Latest news with #Trespuntozero
Yahoo
19-05-2025
- Business
- Yahoo
Argentina markets bask in Milei's local election win glow
By Walter Bianchi and Juan Carlos Bustamante BUENOS AIRES (Reuters) -Argentina's markets enjoyed the glow on Monday of a mood-boosting local election win by the party of investor-friendly libertarian President Javier Milei, which analysts said put him in good stead ahead of more important ballots later this year. Milei's party won the most votes in legislative elections in wealthy capital Buenos Aires, beating pollsters' forecasts. The win gives Milei just a few more seats in the city's legislature, but is symbolic of his rising fortunes. "The bulk of the support was all to do with Milei," said Buenos Aires-based political consultant Shila Vilker with Trespuntozero, adding it was a "resounding win" for Milei's brash brand of austerity and deregulation. "It's a confirmation of the course they're on." While Milei is divisive, he has kept voters on his side by bringing down what was triple-digit inflation via tough spending cuts and reducing monetary emissions, moves that have won him plaudits from investors and the International Monetary Fund. The latest vote suggests his political footing remains firm, which markets have cheered - even if the real-life impact of the vote is limited, with his party still holding a minority in the city's legislature after the victory. On Monday, bonds edged up around half a percent, while the S&P Merval stock index was up nearly 2%. "Milei's list wasn't expected to come first, and that has two implications," said Graham Stock, emerging markets strategist at RBC Global Asset Management, adding it gave Milei leverage with his more moderate conservative allies. "It suggests that they're going to do better than expected in the midterms in October, but even before that, it creates more momentum behind a deal (with center-right party PRO)." Argentina will renew half of the seats in the lower Chamber of Deputies and a third of those in the Senate in the midterm vote. Milei, an economist and acid-tongued former pundit, came to office in December 2023 after a shock election win. The country still faces a major challenge to build up depleted foreign currency reserves, which it needs to hit targets under a new $20 billion IMF deal, while the recent lifting of capital controls has made the peso more volatile. And not everyone was convinced that it was a win for Milei, with voters split - and many not turning up at all. "My interpretation is that no political party won," said Buenos Aires lawyer Juan Pablo Mares, citing one of the lowest-ever voter turnouts with many people apathetic and struggling under still-high inflation and cuts to public services. "If the political leaders don't look at that, read it, and learn from it, they will continue to be divorced from the reality we all face."
Straits Times
19-05-2025
- Business
- Straits Times
Argentina markets bask in Milei's local election win glow
Argentina's President Javier Milei speaks to the media as General Secretary of the Presidency and sister of the president, Karina Milei looks on on the day they vote in the legislative elections of the city of Buenos Aires, Argentina, May 18, 2025. REUTERS/Tomas Cuesta Argentina's President Javier Milei and his sister Karina Milei embrace onstage at the La Libertad Avanza party headquarters on the day of the legislative elections of the city of Buenos Aires, Argentina, May 18, 2025. REUTERS/Tomas Cuesta Argentina's President Javier Milei speaks to the media as General Secretary of the Presidency and sister of the president, Karina Milei looks on on the day they vote in the legislative elections of the city of Buenos Aires, Argentina, May 18, 2025. REUTERS/Tomas Cuesta Argentina's President Javier Milei and his sister Karina Milei embrace onstage at the La Libertad Avanza party headquarters on the day of the legislative elections of the city of Buenos Aires, Argentina, May 18, 2025. REUTERS/Tomas Cuesta BUENOS AIRES - Argentina's markets enjoyed the glow on Monday of a mood-boosting local election win by the party of investor-friendly libertarian President Javier Milei, which analysts said put him in good stead ahead of more important ballots later this year. Milei's party won the most votes in legislative elections in wealthy capital Buenos Aires, beating pollsters' forecasts. The win gives Milei just a few more seats in the city's legislature, but is symbolic of his rising fortunes. "The bulk of the support was all to do with Milei," said Buenos Aires-based political consultant Shila Vilker with Trespuntozero, adding it was a "resounding win" for Milei's brash brand of austerity and deregulation. "It's a confirmation of the course they're on." While Milei is divisive, he has kept voters on his side by bringing down what was triple-digit inflation via tough spending cuts and reducing monetary emissions, moves that have won him plaudits from investors and the International Monetary Fund. The latest vote suggests his political footing remains firm, which markets have cheered - even if the real-life impact of the vote is limited, with his party still holding a minority in the city's legislature after the victory. On Monday, bonds edged up around half a percent, while the S&P Merval stock index was up nearly 2%. "Milei's list wasn't expected to come first, and that has two implications," said Graham Stock, emerging markets strategist at RBC Global Asset Management, adding it gave Milei leverage with his more moderate conservative allies. "It suggests that they're going to do better than expected in the midterms in October, but even before that, it creates more momentum behind a deal (with center-right party PRO)." Argentina will renew half of the seats in the lower Chamber of Deputies and a third of those in the Senate in the midterm vote. Milei, an economist and acid-tongued former pundit, came to office in December 2023 after a shock election win. The country still faces a major challenge to build up depleted foreign currency reserves, which it needs to hit targets under a new $20 billion IMF deal, while the recent lifting of capital controls has made the peso more volatile. And not everyone was convinced that it was a win for Milei, with voters split - and many not turning up at all. "My interpretation is that no political party won," said Buenos Aires lawyer Juan Pablo Mares, citing one of the lowest-ever voter turnouts with many people apathetic and struggling under still-high inflation and cuts to public services. "If the political leaders don't look at that, read it, and learn from it, they will continue to be divorced from the reality we all face." REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Reuters
19-05-2025
- Business
- Reuters
Argentina markets bask in Milei's local election win glow
BUENOS AIRES, May 19 (Reuters) - Argentina's markets enjoyed the glow on Monday of a mood-boosting local election win by the party of investor-friendly libertarian President Javier Milei, which analysts said put him in good stead ahead of more important ballots later this year. Milei's party won the most votes in legislative elections in wealthy capital Buenos Aires, beating pollsters' forecasts. The win gives Milei just a few more seats in the city's legislature, but is symbolic of his rising fortunes. "The bulk of the support was all to do with Milei," said Buenos Aires-based political consultant Shila Vilker with Trespuntozero, adding it was a "resounding win" for Milei's brash brand of austerity and deregulation. "It's a confirmation of the course they're on." While Milei is divisive, he has kept voters on his side by bringing down what was triple-digit inflation via tough spending cuts and reducing monetary emissions, moves that have won him plaudits from investors and the International Monetary Fund. The latest vote suggests his political footing remains firm, which markets have cheered - even if the real-life impact of the vote is limited, with his party still holding a minority in the city's legislature after the victory. On Monday, bonds edged up around half a percent, while the S&P Merval stock index (.MERV), opens new tab was up nearly 2%. "Milei's list wasn't expected to come first, and that has two implications," said Graham Stock, emerging markets strategist at RBC Global Asset Management, adding it gave Milei leverage with his more moderate conservative allies. "It suggests that they're going to do better than expected in the midterms in October, but even before that, it creates more momentum behind a deal (with center-right party PRO)." Argentina will renew half of the seats in the lower Chamber of Deputies and a third of those in the Senate in the midterm vote. Milei, an economist and acid-tongued former pundit, came to office in December 2023 after a shock election win. The country still faces a major challenge to build up depleted foreign currency reserves, which it needs to hit targets under a new $20 billion IMF deal, while the recent lifting of capital controls has made the peso more volatile. And not everyone was convinced that it was a win for Milei, with voters split - and many not turning up at all. "My interpretation is that no political party won," said Buenos Aires lawyer Juan Pablo Mares, citing one of the lowest-ever voter turnouts with many people apathetic and struggling under still-high inflation and cuts to public services. "If the political leaders don't look at that, read it, and learn from it, they will continue to be divorced from the reality we all face."
Yahoo
27-02-2025
- Business
- Yahoo
Analysis-Argentina meme coin scandal dents Milei's hunt for election allies
By Nicolás Misculin BUENOS AIRES (Reuters) - A meme coin scandal and investigation have dented the popularity of Argentina's libertarian President Javier Milei and hindered his efforts to strengthen political alliances ahead of congressional midterm elections this year. The brash former economist won a shock election in 2023 with pledges to take a "chainsaw" to public spending - and recently gifted a real one to billionaire Elon Musk. Milei stirred controversy when he posted this month on X in support of a new token, Libra. See for yourself — The Yodel is the go-to source for daily news, entertainment and feel-good stories. By signing up, you agree to our Terms and Privacy Policy. After Milei's post, Libra spiked in price as high as $5. Hours later it collapsed to about $1. The president quickly deleted the post and critics accused him of a so-called "rug-pull" scam, in which an influential person touts a financial asset for dubious reasons to inflate the price and then sell it. Milei's government said the president himself was fooled, and he has denied having business links to the cryptocurrency. A federal judge is investigating the token's launch and whether Milei was involved. Milei's early economic fixes came with harsh austerity measures, yet voters appreciated his plain-speaking style and pledges to take down the corrupt "caste" politicians. But the crypto episode has begun to erode that robust support. "There is something that has been broken in terms of credibility and reliability," said Shila Vilker, director of Buenos Aires-based pollster Trespuntozero, whose data showed 53.1% of Argentines did not trust Milei over the scandal. Both Trespuntozero's poll and another by Giacobbe & Asociados showed Milei's positive image only edged down slightly after the scandal. Yet the Giacobbe & Asociados poll indicated 46.6% of respondents held a negative view of the president, up sharply from 36.2%. That raises concern in an election year as Milei seeks to bolster his relatively weak position in Congress by building bridges with more mainstream conservative allies and bringing more lawmakers into his libertarian party. "The Libra case has started to hurt his voter base," said Vilker, handing an issue to the left-leaning opposition. "It's the bullet or the ammo that the opposition needed." MILEI THE ANTI-POLITICIAN Meme coins are novel crypto tokens that rely on popular internet trends or people. They often take off and post staggering rises in price before suddenly collapsing, leaving a few early buyers with spectacular gains, but many more losers. Famous meme coins include the dog-themed Dogecoin, which soared when billionaire Elon Musk began tweeting about it in 2020. U.S. President Donald Trump and his wife released cryptocurrencies named after themselves days before his January inauguration. Milei's post to his 3.8 million followers on X helped boost Libra before the meme coin collapsed. His government claims he was duped and did not personally benefit. "If there is someone who has been scammed, it is Milei," a government source close to the president told Reuters. Marina Acosta, director of communications at local consultancy Analogías, said the issue for Milei was with middle-ground voters who generally supported the government but only felt a "weak" connection with Milei's party and ideology. "Many people no longer believe that Milei is different, but rather that he's part of the political 'caste' himself," teacher Silvia Sarabia, 54, told Reuters, referring to the label the president often pins on traditional politicians. The government source said Milei's La Libertad Avanza had become the main right-wing bloc, taking over the mantle from the center-right PRO, which remains an important yet uneasy ally for Milei in Congress. "We are the right-wing party, and those who want to (join us) are welcome," the government source said. The main Peronist opposition looking to dent Milei's momentum is divided. The Peronist governor of Buenos Aires province Axel Kicillof this month launched his own political bloc, signaling a further split. "We have no other option than to go united; if not, they (the government) will bulldoze us," a Peronist source said. "However, if La Libertad Avanza and PRO are split in Buenos Aires province and city, we have a chance of winning."
Yahoo
27-02-2025
- Business
- Yahoo
Analysis-Argentina meme coin scandal dents Milei's hunt for election allies
By Nicolás Misculin BUENOS AIRES (Reuters) - A meme coin scandal and investigation have dented the popularity of Argentina's libertarian President Javier Milei and hindered his efforts to strengthen political alliances ahead of congressional midterm elections this year. The brash former economist won a shock election in 2023 with pledges to take a "chainsaw" to public spending - and recently gifted a real one to billionaire Elon Musk. Milei stirred controversy when he posted this month on X in support of a new token, Libra. After Milei's post, Libra spiked in price as high as $5. Hours later it collapsed to about $1. The president quickly deleted the post and critics accused him of a so-called "rug-pull" scam, in which an influential person touts a financial asset for dubious reasons to inflate the price and then sell it. Milei's government said the president himself was fooled, and he has denied having business links to the cryptocurrency. A federal judge is investigating the token's launch and whether Milei was involved. Milei's early economic fixes came with harsh austerity measures, yet voters appreciated his plain-speaking style and pledges to take down the corrupt "caste" politicians. But the crypto episode has begun to erode that robust support. "There is something that has been broken in terms of credibility and reliability," said Shila Vilker, director of Buenos Aires-based pollster Trespuntozero, whose data showed 53.1% of Argentines did not trust Milei over the scandal. Both Trespuntozero's poll and another by Giacobbe & Asociados showed Milei's positive image only edged down slightly after the scandal. Yet the Giacobbe & Asociados poll indicated 46.6% of respondents held a negative view of the president, up sharply from 36.2%. That raises concern in an election year as Milei seeks to bolster his relatively weak position in Congress by building bridges with more mainstream conservative allies and bringing more lawmakers into his libertarian party. "The Libra case has started to hurt his voter base," said Vilker, handing an issue to the left-leaning opposition. "It's the bullet or the ammo that the opposition needed." MILEI THE ANTI-POLITICIAN Meme coins are novel crypto tokens that rely on popular internet trends or people. They often take off and post staggering rises in price before suddenly collapsing, leaving a few early buyers with spectacular gains, but many more losers. Famous meme coins include the dog-themed Dogecoin, which soared when billionaire Elon Musk began tweeting about it in 2020. U.S. President Donald Trump and his wife released cryptocurrencies named after themselves days before his January inauguration. Milei's post to his 3.8 million followers on X helped boost Libra before the meme coin collapsed. His government claims he was duped and did not personally benefit. "If there is someone who has been scammed, it is Milei," a government source close to the president told Reuters. Marina Acosta, director of communications at local consultancy Analogías, said the issue for Milei was with middle-ground voters who generally supported the government but only felt a "weak" connection with Milei's party and ideology. "Many people no longer believe that Milei is different, but rather that he's part of the political 'caste' himself," teacher Silvia Sarabia, 54, told Reuters, referring to the label the president often pins on traditional politicians. The government source said Milei's La Libertad Avanza had become the main right-wing bloc, taking over the mantle from the center-right PRO, which remains an important yet uneasy ally for Milei in Congress. "We are the right-wing party, and those who want to (join us) are welcome," the government source said. The main Peronist opposition looking to dent Milei's momentum is divided. The Peronist governor of Buenos Aires province Axel Kicillof this month launched his own political bloc, signaling a further split. "We have no other option than to go united; if not, they (the government) will bulldoze us," a Peronist source said. "However, if La Libertad Avanza and PRO are split in Buenos Aires province and city, we have a chance of winning."
