Javier Milei’s popularity and legitimacy have been significantly eroded since he came to power in 2023, as pessimism over the economy has increased, with 37 per cent of Argentinians expecting things to get worse in the coming year. Inflation, at 67 per cent annually, is among the highest in the world – with food prices skyrocketing. In January twice as many Argentinians visited Brazil as in the same month last year, while tourism in Argentina has dried up. Unwilling to devalue the peso, Milei is asking the IMF for a loan.