Latest news with #Milei
Telegraph
9 hours ago
- Politics
- Telegraph
Badenoch should not touch Milei's Argentina with a bargepole
The stated model of the British Conservative Party is now Argentina, a country with a CCC credit rating, 40pc annual inflation, net negative foreign reserves and industrial output at 2005 levels. Lord have mercy on us all. One would have thought that the Tories – the oldest political party in the democratic world, the inheritors of Pitt, Peel, Disraeli, Churchill and Thatcher – might be cautious after the historic collapse of their economic and governing credibility three years ago. Kemi Badenoch has admirable courage, but she is gambling with leverage by joining the anarcho-capitalist cult of Argentina's Javier Milei, calling him 'the template' for her reboot of British conservatism. President Milei is charmingly bonkers in many respects. He is both a Hayekian economist and a mystical philo-Semitic who converted to Judaism after reading the second book of the Torah and discovering Moses, whom he deems 'the greatest hero of liberty of all time'. Yet he also ran for office on the occult policy instructions of his dead English mastiff Conan. He plays each morning with the four clones of this beloved dog, created at great expense by a specialist clinic in the US. They are named Milton, Murray, Robert and Lucas, representing monetarism, the Austrian School and the Lucas Critique of neoclassical economics. We can mostly agree that Peronism has reached a historical dead end and that Argentina needs institutional shock therapy. A clientilist 'casta' has pauperised a country that should be as rich as Australia in commodity wealth but is today four times poorer. Decades of corporatist statism – with its origins in Mussolini's social fascism – ended in a tangle of subsidies, price controls and 14 different exchange rates, with episodic hyperinflations along the way. But Britain is not remotely in the same condition, though some would have it so, and Milei is learning on the job that chainsaws are better left to lumberjacks.
NZ Herald
15 hours ago
- Business
- NZ Herald
Luxon vs Milei: Contrasting economic reforms in NZ and Argentina
Argentina's situation was dire. When Milei took office, inflation was running above 200%. The economy was in recession, foreign reserves were nearly exhausted and the country was once again dependent on an IMF bailout – its ninth default. New Zealand's inflation stood at 4.7%. The economy had contracted, debt was rising and Treasury projected years of deficits. Neither leader holds a parliamentary majority. Luxon heads a three-party coalition. Milei's Libertarian party has no majority in Congress. Both face resistance from entrenched bureaucracies, militant unions, the political class and a mostly hostile media. Once, New Zealand and Argentina shared similar roles – pastoral producers for Britain – and both were among the world's wealthiest nations after World War II. Since then, New Zealand has declined slowly. Argentina fell off a cliff. Luxon favours incremental change through '90-day action plans'. Milei has pursued radical reform that makes Roger Douglas look like a moderate. Despite National's rhetoric, government spending and borrowing are still increasing. In contrast, Argentina has balanced its primary budget before interest payment. New Zealand has 81 portfolios, 28 ministers and 43 core public organisations. Nicola Willis has ruled out abolishing any ministries, saying it would be 'too expensive'. Instead, two new ministries have been created. Milei has abolished 10 – including the ministries for Women, Youth and Culture – reducing Argentina to just eight ministries for 45 million people. Argentina has lifted many foreign investment restrictions. We are still debating the OECD's most restrictive regime. We've set up a Ministry for Regulation that cut red tape for barbers. Meanwhile, the modest Regulatory Standards Bill – limited to publishing non-binding reports – faces hysterical opposition. In his first 100 days, Milei unleashed sweeping deregulation. While our Reserve Bank Governor is on a short-term contract, Milei has declared central bank independence and announced plans to abolish it altogether in favour of the US dollar. There are now 16,000 more civil servants than when National last held office. Image / Jacques Steenkamp, BusinessDesk In New Zealand, there are more than 16,000 more civil servants than when National last held office. In Argentina, the public sector has shed approximately 48,000 staff. Employment is increasing, with 245,000 jobs created in the informal economy, albeit with lesser conditions. Our GDP growth is 0.3%. The IMF expects Argentina's economy to grow 7% this year – a rate New Zealand has never achieved. Our inflation is 2.1%, though food prices have risen 4.6% in the past year. In Argentina, annual inflation has dropped to around 118%, and monthly inflation has fallen from 25% to 2.4%. We run structural deficits. Argentina has a small primary fiscal surplus. Our debt-to-GDP ratio is rising. Argentina's is falling. In New Zealand, the Ministry of Housing reports homelessness is increasing. In Argentina, Milei has not denied the social cost has been high: rising poverty, wage erosion, pensioner protests. Milei says that curing a century of economic mismanagement requires short-term pain for long-term gain. It appears he is correct. Extreme poverty has dropped from 18% to around 8%. Our Treasury projects unbroken deficits – an unsustainable path. The OECD says that if Argentina stays its course, it will achieve sustained growth above the Latin American average. Politically, both leaders face protests. In New Zealand, the latest Taxpayers' Union–Curia poll has Luxon statistically tied with Hipkins at 19.7%. Sir John Key warns National faces a difficult re-election. In Argentina, Milei is a polarising figure. No New Zealand politician has his approval rating, between 47% and 54% the highest of any politician. His party is forecast to gain seats in next year's midterms. Commentators credit Milei's popularity to courage and clarity. He's a trained economist and a believer in markets. At Davos, Milei said: 'The state is not the solution; it is the problem … Don't be afraid of freedom. Trust in the superior morality of free markets.' We have no idea what Luxon believes. Nicola Willis has said she's no Ruth Richardson, preferring Bill English as her model. But English followed Michael Cullen, who delivered nine straight surpluses and created KiwiSaver and the Super Fund. English enacted no major reform. He failed to lift productivity or tackle our structural problems. Tinkering won't fix the problems this Government inherited. What Luxon and Willis have yet to grasp is that small change that solves nothing only prolongs controversy. High-quality reform ends the debate. Milei is popular not just because his reforms are needed but for his stand against corruption and the political class. Twenty years ago, I spoke in Buenos Aires about New Zealand's reforms. The Argentinians were incredulous. They said such reforms would never work in Argentina. To those who now say Argentina's reforms would never work here, I say the same thing: 'Yes, they can.'
Time of India
a day ago
- Business
- Time of India
Argentina returns to America's visa waiver program, netizens celebrate
Image credits: X/@Sec_Noem Argentina seems to be going up and up in America's list of allies in recent years. The second-largest country in South America has been working with the Trump administration in ways that are not only beneficial for it but also for the US. Recently, Homeland Security Secretary Kristi Noem took to X to share how Argentina had returned to America's visa waiver program. She shared how the country now has the lowest visa overstay rate in all of Latin America, and 25% more Argentines have travelled to the United States in the first four months of 2025 as compared to 2024, marking the biggest jump in any top 20 international arrivals. Noem appreciated Argentinian President Javier Milei's leadership, adding how Argentina is becoming an even stronger friend to the United States. "That is why we are now taking steps to allow Argentina back into the Visa Waiver Program. I was pleased to sign a statement of intent alongside Minister Werthein and Minister Bullrich, which highlights our strong partnership with Argentina and our mutual desire to promote lawful travel while deterring threats." What is the US Visa Waiver Program ? Image credits: X/@Sec_Noem The Visa Waiver Program (VWP) enables citizens or nationals of participating countries to travel to the US for tourism or business for 90 days or more without requiring a visa. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Arabian Sea Facing Apartments - Mahalaxmi, South Mumbai Lodha Bellevue Click Here Undo All travellers need is a valid Electronic System for Travel Authorization (ESTA) approval and must meet the necessary requirements. Argentina was previously a part of the program from 1996 to 2000. Though the country has been reinstated now, it could take years to meet the program's security and immigration requirements. Alberto Fohrig, director of international co-operation at Argentina's Security Ministry, said on Radio Mitre that if the country's entry in the program was successful, it would allow 1.2 million Argentines who travel to the United States each year to enter without a visa for 90 days for both tourism and business. People on the internet are already welcoming and applauding Argentina's entry back into the visa waiver program, with positive comments. Netizens react to Argentina's return to the Visa Waiver Program Image credits: Getty Images Netizens have been commenting positive reactions and welcoming messages to the Argentinians and appreciating President Milei's leadership. "interesting connections... are they ready for what's coming? That's what happens when you put america first... everyone benefits!," wrote one appreciating Argentina's work on improving relations with the US. "Milei is a great smart leader and I respect and trust in secy Noem. No one has impressed me more. Thank you Kristy Noem!" added another. "Argentine President @JMilei paved the way and provided a sound blueprint for how a government should be run. 💪🏽," applauded another. Many pointed out Argentina's steady development over the years, "Argentina is on the way back to prosperity," and "Travel soaring and barriers lowering—momentum looks strong 🇦🇷✈️"
Los Angeles Times
2 days ago
- Politics
- Los Angeles Times
Trump moves to lift visa restrictions for Argentina in a boost t his right-wing ally
BUENOS AIRES, Argentina — The United States and Argentina on Monday announced that they are working on a plan to allow Argentine tourists to again travel to the U.S. without a visa. It probably will take two to three years before visa-free travel becomes a reality for Argentine passport holders, but the Trump administration's move to kickstart the process marked a show of support for President Javier Milei, its staunchest ally in South America and a darling of conservatives around the world. The gesture coincided with a visit by Homeland Security Secretary Kristi Noem to Buenos Aires, the Argentine capital, for closed-door meetings with Milei and his officials. Noem signed the statement of intent alongside Security Minister Patricia Bullrich in Milei's office. Noem, on horseback at the country's sprawling Campo De Mayo army base and donning a cowboy hat and jeans, told reporters that the Trump administration would put Argentina on an 'expedited path' to enrollment in the Visa Waiver Program. Still, she cautioned that securing approval within the next year 'would be very difficult,' according to a White House pool report. The Department of Homeland Security praised Milei for reshaping Argentina's foreign policy in line with that of the U.S. 'Under President Javier Milei's leadership, Argentina is becoming an even stronger friend to the United States — more committed than ever to border security for both of our nations,' the statement said. This first step toward waiving visa requirements for Argentines, it added, 'highlights our strong partnership with Argentina and our mutual desire to promote lawful travel while deterring threats.' The department cited Argentina as having the lowest visa overstay rate in the U.S. of any Latin American country. The removal of rigorous U.S. visa requirements — particularly at a time when President Trump is tightening restrictions for foreign nationals — would offer a symbolic victory to Milei, a self-described 'anarcho-capitalist' who rose to power as a far-right outsider mimicking Trump's war-on-woke rhetoric and skillful use of social media. When he became the first world leader to visit Trump after the U.S. election, Milei pranced around Mar-a-Lago like an excited school boy. At the Conservative Political Action Committee convention in Washington in February, he gifted billionaire Elon Musk a bureaucracy-slashing chainsaw to support his DOGE campaign to eliminate government waste. When not riding the far-right, pro-Trump speaking circuit, Milei is focused on straightening out South America's second-largest economy after years of turmoil under left-wing populist rule. Through tough budget cuts and mass layoffs, Milei has succeeded in driving down Argentina's notorious double-digit inflation. The last time Argentines didn't require a visa to enter the U.S. was in the 1990s under another free-market devotee, the late former President Carlos Menem. Menem's neo-liberal reforms and pegging of the peso 1 to 1 to the U.S. dollar destroyed Argentina's industry, exacerbating poverty in what a century ago was one of the world's wealthiest countries. In the crisis that followed, the U.S. reimposed visa restrictions in 2002 as young Argentines seeking to flee misery lined up at European embassies and began to migrate illegally to the U.S. 'Argentina has had the advantage of the program before, and they're looking to get back on track and reenrolled,' Noem, who grew up on a farm in rural South Dakota, said while feeding sugar cubes to a dark brown horse named Abundance, according to the pool report. When pressed about her talks with Milei, she was short on specifics, saying they discussed security partnerships and 'the business we could be doing together.' She said she appreciated Milei's 'embrace' of Trump's policies. The Argentine presidency described Monday's preliminary agreement as 'a clear demonstration of the excellent relationship, based on trust' between Milei and Trump. After riding Abundance through the grassy fields of the army base, Noem rejoined U.S. and Argentine officials for asado — the traditional meat-centric barbecue and a national passion. She is the third member of Trump's Cabinet to meet Milei in Buenos Aires this year, after U.S. Treasury Secretary Scott Bessent and U.S. Health Secretary Robert F. Kennedy Jr. More than 40 mostly European and wealthy Asian countries belong to the exclusive club that allows their citizens to travel to the U.S. without a visa for up to three months. However, border officers have the power to turn anyone away. About 20 million tourists use the program each year. Currently, Chile is the only Latin American country in the program. Overseas travel to the U.S. plunged in the early days of Trump's return to the White House as tourists, especially from Latin America, feared being caught in the administration's border crackdown. Some canceled travel plans to protest his foreign policy and anti-immigrant rhetoric. But those numbers began to rebound in April, with more than 3 million international arrivals — 8% more than a year earlier — from countries other than Mexico or Canada, according to the International Trade Administration, an agency under the U.S. Department of Commerce. In addition to clamping down on the southern border, Trump has put up additional obstacles for students, tourists and others looking to travel to the U.S. His recently passed 'big, beautiful' bill of domestic priorities calls for the enactment of a new 'visa integrity fee' of $250 to be charged in addition to the cost of the visa itself. Travel industry executives have expressed concern that the charge could drive away tourists who contribute more than $2 trillion annually and 9 million jobs to the U.S. economy, according to the International Trade Administration. About a quarter of all travelers to the U.S. come from Latin America and the Caribbean, the agency says. Arrivals from Argentina have jumped 25% this year — a bigger increase than from any other country. Debre and Goodman write for the Associated Press. Goodman reported from Medellin, Colombia.
Time of India
2 days ago
- Politics
- Time of India
Breaking News Live Updates: Five dead in Manhattan shooting including police officer
06:38 (IST) Jul 29 The United States and Argentina on Monday announced that they are working on a plan to allow Argentine tourists to again travel to the US without a visa. It will likely take two to three years before visa-free travel becomes a reality for Argentine passport holders, but the signing of a preliminary agreement Monday marked a show of support by the Trump administration for President Javier Milei, its staunchest ally in South America and a darling of conservatives around the world. The move coincided with a visit by Homeland Security Secretary Kristi Noem to Buenos Aires for closed-door meetings with President Milei and his officials. Noem signed the statement of intent alongside Security Minister Patricia Bullrich in Milei's office. The Department of Homeland Security praised Milei in a statement for reshaping Argentina's foreign policy in line with the US. 'Under President Javier Milei's leadership, Argentina is becoming an even stronger friend to the United States — more committed than ever to border security for both of our nations,' the statement quoted Noem as saying, adding that this first step toward Argentina's entry into the Visa Wavier Program 'highlights our strong partnership with Argentina and our mutual desire to promote lawful travel while deterring threats."
