President Javier Milei’s government is struggling to contain a crisis it has mostly created itself. A combination of bad politics and weak economics is an explosive combo. The Milei administration needs a lifeline, which should come via the October 26 midterm elections. It appears the ruling party will not win a landslide victory, but it needs at least a victory. For now, while it waits, it just needs September to end.
For the first time this week, the foreign exchange rate touched the ceiling of the floating band introduced in April, when Argentina signed another agreement with the International Monetary Fund, this time for US$20 billion.
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