Argentine President Milei Faces Steep Drop in Popularity Amid Economic Woes
Translated & summarized from Kikar HaShabbat by baba
Argentine President Javier Milei's approval rating has fallen to 36% positive, with 62% holding negative views, according to a new Bloomberg-commissioned poll. Unemployment has overtaken inflation as the top public concern, with 70% deeming the job market poor. The economic downturn is also reflected in financial markets, as Argentine bonds have underperformed. Milei, a strong supporter of Israel, recently received an award for his pro-Israel stance.
The story in 6 lines · by baba
- Argentine President Javier Milei's approval rating has dropped to 36% positive, with 62% negative.
- Unemployment has replaced inflation as the primary concern for Argentinians, a first in over a year.
- Around 70% of Argentinians view the current state of the labor market as poor.
- Argentine government bonds have been among the worst-performing emerging market assets recently.
- Prime Minister Benjamin Netanyahu reportedly directed support for Argentina in the Falklands dispute.
- Milei recently received an award for his strong pro-Israel stance and support for the Jewish people.
Argentine President Javier Milei, known for his strong pro-Israel stance, is facing a significant decline in public approval, with a new poll indicating nearly two-thirds of Argentinians hold a negative view of him. The survey, conducted by AtlasIntel for Bloomberg, found 62% of respondents expressed a negative opinion of Milei, compared to 36% positive, a worsening from a previous poll where negative views stood at 59%. Milei, who took office in December 2023 aiming for a fundamental economic overhaul, is now under increasing public criticism due to a persistent economic slowdown and job losses.
A striking shift in public concern was revealed by the poll, with unemployment surpassing inflation as the primary worry for Argentinians for the first time in over a year. Approximately half of those surveyed identified unemployment as the main problem, while about a third pointed to inflation. Furthermore, around 70% of respondents described the state of the labor market as poor, a sentiment supported by Bloomberg data showing a consistent monthly decrease in official private sector jobs since Milei's inauguration.
The poll also indicated some movement in the approval ratings of Milei's political rivals, including Governor of Buenos Aires Province Axel Kicillof and former President Cristina Fernández de Kirchner, though most of the public maintains negative views towards them.
These signs of weakness extend beyond politics to the financial markets, with Argentine government bonds being among the worst performers in emerging markets over the past three months. The yield on the 2035 bond surged from below 9% in July to over 13% in November, reflecting a sharp drop in prices and growing investor anxiety about the country's economic future.
Milei has previously garnered significant attention in Israel for his staunch support. In early November, he delivered a notable pro-Israel speech in Buenos Aires, referencing the Maccabees and stating that "those who deal with Israel deal with the entire West." He also received an award for his support of Israel and the Jewish people at the same event. Reports also indicated that Prime Minister Benjamin Netanyahu instructed Israeli diplomats to support Argentina's position in the historical Falklands dispute, attributed to his warm relationship with Milei. This move was seen as a potential response to the British Foreign Secretary's decision to impose economic sanctions on settlements in Judea and Samaria.
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