ARGENTINA: The Undeclared Dollars’ Plan & more – 29th May 2025

¡Buenos días from Greenway Parks! This is the Rorshok Argentina Update from the 29th of May twenty twenty-five. A quick summary of what's going down in Argentina.

President Milei’s administration is rolling out a new plan to lure billions of undeclared dollars back into Argentina’s financial system. Branded Your dollars, your decision, the initiative promises Argentines they can freely use their savings without explaining their origins. It scraps several reporting requirements that flagged purchases, bank activity, or even utility bills to tax authorities, while also raising thresholds for mandatory reports on financial transactions.

The government insists this isn’t another tax amnesty but a broader effort to normalize informal savings, simplify the tax system, strengthen the peso, and restore public trust. However, critics warn it could open the door to tax evasion and money laundering. Analysts doubt it’ll immediately flood the market with dollars, but they see potential for stronger bank reserves and eventual economic benefits.

Ricardo Darín, the protagonist of the Netflix show The Eternaut, sparked controversy by sharing his thoughts about this plan on national TV. If you’ve been seeing the debate online about how much a dozen empanadas cost, here’s the context: Speaking with TV host Mirtha Legrand on her show, Darín questioned who could actually have dollars under the mattress, referencing the Milei administration’s plan to encourage spending hidden cash. He continued to say that a dozen empanadas now costs 48,000 pesos (about forty US dollars), and used that as an example to question the real-life impact of the government’s new economic measures.

Luis Caputo, the Economy Minister, quickly hit back, saying Darín exaggerated and that a dozen empanadas actually cost closer to 16,000 pesos (thirteen dollars). Milei’s supporters piled on, mocking the actor online. Darín later clarified that prices vary depending on where you live, but stood by his point: life’s gotten expensive, and people should be able to say so without being attacked.

Talking about critics, a leaked draft of President Milei’s intelligence strategy has sparked outrage over fears that the government could use surveillance tools against opponents, journalists, and protest groups. The plan, which outlines monitoring individuals who “manipulate public opinion,” lacks clear definitions, which opens the door to authoritarian abuse disguised as intelligence work.

The government acknowledged the plan’s existence, but denied any intent to target dissenters, despite Milei himself ramping up anti-press rhetoric and dramatically increasing the budget of the SIDE, Argentina’s intelligence agency.

Hugo Alconada Mon, the investigative reporter who broke the story, said he’s faced cyberattacks and threats since publishing the leak.

Milei also tightened the rules on strikes, using a new emergency decree to drastically expand the list of essential services that must stay partially operational during labor stoppages. The new guidelines force sectors like healthcare, education, transport, telecommunications, and even customs and fuel supply to maintain between 50% and 75% of their normal service during a strike.

Previously, only a few sectors, like hospitals and air traffic control, had these kinds of restrictions. Unions are already warning that this could weaken their ability to protest government policies.

On a similar note, the government has downgraded the Human Rights Secretariat to a sub-secretariat and cut its staff by nearly a third. This is part of a broader effort to reduce government spending and curb what it calls political bias within the agency. Critics, including human rights organizations, warn that the moves risk weakening protections.

The government also announced plans for a major overhaul of Argentina’s healthcare system. They are moving forward with the decision to leave the World Health Organization, and with that, they intend to reform the system’s structure.

Officials plan to tighten vaccine approval processes, insisting on clinical trials with placebo groups and more rigorous safety controls, a move that opponents say ignores established ethical standards. The government also wants to streamline health agencies to cut bureaucracy, restrict certain synthetic additives in food due to potential health risks, and rethink fast-track approvals for expensive medicines, especially those for children and rare diseases.

In other news, the ruling party, La Libertad Avanza, will join forces with the PRO party to run together in Buenos Aires province for the twenty twenty-five elections. Yes, despite previous tensions and public clashes with PRO leader Mauricio Macri, including accusations of electoral sabotage through AI deepfake videos, the two parties have decided to unite.

Milei confidently predicted victory in both the September legislative vote and the October national elections, promising to take over the province by twenty twenty-seven.

Back to the topic of the government’s anti-press rhetoric, Milei’s administration has introduced strict new rules limiting journalists’ access to the Casa Rosada, capping the number of reporters allowed in press rooms and requiring prior approval of questions. The government also declared certain areas off-limits to the media and implemented a formal dress code for press events.

Dissidents say these measures, which include a scoring system to decide who gets accreditation, represent an attempt to control and restrict independent journalism.

While the president tightens control over the press at Casa Rosada, his government is also making moves to rebuild Argentina’s standing in international finance. They are preparing to issue a five-year peso-denominated bond aimed at international investors who can buy it using US dollars, marking the country’s first such move in nearly a decade.

This sale signals Argentina’s re-entry into global financial markets after its pandemic-era debt restructuring. The bond includes a two-year put option, allowing investors to exit before the twenty twenty-seven presidential elections. Officials see this as a key step in restoring confidence in the peso and supporting the government’s goal to increase foreign reserves.

Shifting gears from Argentina’s financial moves on the international stage, there’s big news in the country’s tech sector as Mercado Libre’s founder prepares for a major leadership change. Marcos Galperin will step down from his CEO role in January twenty twenty-six to become the company’s executive chairman, ending his twenty-five-year run leading Latin America’s top ecommerce and fintech company.

Ariel Szarfsztejn, who has been with Mercado Libre since twenty seventeen and currently heads the commerce division, will take over as CEO. Mercado Libre’s stock has surged this year, boosting the company’s value above 130 billion US dollars and making it the region’s most valuable firm.

From the boardroom to the courtroom, the trial over football legend Diego Maradona’s death spiraled into chaos this week after Julieta Makintach, one of the presiding judges, stepped down amid a scandal involving her participation in a mini-series about the very case she was overseeing. Makintach had denied filming anything, but leaked footage showed otherwise.

The case now faces a major setback that could force a full retrial.

Still in the world of Argentine football — but with a much more optimistic twist — the Argentina Football Association, or AFA, is taking steps toward bringing back something fans have missed for over a decade. Yes, Argentina might finally roll back its twelve-year ban on away fans at football matches.

The AFA tested the waters during a Copa Argentina match between Excursionistas and Argentinos Juniors on Wednesday the 28th. While technically not a true away game, since they played in a neutral stadium, it still marks a major shift. Chiqui Tapia, the AFA president, called it a huge moment and said this could open the door to more matches with both sets of fans in the stands --- something Argentine football hasn’t seen since a series of deadly incidents in twenty thirteen forced officials to shut that down.

The country is currently facing another deadly threat, though. Thirty-four people have died after receiving doses of contaminated fentanyl. The most recent victim, a fifty-seven-year-old man, passed away in a hospital after being treated with fentanyl from a batch tainted with dangerous bacteria. This batch, produced by HLB Pharma and distributed by Nueva Era, triggered a major health crisis affecting patients in Buenos Aires province, Buenos Aires City, and the northeastern Santa Fe province. Authorities traced the issue back to mid-April, when a hospital in La Plata raised the alarm.

Investigators now suspect sabotage. Someone reportedly broke into HLB’s quality control office and destroyed key manufacturing records. The federal courts have taken over the case, and several raids are underway as part of the broader probe.

Aaand that’s it for this week! Thank you for joining us!

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¡Nos vemos la próxima semana!