The Anti-Milei Emerges, Worsening Market Jitters: Shock Therapy

Buried underneath the headlines trumpeting the lopsided electoral defeat suffered by President Javier Milei’s party this weekend was a development potentially even more troubling for investors in Argentina: the re-emergence of Axel Kicillof.

If Milei is a darling of Wall Street, well, then Kicillof is his nemesis. Whereas Milei is obsessed with slashing the budget deficit, tearing down regulations and taming inflation, Kicillof — now the governor of Buenos Aires province — is remembered on Wall Street as a former minister who intervened in the economy, defaulted on sovereign debt and meddled in private business decisions.

After stepping ...