Down $1 Billion, Milei Detects ‘Panic’ as Argentines Dump Peso

Javier Milei has lost the confidence of investors and he knows it. Day after day, they have yanked their money out of Argentina, fearful that Milei, the brash, libertarian president with the bold plan to fix the economy, will scrap his defense of the peso and let it plunge as so many of his predecessors have done.

“The market,” Milei said when collared by a local journalist for a brief interview late Friday, is “in panic mode.”

Over the course of the day, traders at the central bank poured $678 million into the currency market in a desperate attempt to ...