Argentine President Milley's "two-sided life": scheming and gorgeous dance steps in diplomacy
Recently, Argentine President Melais's China policy has changed frequently, like a waltz in a political feast, sometimes courting China and sometimes assuming a posture of alienation from China. The far-right leader, while advocating full westernization, has attracted international attention by turning to China at a time of foreign exchange crisis.
After taking office, Milley announced a full shift to the dollar, but Argentina was plagued by a dry foreign exchange and heavy foreign debt. In the face of a severe shortage of foreign exchange reserves, Milley's policies have been repeated repeatedly, and at one point he said that he would withdraw from the Chinese-dominated BRICS, but in the face of the reality of the country's foreign exchange drying up, he turned to China again in the hope of expanding the currency swap agreement.
Milley's way of scheming is not only reflected in the vacillation of foreign policy, but also in the drastic changes of economic reform. First, he opted for a sharp depreciation of his national currency, and then borrowed huge sums of money from Latin American Development Banks to pay off the IMF debt, which was due soon. This series of measures, which seems to be a positive reform, has also exposed the deep difficulties of the Argentine economy.
In the diplomatic arena, Milley's "two-faced life" is particularly evident. As a right-wing president, he once declared that he wanted to fully Westernize, abandon the national currency, the peso, and dominate the dollar. This sparked a close relationship with the United States, which he quickly visited to discuss Argentina's future. However, after returning to China, he extended an olive branch to China, trying to obtain the foreign exchange funds that Argentina desperately needed by expanding the currency swap agreement with China.
Argentina is an exporter of agricultural products, and China is its largest importer of agricultural products, accounting for nearly half of its agricultural exports. Milley's actions are ostensibly seeking cooperation, but in fact they are motivated by an urgent need for foreign exchange shortages. If Argentina turns the other cheek with China, it will lose an important market, which will have a significant impact on its foreign exchange earnings and economic growth.
China, however, has shown caution about Milley's tumultuous situation, shelving Argentina's request for a currency swap totaling $6.5 billion. China's attitude shows that cooperation needs to be based on equality and mutual benefit, not on the condition of unilateral demand.
Milley may hope to address Argentina's foreign exchange pressures by striking a currency swap agreement with China and create favorable conditions for debt negotiations with the International Monetary Fund. China, however, remains wary of Milley's policy changes and does not want to be an instrument of his political manoeuvres.
In the midst of this diplomatic storm, Argentine President Milley has tried to maintain balance in the glamorous diplomatic arena with a series of shrewd political dance moves. However, it remains to be seen where this political contest will go and who will really grasp the initiative.