A recent survey revealed a sharp drop in public confidence in Argentinian President Javier Milei. 57.6% of respondents now express a distrust of the Libertarian chief.
This comes after its involvement in the scandal of the cryptocurrency of the balance, which caused millions of losses of investors.
Public confidence in the Argentine president, Javier Milei, falls
Zuban Córdoba conducted the investigation between March 12 and 14. It included responses of 1,600 respondents, with a confidence level of 95% and an error margin of 2.4%. The results indicated growing disillusionment with the government, and negative perceptions seemed to deepen each month.
“Negativity increases slowly but regularly, without apparent ceiling. The change of tone and the evaluation of the government is consolidated as more problematic questions emerge on the political agenda. A bloodbath after the other could be the theme of the last months,” said the report.
When asked, “More than a month since the Crypto scandal broke out, how much do you trust Milei today?” Only 36% expressed their confidence in the president, while 6.4% remained undecided.
The results marked a significant blow to the credibility of Milei. His overall image also suffered, with 58.5% of respondents with a negative perception of him. In comparison, 41.1% retain a favorable opinion.
The public approval of his administration reflected this feeling, with 58.4% disapproving his management while 41.6% continue to support him.
For the context, the scandal of the balance broke out on February 14 when Milei promoted the newly launched cryptocurrency in an article now deleted on X (formerly Twitter). In a few hours, the value of the token has skyrocketed for a market capitalization of more than $ 4 billion, only to crash more than 95% as an anticipated investors, including alleged initiates, conceded.
The Nansen blockchain analysis company reported that initiates and robots had made $ 180 million in profits. Meanwhile, 86% of balance investors have undergone losses of $ 251 million. The benefits have left thousands of investors, including many supporters of Milei, in shock from financial devastation.
Milei quickly moved away from the project, saying that he simply broadcast the word on Balance and did not intend to approve it. However, his explanation did not do little to appease the indignation of the public or a legal examination.
In fact, many criminal complaints were filed against Milei and the parties associated following the event. Argentine authorities have also launched a federal investigation into the president’s participation.
Despite damage to its reputation, the Party of Libertad Avanza de Milei continues to conduct in electoral polls before the October 26 vote. The party obtained support of 36.7%, compared to 32.5% for the coalition of the UNIón Port opposition. This shows that even if the scandal has harmed the image of Milei, it has not completely dismantled its political movement.
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