Many of Argentina’s industry leaders were initially enthusiastic supporters of President Javier Milei’s proposals to downsize the state, fix public finances, and deregulate business activity. But more than halfway through Milei’s four-year term, they have become alarmed as the liberal economist’s ‘shock therapy’ has soured business and in some cases threatened to wipe out their existence entirely.

Argentina’s President Javier Milei heaped praise on his US peer Donald Trump this week for helping to avert an incipient economic crisis. Sustained pressure on Argentina’s currency and economy this month led to the central bank (BCRA) burning through precious international reserves in a vain attempt to prop up the peso.