 SUMMIT IN BRAZIL

Where was Biden? G20 photo shows him out of the picture

18-11-2024 20:11 Biden, Trudeau and Meloni miss ‘family photo’ at G20 summit; US said photo was taken early, organisers said Biden was late.

Argentina's President Javier MIlei looks on during the second session of the G20 Leaders' Meeting in Rio de Janeiro, Brazil, on November 18, 2024.

FOREIGN POLICY & DIPLOMACY

Milei voices dissent as Argentina rejects parts of G20 draft final declaration

18-11-2024 18:35 President Javier Milei issues a statement voicing harsh criticism of G20 and dissent with parts of G20 summit’s final communiqué.

Handout picture released by the Brazilian Presidency showing Brazilian President Luiz Inácio Lula da Silva and Brazil's First Lady Rosangela ‘Janja’ da Silva posing for a picture with Argentina's President Javier Milei and his sister, Argentina's Presidential Chief-of-Staff Karina Milei, before the launch of the Global Alliance against Hunger and Poverty and the first session of the G20 Leaders' Meeting in Rio de Janeiro, Brazil, on November 18, 2024.

G20 SUMMIT IN BRAZIL

‘Gesture of goodwill’ – Milei gives way to Lula on anti-hunger alliance

18-11-2024 17:36 Argentina’s government finally signs up to Lula’s global anti-hunger initiative, launched at the G20 summit in Rio. Is Milei’s gesture of goodwill to his Brazilian counterpart a first step towards rebuilding relations?

BLOOMBERG - ANALYSIS

Javier Milei is giddy about Trump and his own accomplishments

18-11-2024 17:23 Almost one year into office, Javier Milei is, to the shock of pundits, having a moment. Not only does he have an ally back in the White House but on the economic front, he’s been racking up the victories.