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The U.S. has sealed a $20 billion rescue package with Argentina to prop up the peso as its reserves run dry. President Javier Milei, a right-wing libertarian and a close Trump ally, will visit the White House tomorrow to seal the deal. Elected nearly two years ago on promises to slash spending and rein in triple-digit inflation, Milei initially made headway, but a faltering economy and a string of corruption scandals now threaten both his reform agenda and his grip on power. Natalie Alcoba reports from Buenos Aires.
(SOUNDBITE OF ARCHIVED RECORDING)
PRESIDENT JAVIER MILEI: (Singing, in Spanish).
NATALIE ALCOBA: This wasn't your average book launch...
(SOUNDBITE OF ARCHIVED RECORDING)
MILIE: (Singing, in Spanish).
ALCOBA: ...But Javier Milei is not your average president.
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MILIE: (Singing, in Spanish).
ALCOBA: A leather-clad Argentinian president gave a concert last week to promote his new book, "The Construction Of The Miracle." Less rock and roll, more libertarian economic philosophy.
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MILIE: (Singing, in Spanish).
ALCOBA: Belting out rock songs at a packed arena in Buenos Aires amid a faltering economy, recent local election losses, mounting scandals and looming midterms, Milei picked this moment to perform songs like this.
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JAVIER MILEI AND UNIDENTIFIED MUSICAL ARTIST: (Singing, in Spanish).
ALCOBA: "I'm a liberal. You can't step on me because I'm a capitalist," sang the president in a strained duet. Among the thousands of fans was Maria de los Angeles Lopez, a house cleaner from a small town in the province of Santa Fe.
MARIA DE LOS ANGELES LOPEZ: (Speaking Spanish).
ALCOBA: "We're from very far away. Very far away. We've been traveling since 3 a.m. just to see Milei," she says. "We have all of our faith in Javier Milei because we know that things are going to change, even if many people say they won't." Another concert goer, 52-year-old Elba Soria described her ongoing support of the president as an expression of hope.
ELBA SORIA: (Speaking Spanish).
ALCOBA: "We bet on him because there wasn't another option," she says. "We didn't like the future that we saw."
(SOUNDBITE OF CHAINSAW AND CHEERING)
ALCOBA: Elected in December 2023 amid an economic crisis, during the campaign, Milei took to wielding a chainsaw to symbolize his plans to slash public spending.
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ALCOBA: His eccentric outsider persona appealed to Argentines tired with a revolving cast of politicians. While he has managed to drive down inflation and balance the books for the first time in over a decade, deep cuts and deregulation have made life tougher for many here. Figures released this month by the national statistics agency suggest the average pay is under $700 a month.
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PRESIDENT DONALD TRUMP: We're backing him a hundred percent. We think he's done a fantastic job. He, like us, inherited a mess.
ALCOBA: Now President Donald Trump has stepped in. The White House has finalized a $20 billion lifeline with Argentina to prop up the flailing peso, part of a rescue plan for a key political ally in Latin America.
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ALCOBA: U.S. intervention may have propped up the peso for now, but back home, outside Milei's core supporters, many remain deeply skeptical about the president's ability to turn the economy around.
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ALCOBA: That skepticism is visible on the streets. The shrinking turnout at this weekly pensioners protest outside the National Congress reflects the exhaustion of those struggling just to make ends meet.
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ALCOBA: Yolanda Gutierrez, a widowed pensioner from the northern province of Salta, is visiting the capital and caught the tail end of the demonstration.
YOLANDA GUTIERREZ: (Speaking Spanish).
ALCOBA: "We're not doing very well," she says, "especially pensioners like me. Prices keep going up, but our incomes haven't." Gutierrez says it's not just retirees. She has two sons.
GUTIERREZ: (Speaking Spanish).
ALCOBA: "Things are tough," she says. "Young people really have to struggle." Milei's popularity is at an all-time low - roughly 63 disapproval rating, according to one poll. A survey from polling from Zuban Cordova found that most Argentines don't expect conditions to improve anytime soon - a troubling sign for Milei as midterms approach towards the end of this month, and the economic future uncertain.
EVA MARCILIO: (Speaking Spanish).
ALCOBA: "We have a perverse president," says Eva Marcilio, a 65-year-old retired teacher. "I don't know what world he's living in. He doesn't see what's happening to people. It's very sad. And every day," she says, "it gets worse." For NPR News in Buenos Aires, I'm Natalie Alcoba. Transcript provided by NPR, Copyright NPR.
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