President Javier Milei’s government knows it’s being watched. Not just by the “market,” that ephemeral force composed of endless financial transactions segmented into pesos and dollars, but also its major political and economic guarantors sitting in Washington: the Trump White House and the International Monetary Fund.
Argentina’s self-proclaimed “anarcho-capitalist” passed the first and most urgent test when he came out on top in national midterm elections in a context of intense political and financial pressure. Unforced errors together with a stellar victory for nemesis Axel Kicillof in Buenos Aires Province put Milei against the ropes. But a near-death scenario was averted with the explicit support of US Treasury Secretary Scott Bessent, giving Milei and his Economy Minister Luis ‘Toto’ Caputo much-needed breathing room. As the year enters its final stretch, spectators are looking to the Milei administration in order to figure out whether it will be able to deliver on multiple fronts, particularly whether it will manage to build consensus in Congress. Its success or failure on that front will set the stage for the level of difficulty Caputo will face when trying to secure financing to service its foreign currency obl
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