Uncertainty remains for the time being. The biggest challenge, however, is of a political nature: maintaining the support of centrists and the moderate opposition. Around half of Argentinians still support Milei. But how long will they endure the pain of austerity and recession? The elections showed that the Argentinians wanted dramatic changes. And they got them. The question is whether they can withstand the pressure, whether Milei will give preference to pragmatism over ideology and whether he will be able to negotiate with the political community and mobilize society to make the necessary reforms possible. The road is long, but the time is short.

The end-game question is actually: is Argentina on its way out of the crisis that has lasted for decades, or is a new default being prepared? Argentina’s economic saga is a tale of epic proportions. Today, with a staggering debt of $375 billion at least, the country holds the world record for insolvency. The crisis peaked on May 25, 2002, when Jorge Bergoglio, now Pope Francis, delivered a somber mass on Argentina’s Independence Day, warning creditors of the “danger of dissolution.” Despite drastic measures, including a 75% discount for creditors, Argentina’s financial turmoil persisted for years, leading to a series of dramatic legal battles and further economic upheaval. Argentina's economic journey is a complex narrative of defaults, legal battles, and bold reforms. President Javier Milei's measures aim to stabilize the economy, but their success hinges on effective implementation, public acceptance, and addressing social repercussions. As Argentina navigates these challenges, the lessons from its turbulent history provide valuable insights into managing sovereign debt crises and economic reforms.