Javier Milei travels to US amid crisis over $Libra cryptocurrency scam

Javier Milei is scheduled to arrive in Washington on Thursday in search of some oxygen. The president of Argentina is hoping to return to normality after five days in which he lost control of the public agenda. The scandal of the cryptocurrency $Libra, a scam that Milei initially endorsed on Friday from his account on X, has triggered legal complaints and a request for impeachment in Congress. And the remedy has been even worse than the disease: a recorded interview given on Monday to clarify his situation ended in a new scandal after the leak of an unaired section that hinted at prearranged questions and pressure on the journalist who conducted it. Milei is escaping to the stage where he feels most comfortable: close to his friend Donald Trump, who is considered his main ally, and ready to receive pats of encouragement from Elon Musk.

Besides the political agenda, Milei will have a crucial meeting with the managing director of the International Monetary Fund, Kristalina Georgieva, just hours after his arrival. The Casa Rosada has assured that a new agreement is practically closed with the multilateral organization that will provide fresh funds to the international reserves of Argentina’s central bank. The president said days ago that the deal only needed to be “finalized.” The Minister of Economy, Luis Caputo, who did not board the presidential plane, confirmed that the technical part of the negotiation has already been agreed on and that only the amount of aid remains to be resolved.

The government of Argentina is hoping to secure at least $10 billion, the minimum amount needed to free itself from the exchange restrictions that currently hinder new investments. In exchange, Argentina is offering the fiscal surplus it achieved and has maintained since February of last year, as a result of a very tough adjustment of the economy and the reduction of state expenditures in areas such as public works, health and education.

Although the meeting with Georgieva is assured, Milei will land in Washington without any guarantees of a face-to-face meeting with Donald Trump at the White House. The Argentine delegation is confident that there will at least be an informal meeting on Saturday, during the Conservative Action Political Conference (CPAC), where Milei is scheduled to give a speech before the closing address, which will be delivered by the U.S. president.

Milei received a nod from Trump this week, when he was going through the worst of the crisis over the $Libra cryptocurrency. The U.S. president posted a message on Truth Social, his own social media platform, with a photo of Milei and a favorite Milei phrase: “If printing money would end poverty, printing diplomas would end stupidity.“ Milei reposted the comment, emboldened by the lifeline sent to him by his American counterpart.

Milei’s agenda also includes a meeting on Thursday with Elon Musk, the founder of Tesla who is now in charge of the Department of Government Efficiency created by Trump to cut public spending. The Argentine leader is convinced that Musk has been inspired by his own Ministry of Deregulation and State Transformation, in charge of reducing the state structure with the elimination of hundreds of departments and the dismissal of thousands of officials. On Friday at noon in Washington, Milei will speak at the Inter-American Development Bank (IDB) and then meet with the president of the World Bank, Ajay Banga. On Saturday he will meet at the CPAC, prior to his return to Buenos Aires in the evening.

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