Despite Trump bailout, Argentina slips back into recession in November

Data published today by Argentina's Statistics and Census Institute (INDEC) showed the country's economy shrinking by 0.3% in November, compared to a year earlier.

Declines were most severe in fisheries (-25%), manufacturing (-8.2%), retail and wholesale commerce (-6.4%), and construction (-2.3%).

As in most of far-right President Javier Milei's two-year rule, significant growth was recorded only in finance (13.9%), agriculture (10.5%), and mining and extraction (7.0%).

The country's economy - Latin America's third-largest - declined a seasonally-adjusted 0.3% in November from October. The fifth such decline in nine months, it left GDP just 0.8% higher than in November 2023 - the last full month of the embattled, center-left Alberto Fernández administration.

The monthly decline - the second in a row - comes after U.S President Donald Trump pledged $20 billion to bail out the hard currency-strapped nation of 47 million ahead of mid-term elections in October (which Milei's party unexpectedly won).

Argentine officials on January 9 announced the repayment of the $2.5 billion drawn.

Mixed results

For the first eleven months of the year, GDP grew 4.5% - the best showing since 2022 and a rebound from the 2.0% decline in January-November 2024, when the impact from Milei's sharp austerity measures hit hardest.

The country recorded a $1.8 billion budget surplus in 2024, and just over $1 billion in 2025 - in sharp contrast to the $27 billion deficit recorded in 2023 (4.4% of GDP - compared to 6.2% in the U.S.).

The austerity measures are credited by Milei with helping reduce inflation to 31.5% last year - the lowest in eight years, and a dramatic improvement from around 211% in 2023 and 118% in 2024.

Argentina's labor market has borne the brunt of austerity, however, with the number of registered workers falling by 585,000 - or 4.4% - from November 2023 to October 2025 (the latest data available).

And while Milei pledged to "take a chainsaw" to public sector employees he often referred to as "the caste" during his 2023 campaign, seven out of eight jobs lost (some 513,000) have been in the private sector.

A net 21,000 employers (4.1% of the 2023 total) went out of business in Argentina during that period.

At: https://www-eldestapeweb-com.translate.goog/economia/actividad-economica/la-actividad-economica-volvio-a-caer-en-noviembre-empujada-por-el-derrumbe-de-la-industria-y-el-comercio-202612116944?_x_tr_sl=es&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=wapp

Former President Alberto Fernández (center) poses with staff and public officials at Whirlpool's new factory in Pilar, Argentina, in June 2023.

Following two years of austerity and free-trade measures enacted (largely by decree) by his right-wing successor, Javier Milei, however, the U.S. appliance maker announced on November 26 that it would shutter the plant - adding some 220 workers to Argentina's growing ranks of unemployed.

Chris Rea, 1951-2025

What's in the Huge Military Bill Heading to Trump?

Congress has now passed the National Defense Authorization Act for fiscal year 2026, a sprawling $901 billion measure that includes everything from a pay raise for troops to several direct challenges to President Donald Trump’s authority.

It’s easy to get lost in this 3,000-plus-page measure, but there are also consequential details you shouldn’t miss:

It requires the Defense Department to give Congress the specific orders to carry out strikes targeting boats the administration says were carrying drugs to the United States. Administration officials have not publicly provided evidence for that charge.

The administration has not sought congressional authorization for use of force even as it has carried out 26 strikes so far.

The second provision forbids Trump from reducing the number of troops permanently stationed in or deployed to Europe below 76,000 for more than 45 days.

There’s also one notable thing the legislation doesn’t do: It retains the “Defense Department” label rather than Trump’s preferred name, “Department of War.”

The legislation repeals the 1991 and 2002 authorizations for use of military force against Saddam Hussein’s Iraq.

At: https://www.usnews.com/news/u-s-news-decision-points/articles/2025-12-18/whats-in-the-huge-military-bill-heading-to-trump

Trump's glowing account of progress is at odds with his government's own stats

President Donald Trump’s glowing account of progress under his watch Wednesday was out of tune with the experience of price-squeezed Americans and the story told by some of his government’s own statistics.

In a speech from the White House, Trump assailed the record of his Democratic predecessor and boasted expansively about his record so far. Not all of those boasts were credible.

Among them:

On inflation

His claim that prices are falling rapidly is not seen in the inflation numbers, which are about where they were when he took office, after having fallen significantly before the end of Joe Biden’s presidency. Nor is it true that the Biden era gave the country its worst inflation ever.

The consumer price index was 3% in September, the same rate as in January, a tick up from 2.9% in December, Biden’s last full month in office.

On investment

“I secured a record-breaking $18 trillion of investment into the United States.”

Trump has presented no evidence that he’s secured this much domestic or foreign investment for the United States.

A landslide?

Trump won a decisive victory but hardly a landslide one, however you define a landslide.

At: https://apnews.com/article/trump-speech-fact-check-inflation-9d18903505dae93beb783594e435c72b

Here comes Santa Crock...

Chile becomes first nation outside Germany to elect the son of a known Nazi

Chile has taken a decisive turn to the right after José Antonio Kast, a hardline conservative, won the country's presidential runoff, following a campaign dominated by fears over crime, migration and economic uncertainty.

With over 95% of ballots counted, Kast, the leader of the Republican Party, secured roughly 58% of the vote.

His rival, Communist Party candidate Jeannette Jara, who received just over 41% of the vote, called to concede defeat and wrote on social media, "Democracy spoke loud and clear." Outgoing President Gabriel Boric also phoned Kast to congratulate him.

Kast is set to take office March 11, 2026. He has pledged to give undocumented migrants until that date to leave the country, warning that those who remain would face deportation or prosecution.

At: https://www.npr.org/2025/12/14/nx-s1-5644074/chile-kast-right

Chilean President-elect José Kast beams after voting earlier today in Santiago.

A staunch admirer of former dictator Augusto Pinochet, Kast will become the first president since Chile's return to democracy in 1990 to openly support the former military regime.

His father, Michael Kast, was a member of the Nazi Party who fought in the German Wehrmacht during World War II before emigrating to Chile in 1950.

Kast's bother Miguel, in turn, served as Central Bank President during the country's 1982-83 foreign debt bubble collapse.

Veteran Argentine actor Hector Alterio dies in Madrid aged 96

Beloved Argentine-born actor Héctor Alterio has died in Madrid at the age of 96, his family announced on Saturday in a statement released by the producers of his final production Una pequeña historia (“A Small Story”).

Born in Buenos Aires in 1929, Alterio made his stage debut in 1948 - and although he achieved fame on screen, the talented actor continued to perform in theatre until shortly before his death.

In 1975, just before the onset of Argentina's brutal military dictatorship, he went into exile in Spain after receiving death threats from the Argentine Anti-Communist Alliance, or Triple A.

In exile, he began a long association with Spanish cinema, appearing in films such as El crimen de Cuenca (“The Crime of Cuenca”) and A un dios desconocido (“To an Unknown God”), his performance in the latter winning him the Best Actor award at the San Sebastián International Film Festival.

Despite settling in Spain, he never stopped performing in Argentine films. He starred in four national films nominated for Academy Awards, including La tregua (“The Truce,” 1974), Camila (1984) and El hijo de la novia (“Son of the Bride,” 2001).

Most notably, Alterio starred as the right-wing adoptive father of a toddler abducted by the last dictatorship in La historia oficial ("The Official Story," 1985) - which won the 1986 Oscar for Best Foreign Language Film.

Alterio, who also held Spanish nationality, was described by the Spanish film academy as “one of the most outstanding performers of his generation.” In 2004 he was awarded the Goya Award for Lifetime Achievement for his career.

At: https://www.batimes.com.ar/news/amp/culture/veteran-actor-hector-alterio-dies-in-madrid-aged-96.phtml

Veteran Argentine actor Héctor Alterio, portraying a right-wing Argentine financier, confronts his left-wing family over the country's collapse at the end of the fascist last dictatorship in the Oscar-winning The Official Story (1985).

Spanish Prime Minister Pedro Sánchez wrote on X that he was “deeply sorry” at the actor’s passing, calling him an immense and beloved performer whose talent and humanity will live on in his work.

Veteran Argentine actor Hector Alterio dies in Madrid aged 96

Beloved Argentine-born actor Héctor Alterio has died in Madrid at the age of 96, his family announced on Saturday in a statement released by the producers of his final production Una pequeña historia (“A Small Story”).

Born in Buenos Aires in 1929, Alterio made his stage debut in 1948 - and although he achieved fame on screen, the talented actor continued to perform in theatre until shortly before his death.

In 1975, just before the onset of Argentina's brutal military dictatorship, he went into exile in Spain after receiving death threats from the Argentine Anti-Communist Alliance, or Triple A.

In exile, he began a long association with Spanish cinema, appearing in films such as El crimen de Cuenca (“The Crime of Cuenca”) and A un dios desconocido (“To an Unknown God”), his performance in the latter winning him the Best Actor award at the San Sebastián International Film Festival.

Despite settling in Spain, he never stopped performing in Argentine films. He starred in four national films nominated for Academy Awards, including La tregua (“The Truce,” 1974), Camila (1984) and El hijo de la novia (“Son of the Bride,” 2001).

Most notably, Alterio starred as the right-wing adoptive father of a toddler abducted by the last dictatorship in La historia oficial ("The Official Story," 1985) - which won the 1986 Oscar for Best Foreign Language Film.

Alterio, who also held Spanish nationality, was described by the Spanish film academy as “one of the most outstanding performers of his generation.” In 2004 he was awarded the Goya Award for Lifetime Achievement for his career.

At: https://www.batimes.com.ar/news/amp/culture/veteran-actor-hector-alterio-dies-in-madrid-aged-96.phtml

Veteran Argentine actors Héctor Alterio and Norma Aleandro confront each other over the realization they have adopted a toddler abducted by the fascist last dictatorship in the Oscar-winning The Official Story (1985).

Spanish Prime Minister Pedro Sánchez wrote on X that he was “deeply sorry” at the actor’s passing, calling him an immense and beloved performer whose talent and humanity will live on in his work.

Jack DeJohnette, dynamic and instantly recognizable jazz drummer, dies at 83

Jack DeJohnette, one of the most daring and dynamic jazz drummers of the last 60 years, with a loose-limbed yet exacting beat that propelled a limitless range of adventurous music, died on Sunday at HealthAlliance Hospital in Kingston, N.Y. He was 83.

The cause was congestive heart failure, Lydia DeJohnette, his wife and manager, tells NPR.

DeJohnette had a singular voice at the drums: earthy and elastic, instantly recognizable. Rather than focus the articulation of tempo on his ride cymbal, he often distributed his emphasis around the drum set.

He adapted this flowing approach from modern jazz innovators like Roy Haynes as well as avant-garde pioneers like Rashied Ali, devising what he called a multidirectional style.

At: https://www.npr.org/2025/10/27/nx-s1-5587549/jack-dejohnette-obituary

Jack DeJohnette, 1942-2025.

Milei's far-right party wins Argentina's midterm elections - though falls short of a congressional majority

The party of Argentina’s far-right president, Javier Milei, has won Sunday’s midterm elections after a campaign in which Donald Trump announced a US$40 billon bailout for the country and made continued aid conditional on a victory by the current ruling party.

Trump's threats led much of the left-wing opposition to accuse Milei of using the fear of a financial debacle that could result from the sudden sale of some US$2 billion in pesos the U.S. Treasury purchased in October - an apparently successful gambit.

The result, however, fell short of giving Milei a congressional majority: His far-right coalition added a net 34 seats, for a total of 108 - still short of the 129 needed for an outright majority.

The opposition Homeland Strength (FP) and affiliated parties in 11 provinces - whose total Cabinet Chief Guillermo Francos excluded during his announcement of preliminary results last night despite a court order enjoining him against doing so - retained its 101 seats.

The LLA coalition also trounced the opposition in Senate races, winning a net 11 seats for a total of 25, with FP losing 6 seats and left with 28 - both short of the 37 needed for an outright majority.

The nationwide Lower House vote gave Milei's Liberty Forward (LLA) coalition 40.7% of the vote, to the center-left Homeland Strength's 34.8% - surprising many analysts given the ongoing recession and a series of scandals including crypto and kickback schemes involving Milei's sister (and Chief of Staff) Karina Milei, and ties to drug trafficking on the part of two LLA candidates.

At: https://www-pagina12-com-ar.translate.goog/869131-milei-trump-ganaron-y-se-quedaron-con-la-colonia?_x_tr_sl=es&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=wapp

An exultant Argentine President Javier Milei celebrates last night's unexpectedly strong showing in midterm elections.

U.S. President Donald Trump's threats to rescind a $20 billion U.S. Treasury bailout likely influenced a last-minute choice by voters - who reversed a 6-point deficit for Milei in election-eve polling.

Though the addition of 34 seats in the Lower House and 11 seats in the Senate greatly enhanced Milei's congressional sway - his far-right coalition still fell short of a majority in either house.

The president's penchant for alienating center-right potential allies in Congress, moreover, likely means that he will continue to govern as he has since being elected two years ago: largely by decree, and without a federal budget.

Trump voters disapprove of $40 billion Argentina bailout: poll

Almost half of President Donald Trump’s voters disapprove of his administration’s bailout of Argentina, according to a new survey.

According to the poll by The Economist and YouGov, 48 percent of Americans who voted for Trump in the 2024 election said they disapprove of the U.S. government providing up to $40 billion in financial assistance to Argentina to help stabilize its economy, while just 30 percent said they approve. Twenty-two percent said they were not sure.

Overall, the poll found that 56 percent of voters disapprove of providing the aid to Argentina, while just 20 percent said they approve. Across all demographics, more Americans disapprove than approve of the bailout.

At: https://www.newsweek.com/trump-voters-disapprove-argentina-bailout-poll-10918329

A worried Argentine President Javier Milei votes in his country's midterm elections today, where polls show his far-right coalition is headed for defeat.

President Donald Trump's public attempt to influence this year's Argentine midterms at U.S. taxpayer expense - which he appeared to believe were presidential elections during an October 14th White House meeting with Milei - have reaped him scorn from American and Argentine voters alike.

Over US$2 billion have been spent in Argentina by the U.S. Treasury Department in a bid to prop up the peso - to little effect. A sharp devaluation is expected tomorrow.