In a Daily Wire opinion column, Steve Forbes argues that President Javier Milei’s economic program in Argentina amounts to a “restoration of economic freedom” after decades of state intervention, but says the reform push will be tested by Milei’s plans for dollarization, investor outreach events in Miami and New York, and how Argentina handles high-stakes legal disputes tied to the 2012 YPF nationalization.
Steve Forbes, the chairman and editor-in-chief of Forbes Media, says Argentina’s shift under libertarian President Javier Milei is “more than a policy pivot,” describing it as a moral and economic break with what he characterizes as decades of political patronage, populism and state-led economic policy.
In the opinion piece published Saturday, Forbes writes that Milei’s government is reasserting a market-based view that “wealth is created by entrepreneurs, not bureaucrats,” and that the turn toward freer markets has sparked optimism in Argentina and among observers elsewhere in Latin America.
Dollarization, meetings in Miami, and an investor pitch in New York
Forbes says a central reform Milei has yet to complete is replacing the Argentine peso with the U.S. dollar—an idea Milei promoted during his campaign—and argues that dollarization would help address Argentina’s chronic inflation. He also notes that other Latin American countries have adopted the dollar.
Forbes points to near-term diplomatic and economic events as signals of whether the reform agenda can sustain momentum. He writes that Milei is set to join U.S. President Donald Trump in Miami this weekend as multiple Latin American leaders gather to discuss a pro-growth agenda. Reporting by The Associated Press describes Trump convening a Miami-area meeting with several regional leaders and administration officials focused heavily on coordinated action against drug cartels and transnational criminal groups; Argentine representation is listed among participating countries.
Forbes also highlights an “Argentina Week” event in New York, describing it as an effort by Milei’s administration to showcase investment opportunities in sectors including energy, agriculture and finance.
The YPF litigation as a rule-of-law test
A major test for market confidence, Forbes argues, is how Argentina responds to the U.S. court judgment in Petersen v. Republic of Argentina, litigation stemming from Argentina’s 2012 move to take control of oil company YPF.
In September 2023, a federal judge in New York ordered Argentina to pay about $16.1 billion to plaintiffs tied to former minority shareholders after finding Argentina breached commitments related to a tender offer requirement triggered by the 2012 nationalization. Argentina has appealed and the case has continued through post-judgment proceedings. Forbes contends that honoring the judgment would reassure investors and signal an end to expropriation risk, while refusal could undermine the investor outreach Milei is trying to build.
U.S. financial support and Milei’s policy steps
Forbes writes that the United States has already backed Milei’s direction through a $20 billion swap line. Separate reporting by The Associated Press and Reuters has described a $20 billion U.S.-Argentina currency support facility framed by U.S. officials as a measure to help stabilize Argentina’s financial situation; AP has also reported Argentina drew $2.5 billion and later repaid it.
In his column, Forbes credits Milei with cutting spending, ending price controls and reducing bureaucracy, while warning that the reform project depends on consistent policy, predictable rules, and stronger property-rights protections. He argues that the Miami and New York events will serve as prominent opportunities for Milei to reinforce those commitments to international partners and investors.
