Public Applause, Private Doubts
The Council of the Americas summit, held on August 20, 2026 at the iconic Alvear Palace Hotel in Buenos Aires, once again showcased the support of Argentina's so-called "Círculo Rojo" (the country's elite business circle) for the government's economic direction. Yet the reception for President Javier Milei was noticeably cold: applause was described as "half-hearted and brief." In the corridors, executives and CEOs from major chambers acknowledged the progress on macroeconomic order and state downsizing, but warned about a "year of stagnation" and the lack of tangible results in the real economy.
The host and president of the Argentine Chamber of Commerce (CAC), Mario Grinman, defended the process: "Are we having a good time? More or less. Some companies have closed, jobs have been lost, but if that's the price we have to pay so that our grandchildren live in a normal, credible country, then it's worth it."
Key Concerns of the Business Elite
Among the main worries circulating off the record, several stand out:
- Employment and activity: Executives from multinationals admit to deterioration, with sales drops of more than 20% in sectors like electronics and automotive.
- Lack of credit: Access to financing remains a bottleneck for small businesses and families.
- Tax burden: The impact of gross income tax (Ingresos Brutos) and municipal fees is heavily criticized.
- International insertion: Debate grows over trade relations with China and diplomatic isolation from Brazil.
A PRO party leader summed up the stance of many: support for the fiscal order, but increasing distance from Milei himself. In that vein, the "political cost" of the Manuel Adorni affair was questioned: "Why did they back Adorni for six months but got rid of Posse in the blink of an eye?" said an agribusiness reference.
The 'Mileismo Without Milei' Idea
Among the most pro-government attendees, speculation is growing about a "Mileismo without Milei"—preserving the macroeconomic course but under a different political leadership that would bring traditional productive sectors into the fold. Although no concrete candidate is on the radar, private-sector sources are running their own polls and do not rule out the emergence of a new outsider. As an extreme example of a profile that could become competitive, one economist mentioned Pedro Rosemblat, a media figure known for his relationship with pop star Lali Espósito.
Data Contrasting with the Official Narrative
While Milei defended his management with macro figures—wholesale inflation of 0.8% in July and accumulated growth of "more than ten points"—the real-economy indicators tell a different story:
| Indicator | Value |
|---|---|
| Investment (June, year-on-year) | -6.2% |
| SME retail sales (July, year-on-year) | -3.8% |
| Installed capacity utilization (May) | 58.4% |
| Industrial production (first half) | -2.2% |
Economy Minister Luis Caputo, absent due to a flu, reaffirmed the course on social media: "We know that some media and some opposition members try to sow distrust to slow down or stop this process, but what they are really doing is underestimating the vast majority of Argentines."
Dissenting Voices and Demands
The president of the Argentine Chamber of Construction, Gustavo Weiss, was blunt: "The micro issue is what worries us all. Many families are in debt, many people are concerned, but Milei doesn't listen to anyone." Meanwhile, former ambassador Diego Guelar questioned the optimism: "Why would country risk drop? Confidentially, they say there is no trust. There are two ways a president can lose elections: if the dollar spikes and if the suburbs (conurbano) go up in flames."
From the financial sector, a banking executive argued that dollar-denominated loans could help reactivate the economy, though he admitted that delinquency indicators reflect the deterioration with a lag. The summit coincided with a CGT march to the Economy Ministry over household debt and a protest by SMEs in front of the Casa Rosada.