Almost 58% of people in Argentina express a lack of trust in President Javier Milei following his entanglement in the $4.6 billion Libra cryptocurrency scandal, as indicated by a recent survey.
“Over a month after the crypto fraud controversy emerged, how much confidence do you have in Milei today?” asked a polling organization, which surveyed 1,600 individuals. In response, 57.6% voiced disapproval of him, while 36% indicated that their trust in Milei remains intact.
The remaining 6.4% of respondents were uncertain, according to the findings.
Percentage of trust Argentinians have in Milei following the Libra scandal.
This survey is the first instance where this question was included. Nonetheless, other indicators, such as Milei’s public image and national management approval ratings, have significantly declined in recent months.
For example, the approval rating dropped from 47.3% in November to 41.6% in March.
“Fifty-eight percent disapprove of Javier Milei’s governance. The negativity grows gradually but steadily, showing no signs of reaching a plateau,” said the polling organization.
“The shift in public perception and assessment of the government is becoming more entrenched as various critical issues arise on the political agenda.”
The study was conducted between March 12 and March 14, comprising a sample of 1,600 participants, with a confidence level of 95% and a margin of error of 2.45%.
Another survey from the University of San Andrés, conducted between March 11-20 with 1,020 respondents, found Milei’s approval rating had fallen to 45%.
However, not all surveys tell the same story regarding President Milei.
Data collected between February 27 and March 5 showed that Milei maintained a 62.4% approval rating even after the Libra scandal.
Related: LIBRA memecoin orchestrators named as defendants in US class-action suit
In light of the scandal, Milei has distanced himself from Libra, claiming he did not “promote” the LIBRA token in an earlier controversial post, but merely “spread the word” about it, contrary to accusations made in fraud lawsuits against him.
The LIBRA token achieved a market cap of $4.6 billion shortly after Milei’s post before plummeting nearly 94% within hours.
The opposition party in Argentina has called for Milei’s impeachment but has so far had limited success.
President Milei’s party remains ahead as elections approach
This controversy arises just as the next Argentine election is set for October 26.
Despite the adverse polling results, Milei’s La Libertad Avanza party is still anticipated to win the upcoming election, boasting 36.7% support, with Unión por la Patria following at 32.5%.
Nevertheless, only 43% of Argentine respondents believe that Milei, an economist before assuming office, has effectively managed inflation, while 63% oppose his attempts to secure a new loan from the International Monetary Fund.
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