After nine days behind closed doors, Argentine President Javier Milei will address the Council of the Americas today. While his administration privately acknowledges that economic recovery is taking longer than planned, officials insist the course remains unchanged. Meanwhile, Security Minister Patricia Bullrich publicly voiced concerns, signaling growing internal tension.

A President Reemerges from Isolation

Argentine President Javier Milei has returned to the spotlight. After nine days without public events at the presidential residence in Olivos, he handwrote the speech he will deliver this afternoon to the Council of the Americas, with a second address planned for Friday at the Rosario Stock Exchange. In his first appearance on Monday, during an event honoring Argentine national hero General José de San Martín, Milei warned: "If liberty does not show its fruits, which are well-being and economic prosperity, citizens forget its value."

This phrase, say sources close to the president, encapsulates the government's interpretation of the current critical phase of its administration.

Government Admits: The Economy is Taking Longer

Behind closed doors, officials now recognize that the economic revival is not advancing as expected. Santiago Bausili, head of Argentina's Central Bank (BCRA), spoke of a recovery that is "taking longer," attributing delays to a kind of "post-traumatic stress" in society following recent crises. Minister of Economy Luis Caputo offered a condensed diagnosis: "We are not okay, but we are going okay."

A member of the official team confided to reporters: "We already had an official saying something similar, that the recovery is taking longer than we would like." Others point to time remaining: "It has only been two and a half years of administration, considering the mess we inherited." One party insider also acknowledged: "I am not a denier, I know that there are people who are having a bad time, but they should value what has been done."

Local context: Argentina's economy has faced severe headwinds since Milei took office in late 2023, inheriting a toxic mix of 200% inflation, a bloated fiscal deficit, and an overvalued currency. His administration introduced a drastic spending cuts and austerity package to stabilize the country.

Social Mood: From Enthusiasm to Anxiety

The feeling on the streets is shifting, even among former supporters. "Before we were greeted by fans and the 'cholulos' (a slang for ass-kissers). Now there are no more 'cholulos' around us. It is more hostile," admitted a prominent official. This perception matches recent polls showing a slip in the president's image.

Security Minister Patricia Bullrich made headlines with her own remarks, calling it a "rough moment" on the street. In a tweet she later adjusted, she wrote: "The direction is correct. What we need is more speed in results so that the change is felt in everyday life." While the presidential palace claims the message was agreed upon, political analysts see it as a signal of divergence within the government.

Milei's Upcoming Speeches: The Key Points

According to official information, the president will focus on the following topics in the Council of the Americas and Rosario addresses:

  • The development of economic activity and outlook for the coming months
  • The management of adjustments in the face of various 'shocks', emphasizing technological progress, deregulation, trade opening, and natural resources
  • Tax cuts and a lower country risk
  • An ethical and moral evaluation of the responses to each challenge

On Friday, August 21, during his speech in Rosario at 7:00 PM local time, he will delve into interest rates and the status of debtors, based on fresh data prepared by the BCRA.

The 2027 Electoral Puzzle

The ruling party anticipates a a polarization for the 2027 presidential election between Milei and the Peronist/Unión por la Patria bloc. A consultant close to the palace said: "Today the two poles, Milei and [Buenos Aires governor Axel] Kicillof, each harvest more than 30 points. That prevents new forces from growing. The government should be lighting candles for Kicillof: he and Milei need each other."

In this climate, Milei is expected to focus on a "cultural battle" narrative rather than sudden economic pivots. For now, no new stimulus measures are being prepared, except for dollar-linked credits aimed at non-export companies.

Sources and links: Infobae (1) · Infobae (2) · Ámbito · La Nación