Presidential Candidate Milei Faces Accusations of Instigating Chaos in Argentina’s Currency Exchange Market
Javier Milei, a prominent presidential candidate in Argentina, has found himself at the center of controversy after being accused of instigating chaos in the country’s currency exchange market. The allegations come as police raided Nimbus, a major currency exchange business, and discovered a schedule detailing plans to raise the price of the blue dollar in coordination with other exchange houses.
Coinciding with the police operations, Milei held a press conference at Bull Market Brokers, a family-owned exchange house, where he criticized the government for denouncing him as the instigator of the chaos. He argued that the government’s actions, along with the forced devaluation of the peso, only benefit speculators while harming the majority of Argentines.
Milei vehemently refuted the accusations against him and instead pointed the finger at the government and the Juntos por el Cambio coalition for the country’s historical inflation. However, many argue that his divisive statements and calls for mass withdrawals from fixed-term deposits to purchase dollars have the potential to instigate a bank run and exacerbate the already challenging economic situation for ordinary Argentines.
The police operations at Nimbus were prompted by a speculative attack that caused the value of the dollar to skyrocket to over a thousand pesos. During the raids, evidence was uncovered demonstrating collusion among major exchange houses to manipulate the exchange rate of the dollar. Among the seized items was a calendar outlining planned increases in the dollar’s value.
Critics argue that Milei’s refusal to acknowledge the potential consequences of his statements and the choice of location for his press conference reveal either a sheer lack of understanding or a deliberate disregard for the impact his words have on reality. With Milei holding the highest number of votes in the PASO (Primary, Open, Simultaneous, and Mandatory) elections, his influence is significant, making his remarks highly consequential.
Recent surveys suggest that Milei’s popularity has waned since the PASO, while candidates such as Sergio Massa have seen a slight uptick in support. The prevailing prediction is that there will be a close contest between Massa and Milei in the first round, with a narrow victory for Milei in the runoff. However, Milei’s actions in inciting chaos through the currency markets seem to indicate a desperate attempt to disrupt his opponents and reverse his declining popularity.
Milei’s association with Luis Barrionuevo, a widely known figure in the trade union movement, further damages his credibility and reinforces the perception that his purported libertarian stance is merely a facade. The alliance between the two, along with their controversial links to other supporters of the dictatorship, undermines the authenticity of Milei’s libertarian discourse.
This phase of the campaign has been marred by a series of mudslinging and intelligence operations reminiscent of the practices employed by former president Mauricio Macri. Instances such as the publication of photographs depicting MartÃn Insaurralde on a luxury yacht in Marbella alongside a well-known model were seemingly orchestrated to tarnish the campaign of Axel Kicillof. However, Kicillof has distanced himself from scandalous media tactics, preferring to focus on his administration’s achievements and engaging with the public.
The allegations that Milei’s forces were behind the operation to remove Carlos Melconian, Patricia Bullrich’s candidate for Economy Minister, only strengthen the perception that his campaign employs underhanded tactics and aligns with questionable figures such as Macri.
As the country teeters on the brink of economic disaster, the PASO elections have highlighted the danger of embracing candidates who profess to be outside of the political caste but resort to the same dirty tricks they claim to despise. An examination of Milei’s alliances and actions ultimately casts doubt on the sincerity of his libertarian agenda, leaving voters to question the legitimacy of his promises to eradicate corruption and solve the country’s economic woes.
In a political landscape already clouded with uncertainty, it remains to be seen how Milei’s calculated maneuvers will affect his chances in the upcoming elections and whether voters will ultimately hold him accountable for exacerbating Argentina’s economic turmoil.
