Milei's Approval Drops 5.7% Amid Libra Crypto Scandal

Argentine President Javier Milei has faced a significant backlash following his involvement in the $4.6 billion Libra crypto scandal. A recent poll conducted by Zuban Córdoba revealed that 57.6% of Argentines expressed disapproval of Milei, while only 36% maintained their trust in him. This poll, which surveyed 1,600 respondents between March 12 and March 14, marks the first time such a question has been included in a Zuban Córdoba poll. The results align with a broader trend of declining approval ratings for Milei across various metrics, indicating a steady erosion of public confidence in his leadership.

The poll results show that Milei's national management approval rating dropped from 47.3% in November to 41.6% in March. This decline is attributed to the increasing number of problematic issues on the political agenda, which have led to a more negative evaluation of the government. The pollster noted that the disapproval rate for Milei's management has been steadily rising, with no apparent ceiling in sight. Another survey conducted by the University of San Andrés between March 11 and March 20, with 1,020 respondents, found that Milei's approval rating had fallen to 45%. However, data from another source indicated that Milei still maintained a 62.4% approval rating after the Libra scandal. This discrepancy highlights the varying perceptions of Milei's performance among different segments of the population.

Milei has attempted to distance himself from the Libra scandal, arguing that he did not promote the LIBRA token but merely spread the word about it. Despite his efforts, the controversy has had a significant impact on his public image and approval ratings. The Libra token, which soared to a $4.6 billion market cap shortly after Milei's social media post, experienced a nearly 94% drop in value within a few hours. This dramatic fluctuation has further fueled public discontent and calls for Milei's impeachment by the opposition party, although these efforts have so far been unsuccessful.

The political landscape in Argentina remains tense as the next election approaches on October 26. Despite the negative poll results, Milei's La Libertad Avanza party is still favored to win the election, with 36.7% of respondents expressing support. The Unión por la Patria party follows closely with 32.5% support. However, public dissatisfaction with Milei's handling of economic issues, such as inflation and securing a new loan from the International Monetary Fund, remains high. Only 43% of respondents believe that Milei has effectively controlled inflation, and 63% oppose his efforts to secure additional funding from the IMF.

The Libra scandal has not only affected Milei's approval ratings but also raised questions about the transparency and accountability of his administration. As the election draws nearer, the political dynamics in Argentina are likely to become even more contentious, with Milei's handling of the scandal and his economic policies under intense scrutiny. The outcome of the upcoming election will be crucial in determining the future direction of the country and the public's trust in its leadership.