Argentina’s President Loses All Credibility After LIBRA “Shill” Scandal

Specifically, the recent survey shows that 57.6% of Argentinians no longer trust President Milei after he was linked to the $4.6 billion LIBRA scandal. The question was posed by the polling platform Zuban Córdoba in March, with 1,600 participants. Among them, only 36% continued to support Milei, while 6.4% were uncertain.

This is the first time that Zuban Córdoba included this question in its survey. However, other metrics, such as Milei’s public image and the national administration’s approval rating, have also seen a significant decline in recent months. For instance, the approval rating dropped from 47.3% in November to 41.6% in March.

“Fifty-eight percent of the population disapproves of Javier Milei’s governance. Negativity is rising slowly but steadily and shows no signs of stopping,” Zuban Córdoba noted. “The shift in tone and government assessment is becoming more evident as more problematic issues emerge on the political agenda.”

Zuban Córdoba conducted its survey from March 12 to 14, with a confidence level of 95% and a margin of error of 2.45%. Meanwhile, another survey by the University of San Andrés, conducted from March 11 to 20 with 1,020 respondents, showed Milei’s approval rating dropping to 45%.

However, not all surveys painted the same picture. Data from Morning Consult, collected from February 27 to March 5, indicated that Milei still maintained a 62.4% approval rating even after the LIBRA scandal.

President Milei has denied any involvement with LIBRA since the scandal erupted. He asserted that he did not “promote” the LIBRA token in a controversial post on social media platform X on February 14, as alleged in fraud lawsuits. Instead, he claimed he merely “spread information” about it.

The LIBRA cryptocurrency reached a market capitalization of $4.6 billion shortly after Milei’s X post but plummeted by nearly 94% within a few hours.

Despite the pressure from the scandal, the opposition’s efforts to impeach Milei in Argentina have yet to gain significant traction.

Milei’s Party Still Leads Ahead of Elections

The LIBRA controversy comes as Argentina prepares for its next election on October 26. Despite facing negative sentiments, Milei’s party, La Libertad Avanza, continues to lead with 36.7% support, compared to 32.5% for Unión por la Patria.

However, only 43% of Argentinians surveyed believe that Milei—an economist before taking office—has effectively controlled inflation. Meanwhile, 63% oppose his efforts to secure a new loan from the International Monetary Fund.

The upcoming election will be a major test for President Milei as he faces challenges from both public opinion and political rivals.