Latest news with #Argentines
Miami Herald
a day ago
- Business
- Miami Herald
Argentina makes economic recovery, but opposition to Milei grows
July 24 (UPI) -- A report from J.P. Morgan points to a "deep and surprising" recovery in Argentina's economy under President Javier Milei, but warns that the future of his economic plan will depend on the outcome of the October legislative elections. Since taking office in December 2023, Milei has implemented sweeping measures to shrink the state, cut spending and liberalize the economy. According to the investment banking and research arm of the U.S. financial giant, Argentina has managed in just a few months to lower inflation, reach fiscal balance and strengthen its foreign reserves -- after years of stagnation, crisis and heavy dependence on public spending. "The country is undergoing a structural transformation with extraordinary potential, though not without significant risks," economists Diego Pereira and Lucila Barbeito wrote in the report. Monthly inflation fell to 1.6% in June, down from more than 25% in December. The government has posted a primary surplus equal to 1.1% of GDP so far this year, and the Central Bank's reserves are beginning to recover. Moody's upgraded Argentina's credit rating for the second time in 2025, and J.P. Morgan projected 2025 GDP growth at 5.5%. The economic adjustment, however, has come at a significant social cost. The government has laid off public employees, cut subsidies and suspended state infrastructure projects. Despite improvements in macroeconomic indicators, social conditions remain fragile. A recent poll by Zuban Córdoba found that 52.8% of voters plan to punish the government in October's elections, while 38.3% intend to reward it. The survey also showed that 57.5% of Argentines hold a negative view of Milei. According to polling firm Analogías, favorable opinions of the government declined by 2 to 3 percentage points in July. Milei's approval rating dropped 4 points to 44%, while his disapproval rose to 50%, creating a net negative gap of 5.5 points, Perfil reported Wednesday. Respondents were critical of Milei's tone and communication style: 73% said they disagreed with it and 66% described it as "violent." Analysts and banks agree that without political support in Congress, the government's economic course could weaken. Economist Milagros Gismondi wrote on X that many companies are beginning to focus on boosting productivity, which she sees as a positive shift. "Banks are back to being banks, and car dealers are thinking about how to produce more efficiently. That didn't happen before, because everyone was worried about whether they could import, whether there would be energy or whether the dollar would spike," she said. Still, Gismondi noted that the private sector remains cautious. "They're also waiting for the elections to see whether deeper reforms -- such as labor or tax changes -- move forward. If stabilization holds, next year we should finally start talking seriously about how to improve Argentina's productivity," she said. If Milei fails to perform well in October's elections, he could face difficulties passing key legislation, including political reforms, privatizations or potential constitutional changes. The president currently governs with a fragmented Congress, and the legislative vote could either reinforce that dynamic or further weaken his bloc if his party, La Libertad Avanza, fails to retain or expand its seats. Copyright 2025 UPI News Corporation. All Rights Reserved.
UPI
a day ago
- Business
- UPI
Argentina makes economic recovery, but opposition to Milei grows
July 24 (UPI) -- A report from J.P. Morgan points to a "deep and surprising" recovery in Argentina's economy under President Javier Milei, but warns that the future of his economic plan will depend on the outcome of the October legislative elections. Since taking office in December 2023, Milei has implemented sweeping measures to shrink the state, cut spending and liberalize the economy. According to the investment banking and research arm of the U.S. financial giant, Argentina has managed in just a few months to lower inflation, reach fiscal balance and strengthen its foreign reserves -- after years of stagnation, crisis and heavy dependence on public spending. "The country is undergoing a structural transformation with extraordinary potential, though not without significant risks," economists Diego Pereira and Lucila Barbeito wrote in the report. Monthly inflation fell to 1.6% in June, down from more than 25% in December. The government has posted a primary surplus equal to 1.1% of GDP so far this year, and the Central Bank's reserves are beginning to recover. Moody's upgraded Argentina's credit rating for the second time in 2025, and J.P. Morgan projected 2025 GDP growth at 5.5%. The economic adjustment, however, has come at a significant social cost. The government has laid off public employees, cut subsidies and suspended state infrastructure projects. Despite improvements in macroeconomic indicators, social conditions remain fragile. A recent poll by Zuban Córdoba found that 52.8% of voters plan to punish the government in October's elections, while 38.3% intend to reward it. The survey also showed that 57.5% of Argentines hold a negative view of Milei. According to polling firm Analogías, favorable opinions of the government declined by 2 to 3 percentage points in July. Milei's approval rating dropped 4 points to 44%, while his disapproval rose to 50%, creating a net negative gap of 5.5 points, Perfil reported Wednesday. Respondents were critical of Milei's tone and communication style: 73% said they disagreed with it and 66% described it as "violent." Analysts and banks agree that without political support in Congress, the government's economic course could weaken. Economist Milagros Gismondi wrote on X that many companies are beginning to focus on boosting productivity, which she sees as a positive shift. "Banks are back to being banks, and car dealers are thinking about how to produce more efficiently. That didn't happen before, because everyone was worried about whether they could import, whether there would be energy or whether the dollar would spike," she said. Still, Gismondi noted that the private sector remains cautious. "They're also waiting for the elections to see whether deeper reforms -- such as labor or tax changes -- move forward. If stabilization holds, next year we should finally start talking seriously about how to improve Argentina's productivity," she said. If Milei fails to perform well in October's elections, he could face difficulties passing key legislation, including political reforms, privatizations or potential constitutional changes. The president currently governs with a fragmented Congress, and the legislative vote could either reinforce that dynamic or further weaken his bloc if his party, La Libertad Avanza, fails to retain or expand its seats.
Time Out
3 days ago
- Time Out
Miches, the lesser-known Caribbean destination without sargassum
The Dominican Republic is among the top destinations Argentinians choose when traveling to the Caribbean. According to figures from the country's own Ministry of Tourism, from January to June 2025, arrivals of Argentine tourists grew by 98% compared to 2024. Today, 4 out of every 10 tourists arriving in the country are Argentine. This is noticeable when walking through hotels: mate everywhere, people asking for hot water, impromptu games of truco and soccer on the beach. However, paradoxically, along with this 'boom' of Argentines in the Dominican Republic, another unprecedented phenomenon is occurring: a record amount of sargassum in the area. Sargassum is a natural occurrence that has a season from April to September, but this year 38 million metric tons of algae have already been recorded—the highest number in history. Where is Miches? In this context, many families look for alternatives or decide to reschedule their trips to another time of year. One of those options is Miches, a destination located in the northeast of the Dominican Republic, which is still developing and has no sargassum. It is a coastal municipality located on the southern part of Samaná Bay, where most of its beaches are untouched. At one time, its residents were engaged in agriculture and fishing; today, tourism is the main activity. From Punta Cana airport, it takes about an hour and a half to get there. What is sargassum? It is a type of microalgae that is mainly found in warm tropical waters such as the Caribbean and the Gulf of Mexico. One of its characteristics is that it floats on the surface (unlike other types of algae) and forms extensive mats. While it does not harm humans—although it can cause headaches and irritation—it has a strong visual and olfactory impact and blocks access to many beaches. Why is Miches a sargassum-free destination? The main reason is the location. It is situated in a bay that has historically protected its beaches from sargassum. The key lies in the orientation of the peninsula, which extends from west to east and blocks the direct passage of algae coming from the Atlantic Ocean. "Miches is located in a bay, which protects its beaches from sargassum" The currents that carry sargassum tend to flow westward, hitting the eastern coast of the Dominican Republic directly. Upon reaching the peninsula's barrier, most of the algae are diverted northward, continuing their path through the Atlantic Ocean. It's worth clarifying that this is a natural phenomenon, so it's unpredictable. The intensity and path of the currents can change and cause algae to eventually reach this coast, although this is rare. Where to stay in Miches? Miches currently has only three hotel chains operating. Viva Miches by Wyndham is the all-inclusive option, ideal for families. The hotel has 535 rooms in six different categories, varying by view and whether they include a private pool. It's located on Playa Esmeralda, one of the most beautiful beaches in the area, surrounded by over 10 kilometers of completely untouched sand. The sea is very calm, with few waves and warm water. The best thing about this beach is that you can walk for several kilometers away from the hotel without loungers, people, or music interrupting. Inside the hotel, guests can enjoy 5 restaurants—one buffet and four a la carte. Our top recommendation is Latin Fusión, where you can enjoy traditional Dominican dishes such as the 'Dominican flag' (chicken, rice, and vegetables). The hotel also offers a spa, a specialty coffee shop, and a kids club staffed with trained childcare professionals and a very safe water park for little ones to splash around. Additionally, there is a packed schedule of activities ranging from dance classes to archery. You might also be interested in: 10 places to visit near Buenos Aires with family Also included during your stay are other sea activities like stand-up paddleboarding, kayaking, and sailing on a catamaran. Outside the hotel, excursions can be booked, such as a sunset cruise with a swim stop at a sandbank in the middle of the sea. What (else) to do in Miches? Beyond the hotel, there are some nearby places worth visiting on excursions. One option is Montaña Redonda, a site with 360-degree views of the region from where you can see all of Samaná Bay and its two accompanying lagoons: Limón and Redonda. There are also hammocks for taking photos while you swing over the void. Before climbing up, visitors are taken to see a rice plantation and learn about coconut oil production. Another recommended outing is to Los Haitises National Park, one of the largest in the Dominican Republic. This place is one of the largest Caribbean mangrove refuges in the world and was home to the Taíno indigenous people in the 16th century. Besides navigating the mangroves, you can visit caves where they once lived and see some pictographs left by this community. Jurassic Park and Pirates of the Caribbean were filmed here. From the hotel, you can also take a catamaran and swim at a sandbank. On the way back, you can enjoy a special sunset over the Atlantic. Other excursions include visits to Samaná and Saona Island. "Miches offers still-virgin beaches, few hotels, and a lot of peace and quiet" Although it is a developing destination, Miches offers the magic that perhaps other nearby places have lost: pristine beaches, few hotels, and lots of tranquility. This, combined with the chance to enjoy a sargassum-free sea just over an hour from Punta Cana.
Ottawa Citizen
7 days ago
- Politics
- Ottawa Citizen
Argentines commemorate 1994 Jewish centre bombing, demand justice
Buenos Aires — Hundreds of Argentines gathered Friday to commemorate the 1994 bombing of a Jewish cultural centre that killed dozens, demanding justice for a crime for which there has not yet been a trial. Article content In the worst such attack in Argentina's history, a car bomb on July 18, 1994, killed 85 people and injured more than 300 at the seven-storey Argentine Israelite Mutual Association (AMIA) building in Buenos Aires. Article content Article content Two years earlier, an explosion at the Israeli embassy killed 29 and wounded 200. Article content Article content 'Impunity persists, terrorism too' was the slogan for Friday's 31st commemoration of the AMIA attack — the second such event attended by President Javier Milei, a staunch defender of Israel. Article content Survivors and victims' relatives hope there will be movement under Catholic-born Milei, who has already visited Israel twice since taking office in December 2023, and has professed a deep interest in Judaism. Article content In April 2024, an Argentine court found Iran and Hezbollah were responsible for what it called a crime against humanity. Article content It ruled the likely motive for the attacks was the cancellation by the Argentine government under then-president Carlos Menem of three contracts with Iran for the supply of nuclear equipment and technology. Article content In June, a judge authorized a trial in absentia against ten Iranian and Lebanese defendants — former ministers and diplomats. Article content Article content No date has been set. Article content Article content Iran has always denied any involvement and has refused to hand over any suspects. Article content The Memoria Activa organization, which represents victims' families, rejects a trial in absentia as it believes it 'essential for the accused to participate' for the whole truth to come out. Article content The AMIA itself is in favour, but has cautioned that 'holding a trial only for it to end… in some sort of nullity or a declaration of unconstitutionality would once again be very painful for everyone.' Article content Both organizations have been highly critical of the Argentine state's handling of the case. Article content Last year, the Inter-American Court of Human Rights in San Jose, Costa Rica, found the state responsible for not preventing, or properly investigating, the AMIA attack.
Edmonton Journal
7 days ago
- Politics
- Edmonton Journal
Argentines commemorate 1994 Jewish centre bombing, demand justice
Buenos Aires — Hundreds of Argentines gathered Friday to commemorate the 1994 bombing of a Jewish cultural centre that killed dozens, demanding justice for a crime for which there has not yet been a trial. Article content In the worst such attack in Argentina's history, a car bomb on July 18, 1994, killed 85 people and injured more than 300 at the seven-storey Argentine Israelite Mutual Association (AMIA) building in Buenos Aires. Article content Article content Two years earlier, an explosion at the Israeli embassy killed 29 and wounded 200. Article content Article content Survivors and victims' relatives hope there will be movement under Catholic-born Milei, who has already visited Israel twice since taking office in December 2023, and has professed a deep interest in Judaism. Article content In April 2024, an Argentine court found Iran and Hezbollah were responsible for what it called a crime against humanity. Article content It ruled the likely motive for the attacks was the cancellation by the Argentine government under then-president Carlos Menem of three contracts with Iran for the supply of nuclear equipment and technology. Article content In June, a judge authorized a trial in absentia against ten Iranian and Lebanese defendants — former ministers and diplomats. Article content Article content No date has been set. Article content Article content Iran has always denied any involvement and has refused to hand over any suspects. Article content The Memoria Activa organization, which represents victims' families, rejects a trial in absentia as it believes it 'essential for the accused to participate' for the whole truth to come out. Article content The AMIA itself is in favour, but has cautioned that 'holding a trial only for it to end… in some sort of nullity or a declaration of unconstitutionality would once again be very painful for everyone.' Article content Both organizations have been highly critical of the Argentine state's handling of the case. Article content Last year, the Inter-American Court of Human Rights in San Jose, Costa Rica, found the state responsible for not preventing, or properly investigating, the AMIA attack. Article content It also blamed the state for efforts to 'cover up and obstruct the investigation.'
