Phoebe Hennell

Phoebe Hennell studied at Oxford. She now lives in Buenos Aires

Sunday

Phoebe Hennell

Javier Milei’s radical reforms could start to heal Argentina’s economy

From our UK edition

Argentina has spent most of its 200-year history in deficit; no other country currently owes the International Monetary Fund a greater sum of money. The new finance minister, who entered government with President Javier Milei earlier this month, has been stark in making the point: ‘Out of the last 123 years, Argentina ran a fiscal deficit in 113... we have come to solve the addiction to fiscal deficits.’  Milei’s government is wasting little time carrying out what it calls ‘shock therapy’. The official value of the peso, Argentina’s currency, has been halved against the US dollar. Why might a government want to weaken its own currency, pushing up the price of imported goods for consumers?

Wednesday

Phoebe Hennell

Why Argentina is turning its back on Brics

From our UK edition

‘Today, the rebuilding of Argentina begins’, Javier Milei declared in his first speech as the new president-elect. The anarcho-capitalist is wasting no time in his mission.  Milei has already pulled the plug on what was set to be current president Fernandez’s career-defining achievement: Argentina’s historic admittance to Brics (a loose alliance of economies led by Brazil, Russia, India and China). Argentina's new leader intends instead to swivel westwards, prioritising trade and relations with ‘the liberal democracies of the world’, while casting a backwards glance at China. Is Milei right to reorient Argentina, or is he biting the hand that feeds him? Beijing has declared it a ‘grave error’ if Argentina opts to burn bridges.

Tuesday

Phoebe Hennell

Argentina’s president is unlikely to trouble the Falklands

From our UK edition

Javier Milei, Argentina’s anti-establishment, pro-dollarisation and pro-privatisation president, is already making a splash. Milei, who won a surprise victory in the country's election on Sunday, said in his campaign that the future of the Falklands 'cannot be ignored'. The islands, he said, must be returned to Argentina. It didn't take long for Britain to hit back. 'The Falkland Islands are British. That is non-negotiable and undeniable,' defence secretary Grant Shapps wrote on Twitter/ X this morning. Brits – and Argentines – should brace themselves for much more of these bust ups now that Milei is in charge. But the future of the Falklands is likely to be far down the list of priorities for Argentina's leader.

Monday

Phoebe Hennell

Is Argentina doomed?

From our UK edition

Argentina is a third world country with first world taste. It is the land of Malbec, Borges and polo, but decades of economic mismanagement has crippled the country’s economy. Inflation is spiralling out of control: the annual rate hit 138 per cent last month, trailing only Venezuela and Zimbabwe. It didn’t have to be like this: a century ago, Argentina’s economy surpassed France and Germany, boasting a GDP per capita twice that of Spain. Its geography should have set the stage for success, being the South American country with the biggest variety of natural resources. As I write, £1 fetches 1259 pesos, in contrast with the 415 pesos it commanded at the beginning of the year.  Every month, shops are raising their pricing to keep up, while wages are lagging behind.

Tuesday

Phoebe Hennell

All is not lost for Argentina’s anarcho-capitalist presidential hopeful

From our UK edition

Argentina’s presidential hopeful Javier Milei will have to wait to turn his country into an anarcho-capitalist anti-state where the peso is swapped for the dollar, the central bank ‘burned down’, and half the ministries torn up. Milei had been considered the frontrunner in Argentina’s presidential election, but he was pipped to the post in Sunday's vote by centrist rival Sergio Massa, who received 36.6 per cent of votes to Milei’s 29.9 per cent. While Milei's supporters are disappointed, all is not lost for the chainsaw-wielding climate change-sceptical, pro-life economist: a run-off showdown between Milei and Massa is set for 18 November. Whichever candidate picks up the 6.

Saturday

Phoebe Hennell

Could this former tantric sex coach become Argentina’s president?

From our UK edition

One of Argentina’s presidential candidates is unlike the others. La Libertad Avanza’s Javier Milei whizzes past crowds shaking a chainsaw in the air and roaring his catchphrase '¡Viva la libertad, carajo!', or 'Long live freedom, goddamnit!'. In the run-up to the general election, on 22 October, this anarcho-capitalist libertarian has flipped from being a joker wild card – and something of a meme – to the front-runner. Milei, a pro-life, climate change-sceptical libertarian, sends a message of his intentions to chainsaw through the red tape of what he considers the most prolific 'organised crime group', otherwise known as the state. His chainsaw has become such a signature accessory that figurines have gone on sale of Milei armed with one engraved with his slogan.

Thursday

Phoebe Hennell

Should poor Oxford students have to volunteer?

From our UK edition

I quit the 'poor people scholarship', also known as the University of Oxford’s Crankstart scholarship, halfway through my first year. I was only four hours into my 25 annual hours of volunteering, tediously spent peeling vegetables for a charity roast dinner – a requirement set by the university itself that I had to fulfil in order to receive my bursary – when I made my decision. Peeling parsnip after parsnip, I felt no warm glow about giving back to the community. My more cynical side thought it seemed like those patronising skill-building exercises for the unemployed. I felt only resentment at how more privileged students at Oxford hadn’t peeled a single carrot. Why should I have to?