By the late 2010s, Argentina had emerged from the 2001 crisis on the back of a commodity boom. Though many people, untrusting of the peso, still operated in dollars, there was a sense of optimism. Back then, the exchange rate was about three pesos to the dollar. It is striking to see, after only 15 years, the exchange rate now at 1,000 pesos to the dollar.
With the country struggling economically again, and after years of corruption scandals tarnishing the Kirchnerismo and peronismo brands, the Argentine people clearly voted for a drastic change yesterday. Will they get one?
President-elect Milei has attracted widespread attention for his extreme promises and personal quirks, but he lacks a track record of leadership, has little governance experience and is part of a brand new political party without significant clout in the Argentine Congress, on top of a pugnacious spirit. He faces serious challenges in getting one of South America's largest economies back on track. It is hard to see anything but political chaos in Argentina's immediate future.