Skip to main content
Milei’s affronts to China backfire
Already the extremism of the new Argentinian president’s administration is being watered down in the face of reality – but now the Chinese central bank has cut funding it could be in serious trouble, writes JAMES MEADWAY
Argentina's President Javier Milei (centre right) arrives at the Metropolitan Cathedral for an interfaith ceremony in Buenos Aires, Argentina, December 10, 2023

THE Chinese government may have pulled the plug on far-right “anarcho-capitalist” President of Argentina Javier Milei, just weeks after his shock election win.

In a spectacular demonstration of how the lines of geopolitical power are shifting, the People’s Bank of China has withdrawn its “swapline” to the Argentinian central bank, depriving it of a vital source of cheap funding.

This leaves debt-ridden Argentina without ready access to funding to meet its promises to pay creditors. These international creditors include the IMF, to whom Argentina owes a world-record $43 billion.

The 95th Anniversary Appeal
Support the Morning Star
You have reached the free limit.
Subscribe to continue reading.
Similar stories
BE AFRAID BE VERY AFRAID: Javier Milei among supporters after winning in legislative midterm elections in Buenos Aires
Argentina / 6 November 2025
6 November 2025

As six out of 10 Argentines don’t vote for Milei LEONEL POBLETE CODUTTI looks at the country’s real crisis that runs far deeper than just the ballot box

Argentina's President Javier Milei greets supporters during the closing campaign rally for Manuel Adorni, a contender in the upcoming elections for the Buenos Aires city legislature, in Buenos Aires, Argentina, May 14, 2025
Argentina / 15 May 2025
15 May 2025
A retiree rallies calling for higher pensions and against au
Features / 1 April 2025
1 April 2025
After brutal police crackdowns on pensioners and the forced approval of secret IMF deals, trade unions are finally responding to grassroots pressure and fighting back against savage neoliberal reforms, reports BERT SCHOUWENBURG