Congress Upholds Milei’s Decree to Back New IMF Argentina Deal
Bloomberg6 days ago
Argentina: Lower House Approves Milei's Decree for New IMF Loan
Above: The board of the Chamber of Deputies displays 129 affirmative votes after lawmakers voted on a decree by Argentina's Pres. Javier Milei for the signing of new debt with the International Monetary Fund (IMF) in Buenos Aires on March 19, 2025. Image copyright: JUAN MABROMATA/Contributor/AFP via Getty Images
The Spin
Left narrative
Argentina's self-declared "anarcho-capitalist" president is actually a vassal to the US, and this push to send his country deeper into the US-controlled IMF debt trap illustrates just that. Milei had promised he would not increase government debt, but now he has backtracked and is willing to repeat the same debt-trap cycle of his right-wing predecessors.
Right narrative
Javier Milei has an upper hand as he negotiates with the IMF, and both sides know that. Argentina is the largest IMF debtor, and its president has pushed austerity reforms that are much more ambitious than the ones the organization usually demands. Failure to back him would result in blows to the IMF balance sheet and credibility.