Media: Eduardo Eurnekian backs Argentina’s Javier Milei - frontrunner for presidential election

Eduardo Eurnekian, the 90-year-old owner of conglomerate Corporación América and Argentina’s fourth-richest person, supported Javier Milei, the libertarian surprise frontrunner for October’s presidential election, who has pledged to take a “chainsaw” to the state and dollarize the economy, Report informs referring to an article in the Financial Times.

“Argentina’s business elite has largely been skeptical of Javier Milei, the libertarian surprise frontrunner for October’s presidential election, who has pledged to take a “chainsaw” to the state and dollarize the economy.

But as Milei wins over swaths of ordinary voters, one corporate titan is quietly cheering him on: Eduardo Eurnekian, the 90-year-old owner of conglomerate Corporación América and Argentina’s fourth-richest person,” reads the article.

The businessman, who made his fortune in media and airports, was Milei’s boss from 2008 to 2021, eventually making him his company’s chief economist. The two developed a personal relationship that analysts say has been a key influence on the 52-year-old, though the anti-establishment candidate rarely discusses their ties.

In an interview with the Financial Times, Eurnekian confirmed his confidence in Milei - with a key caveat. “I think Milei would be a very good president. But I don’t want the dollar,” he said.

Many investors have been unnerved by Milei’s flagship policy of dollarising the economy to end Argentina’s chronic inflation. The country has few economic ties with the US and is running dangerously low on foreign currency reserves.

Eurnekian called dollarization a “simplification” of Argentina’s problems.

Javier Milei, who heads the Libertarian Party, won the presidential election in Argentina. According to preliminary results, he won about 56% of the vote. On the night of November 20, Milei was congratulated on his victory by his rival in the elections, Argentine Economy Minister Sergio Massa.