Crypto scandal in Argentina: Trust in Milei collapses

Construction contracts are cancelled, the roads are in catastrophic condition, but President Javier Milei doesn't care. However, if it fits into his ideology, he becomes active.

The social mood, this unstable and elusive general mood, begins to show Javier Milei an attentive gesture. At the end of the first quarter of the year, almost all polls and opinion polls in Argentina agree that the image of the ultra-right president and the level of satisfaction with his government are declining in comparison to 2024.

The image of President Javier Milei entered a zone of turbulence. He had a strong fall during March, due to the increasing pressure on the dollar, the conflict over retirees and the questions he received about the scandal of the cryptocurrency $LIBRA, which had already been dragging since February. Although it is not a rupture in his relationship with public opinion, the idea that the president entered a new phase of instability, determined by t…

In Argentina, the president who devalues, loses the elections. It would be very stupid to devalue significantly before the October electoral contest. Deinflation is the best result to show, and a devaluation is the worst enemy of this, since in electoral years the deinflation has a huge correlation with the votes. Significantly devaluing would jeopardize such an achievement and bring a huge and unnecessary political cost. Deinflation is the best…

"In recent months we have seen a negative trend in Milei's image that already began in December, but what really generated an impact was his speech in Davos and, even more, the crypto scandal," Santino Córdoba analyzed. According to the specialist, this episode "left a doubt, a crisis of credibility in the president's word." Regarding the reaction of public opinion, the analyst pointed out that "many of his own voters believe that he screwed up …

As long as the government does not succeed in silencing the repercussions of the sainete with the IMF or the Crypto scam, the polls, even those of the officialism, document the fall of Milei. They also make it clear that nothing is written for the next elections. How will the extreme Balkanization that also shakes the opposition affect