Milei’s Libra Scandal: Public Trust Plummets in Argentina

The aftermath of the $4.6 billion Libra cryptocurrency scandal continues to reverberate throughout Argentina, significantly impacting public perception of President Javier Milei. A recent poll conducted by Zuban Córdoba reveals a dramatic decline in public trust, with a staggering 57.6% of respondents expressing disapproval of the President following the controversy.

Zuban Córdoba’s March survey, involving 1,600 Argentinians, posed the direct question: “More than a month after the crypto fraud scandal broke out, how much do you trust Milei today?” The results paint a stark picture: a clear majority distrusts the President’s handling of the situation. Only 36% of respondents indicated continued trust, while a small percentage (6.4%) remained undecided.

This is the first time Zuban Córdoba has included this specific question in its polling. However, the decline in trust reflects a broader trend of falling approval ratings for President Milei across various metrics. His overall approval rating, for example, has dropped from 47.3% in November to 41.6% in March.

Zuban Córdoba’s assessment is blunt: “Fifty-eight percent disapprove of Javier Milei’s management. Negativity increases slowly but steadily and seems to find no ceiling.” The firm further comments that “The change in tone and evaluation of the government is consolidating as more and more problematic fronts appear on the political agenda.”

The survey, conducted between March 12th and 14th, boasts a 95% confidence level and a sampling error of 2.45%. While other polls present a more nuanced picture, with some showing higher approval ratings, the Zuban Córdoba results highlight the significant negative impact of the Libra scandal on public opinion.

Further illustrating the divided public opinion, a separate survey from the University of San Andrés showed Milei’s approval rating at 45%, while data from Morning Consult indicated a 62.4% approval rating in the period between February 27th and March 5th. This divergence in results emphasizes the complexity of gauging public sentiment in the wake of a major political and financial controversy.

President Milei’s attempts to distance himself from the Libra token have not entirely quelled the controversy, with ongoing legal challenges and calls for impeachment.

Despite the negative press and drop in approval ratings, Milei’s La Libertad Avanza party still maintains a lead in the upcoming October 26th election.

However, concerns remain about the President’s economic policies, specifically his handling of inflation and his pursuit of a loan from the International Monetary Fund, as these issues continue to shape public perception of his administration.