Argentine President javier Milei delivered a national address amidst ongoing economic difficulties, asserting that “the worst has happened,” echoing a phrase previously used by former President Mauricio Macri before his electoral defeat in 2019. Both Milei and his minister, Luis “Toto” Caputo, have repeatedly employed this rhetoric since mid-2023. The address coincided with protests, known as *cacerolazos*, in Buenos Aires and surrounding areas.

Milei stated that current efforts would not fully compensate for the economic losses of recent years. He urged the public to remain patient and allow his government to “finish the process of‍ change,”‌ with a goal of positioning Argentina among the world’s leading economies within 30 years. He presented the 2025 National Budget to Congress, emphasizing⁤ that⁢ the fiscal balance “is not negotiated.”

Dollar exchange Rates

As of September 16, 2024, the ‌official dollar exchange rate is 1425 Argentine pesos for purchase and 1475 pesos for sale. ⁣The⁤ unofficial “blue”⁣ dollar is trading at‍ 1435 pesos for purchase and 1455 pesos for sale.

Historical Context: “the Worst Has Happened”

The phrase ⁣”the​ worst has happened” gained prominence in Argentine ‌political discourse when Mauricio Macri used it before⁤ losing the 2019 presidential election. Its repetition by President Milei ​and minister Caputo suggests a intentional attempt​ to‍ frame the current economic crisis as having reached its nadir, implying that future prospects are brighter. However, this messaging⁣ has been met with skepticism, notably given the ongoing economic challenges and ‌public discontent.