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ARGENTINA: SPAIN - Diplomatic Spat Risks More Than Reputational Damage

ARGENTINA
Political Risk BulletBulletEM BulletEmerging Market News

An escalating diplomatic spat between Argentinian President Javier Milei and Spanish PM Pedro Sanchez risks more than just damaging political relations between the two countries. As the FT reports, "Milei also forced several big Spanish companies into damage control on Monday after meeting their senior executives during his trip to Spain, where he shunned Sánchez and called socialism a “cancer”. Spain is the second-largest foreign investor in Argentina."

  • Milei, speaking at a right-wing conference in Madrid at the weekend referred Sanchez's wife as corrupt following the announcement of an investigation that last month saw the PM consider his position. 
  • Sanchez has demanded a public apology from Milei, while the Spanish ambassador has been recalled from Buenos Aires for discussions. Spain's main opposition Popular Party (PP) has sought to lay the blame at the feet of Sanchez's gov't, especially following Transport Minister Óscar Puente's comments where the minister implied Milei had “ingested substances” prior to the Argentinian president's trip. 
  • Milei's governing style and rhetoric has already caused a deterioration in relations with some erstwhile allies, notably those led by leftist gov'ts. Without a rapprochement, Argentina could find itself without one of its formerly closest allies within the EU. 
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An escalating diplomatic spat between Argentinian President Javier Milei and Spanish PM Pedro Sanchez risks more than just damaging political relations between the two countries. As the FT reports, "Milei also forced several big Spanish companies into damage control on Monday after meeting their senior executives during his trip to Spain, where he shunned Sánchez and called socialism a “cancer”. Spain is the second-largest foreign investor in Argentina."

  • Milei, speaking at a right-wing conference in Madrid at the weekend referred Sanchez's wife as corrupt following the announcement of an investigation that last month saw the PM consider his position. 
  • Sanchez has demanded a public apology from Milei, while the Spanish ambassador has been recalled from Buenos Aires for discussions. Spain's main opposition Popular Party (PP) has sought to lay the blame at the feet of Sanchez's gov't, especially following Transport Minister Óscar Puente's comments where the minister implied Milei had “ingested substances” prior to the Argentinian president's trip. 
  • Milei's governing style and rhetoric has already caused a deterioration in relations with some erstwhile allies, notably those led by leftist gov'ts. Without a rapprochement, Argentina could find itself without one of its formerly closest allies within the EU.