¡Buenos días from Greenway Parks! This is the Rorshok Argentina Update from the 11th of December twenty twenty-five. A quick summary of what's going down in Argentina.

To kick off this edition, let’s head to the capital for an update on a story from last week. We reported that Congress was gearing up for a busy December, and now it’s official. The administration has called for special legislative sessions to run from the 10th to the 31st of December.

Lawmakers will have to cut their summer break short to debate a packed agenda. The main items on the list are the twenty twenty-six Budget and the labor reform bill, but they will also discuss changes to the Penal Code and a new “fiscal innocence” bill to encourage tax compliance.

Speaking of taxes and finances, the government made a splash in the financial world by announcing a return to international debt markets. For the first time since twenty eighteen, Argentina is issuing a dollar-denominated bond under local law, known as the Bonar twenty twenty-nine.

The bond offers a 6.5% interest rate, and the proceeds will help the country cover debt payments coming due in January without eating into the Central Bank’s reserves. The markets reacted well to the news: the country risk index dropped, and the dollar exchange rate stabilized, showing that investors are feeling a bit more optimistic about the country’s ability to pay its bills.

The financial sector isn’t the only one celebrating, as the agricultural industry also got some good news. The government announced a reduction in export taxes, known locally as retenciones, for key crops. The levy on soybean exports dropped from 26% to 24%, while taxes on wheat and corn also saw slight decreases.

This comes at a perfect time because the countryside is expecting a record-breaking wheat harvest. Estimates suggest production could hit twenty-five million metric tons, the highest since the start of the century.

However, not every sector is popping champagne. While the fields are booming, the factories are struggling. The manufacturing industry is facing a severe downturn, having fallen by more than 9% this year.

Just this week, a couple of companies with factories on the outskirts of Buenos Aires had to take some drastic measures. The home appliance giant Whirlpool shut down its washing machine factory in Pilar, leaving over 200 people out of work. On top of that, the food company Mondelez suspended hundreds of workers at its Pacheco plant due to high stock levels and falling consumption. Industry leaders warn that the combination of rising costs and open imports is hitting local producers hard.

Next up, big news in the intelligence community. The government replaced Sergio Neiffert, the head of the State Intelligence Secretariat, or SIDE, with Cristian Auguadra.

Even though Auguadra is an accountant, he isn’t a newcomer to the president’s inner circle. He previously worked for the family of Santiago Caputo, Milei’s top advisor, and until now, he has served as the head of the agency’s Internal Affairs Division.

His first move as the new spy chief was a sweeping cleanup: he fired about 130 employees on his very first day. The government says this is part of a phase two plan to professionalize and modernize the intelligence services.

This week, the government purchased six F-16 fighter jets from Denmark, which have officially touched down in Argentina. These supersonic aircraft landed at the Río Cuarto military base in the central province of Córdoba, marking the first major upgrade to the Air Force’s fleet in decades. President Milei attended the welcome ceremony, where he climbed into one of the cockpits and called the jets the guardian angels that would protect the country’s airspace.

The government bought twenty-four of these jets in a deal worth about 300 million dollars, with support from the United States. The plan is for the rest of the fleet to arrive in batches between now and twenty twenty-eight.

On that note about ceremonies, President Milei traveled to Oslo, Norway, to attend the Nobel Peace Prize ceremony. He went there to support the Venezuelan opposition leader María Corina Machado, who was honored for her fight for democracy. It was a short visit, but it sent a strong diplomatic signal about where Argentina stands regarding the political situation in Venezuela.

In a bizarre turn of events, Congress was the venue for a controversial anti-vaccine conference this week. Organized by a lawmaker from the ruling party, the event featured speakers who said that Covid-19 vaccines cause magnetization and other unproven side effects. The event sparked outrage among medical professionals.

The Argentine Society of Pediatrics issued a strong statement warning that these kinds of unscientific claims are dangerous, especially since vaccination rates for children in Argentina have been dropping recently.

Now, let’s take a breather and talk about sports. The draw for the twenty twenty-six World Cup is out, and Argentina’s national team will face Algeria, Austria, and Jordan in Group J. The draw didn’t come without political drama. President Milei decided not to attend the event in the United States, reportedly to avoid sharing a stage with the president of the Argentine Football Association, or AFA, with whom he has a feud. Rumor has it that this snub annoyed US President-elect Donald Trump, who was heavily involved in the event.

However, a little diplomatic awkwardness is the least of the AFA’s problems right now. A massive corruption case is being investigated. Federal authorities raided Sur Finanzas, a firm owned by Ariel Vallejo — the right-hand man of AFA boss Chiqui Tapia — accusing him of laundering 800 billion pesos (about 550 million dollars). The scheme has so far triggered nineteen simultaneous police raids and frozen assets across the league.

Switching from football to horses. The Argentine Polo Open, the most prestigious tournament in the world, wrapped up its 132nd edition. The team La Natividad-La Dolfina took home the trophy after beating their rivals in a thrilling final.

And rounding out our sports updates, the Pumas now know who they will play in the twenty twenty-seven Rugby World Cup in Australia. Argentina was drawn into Pool C and will face Fiji, Spain, and Canada. It looks like a good draw for the Pumas, avoiding the biggest powerhouses in the early stage.

Meanwhile, millions of Argentines chose to stay a bit closer to home this past weekend. It was the Immaculate Conception long weekend, and tourism numbers were up. About 1.3 million people traveled across Argentina, spending nearly 250 billion pesos (about 170 million dollars). That’s a significant jump compared to last year, giving a nice boost to local economies in places like Mar del Plata in the Buenos Aires coast and Córdoba.

Speaking of travel, if you are planning a trip to Asia, it just got easier. China Eastern Airlines launched a new direct route connecting Shanghai and Buenos Aires. It’s a marathon journey that takes about twenty-five and a half hours, making it the longest commercial flight in the world. It includes a quick stopover in Auckland, New Zealand, but it’s still faster than the old routes through Europe or the US.

Closer to home, if you take the subway in Buenos Aires, listen up. The Malabia station on Line B will be closed for about two months for renovations.

But there is good news for Line A riders: the city inaugurated the first BiblioSubte at the Plaza de Mayo station. It’s a small public library where you can pick up a book to read during your commute, a nice way to kill time underground.

To close this edition, a recommended read. The Buenos Aires Herald published a featured article in English that explores and contrasts the struggles of the official Mar del Plata International Film Festival (which is facing budget cuts, low attendance, and a lack of international stars) with the success of a parallel grassroots event called Fuera de Campo. It highlights how the alternative event, organized by young filmmakers in response to government funding cuts, is drawing large, enthusiastic crowds of local cinema lovers.

Read the full article with the link in the show notes!

Aaand that’s it for this week! Thank you for joining us!

Our new, very cool t-shirts are out now! Check them out with the link in the show notes.

¡Nos vemos la próxima semana!