From 2,412 to 604 points: two years of fiscal discipline, reforms, and international support
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Two years after the election that changed the country's course, The evolution of country risk has become one of the indicators that best summarizes the U-turn Argentina took under President Javier Milei. From the collapse inherited from Kirchnerism to the recovery of financial credibility, the numbers are compelling. On November 19, 2023, the day of the historic liberal victory, country risk stood at 2,412 points. Today, exactly two years later, it is at 604, its lowest level in more than a decade and a half.
The drop in the indicator is not a technical anecdote or just another market movement. It reflects the return of international confidence in the Argentine economy, after years of fiscal disorder, manipulation of statistics, arbitrary controls, and defaults. The turnaround began on the very first day of the administration, when Milei reduced the number of ministries, eliminated thousands of political positions, and implemented a public spending adjustment that made it possible to achieve a fiscal surplus from the first month, an unprecedented event in recent history. Javier Milei.
The world replied quickly. At the beginning of 2024, country risk exceeded 2,000 points, as a result of instability and monthly inflation above 20% inherited from the Kirchnerist government. With fiscal and monetary stabilization, the indicator began a steady decline until it broke through the 600-point mark in 2025.
The trend was only interrupted in the months leading up to the 2025 legislative elections, when the advance of Peronism in Buenos Aires province caused volatility and pushed the index to 1,081 points. However, the market reaction after the victory of La Libertad Avanza on October 26 was categorical: country risk plummeted by 40% in a single day, a historic drop that confirmed confidence in the continuity of the libertarian economic program. El presidente en su cierre de campaña.
International support also played a decisive role. The United States expressed unprecedented support, with the U.S. Treasury incorporating Argentine pesos into its portfolio—a political and financial gesture without precedent—and with global giants announcing multibillion-dollar investments such as OpenAI's projects for USD 25 billion and YPF-ENI for USD 30 billion. The return of capital is a direct validation of the government's economic policy.
Meanwhile, inflation fell from 22.5% per month to 2.1%, poverty dropped from 52.9% to 31.6%, and Argentina once again began to discuss productive expansion, energy investment, and institutional modernization, instead of patches, restrictions, and economic shamanism. Javier Milei victorioso.The drop in country risk summarizes the choice Argentines made in November 2023 and reaffirmed in October 2025: leaving behind Kirchnerist disorder and betting on a reliable country. The data speak for themselves. With stability, discipline, and openness to the world, Argentina regained credibility and once again has a future alongside the model of freedom.
