The Latin American Report # 458

Javier Milei continues to get dirty—at least indirectly—because of the scandal associated with the chaotic launch of the $LIBRA memecoin, after the publication of a report in the New York Times whose authors claim to have recovered documents and testimonies that account for some influence peddling to gain access to the head of the Pink House during a crypto conference in the Argentine capital last October. An Argentinian trader, Mauricio Novelli—well-acquainted with Milei and the event organizer—allegedly charged $50,000 to sponsors´ representatives to secure meet-and-greet meetings with the conservative leader. Four of them assured the NYT that they paid the fee but felt a bit ripped off by the low level of contact—a group photo. When they demanded more time, Novelli's team told them it would cost more, Cardano's founder independently exposed.

There is even talk that Novelli slipped in the option of meetings with the Rivadavia chair owner if insiders signed a "vague contract" for $500,000. It is unclear whether it was a contract in Novelli's favor, associated with the event, or what in general. But apparently, Hayden Mark Davis put the most expensive and compromising offers on the table, such as the possibility of a partnership with Balcarce 50 in exchange for $90 million in cryptocurrencies to be delivered in just over two years. Karina Milei, the sister of the Argentine president who amasses almost as much actual power as he does, appears as the definitive filter to access Milei. For example, she is the one who decides which journalist will interview him and, according to what has been revealed, she discriminates topics and questions.

We are in the era of the presidential finance fraud rug pull. 44k investors defrauded out of $100 million after Argentina’s president Javier Milei promoted a scam meme coin. His sister (who serves in his cabinet) was allegedly paid to get him to promote it.https://t.co/GHP4iv6bpY

— Thomas Kennedy (@tomaskenn) February 28, 2025

Mexico

The Aztec authorities are still working at full speed to reach an agreement with Trump on tariffs, and they are getting results. Having results under pressure is very dangerous, even if it fulfills the urgent objective, because it implies that they could be achieved without the need to apply such pressure. During the recently concluded month of February, Mexican security forces seized close to 17 tons of drugs, including some 56 kilograms of fentanyl, the main concern expressed by Trump when considering the application of heavy tariffs of 25% on imports from Mexico and Canada and an additional 10% on Chinese products.

In principle, the pressure measure would go into effect this Tuesday as Trump is unhappy with the results achieved. Following the so-called Northern Border operation, which involves the deployment of 10,000 Mexican troops along the border, more than 900 people have been detained, and nearly 900 firearms, some 780 vehicles, and 105 properties have been seized. The U.S. government has already taken into custody 29 people extradited by Mexico on Thursday, with the arrival of Rafael Caro Quintero, a powerful former kingpin cartel associated with the murder of a DEA agent some 40 years ago, as the icing on the cake.

The former leader of a Mexican cartel, Rafael Caro Quintero, thought responsible for the 1985 death of a DEA agent in the 1980s, was arraigned in a New York courtroom. The 72-year-old's lawyer entered a not guilty plea on his behalf. pic.twitter.com/asO4aZNHo8

— Newsweek (@Newsweek) February 28, 2025

Exporters in Mexico, the United States' biggest trading partner, remain upbeat about the future of the $840-billion business relationship despite tariff threats from President Donald Trumphttps://t.co/j0ZjIbLrJu

— AFP News Agency (@AFP) March 1, 2025

Brazil

Lula is in big trouble trying to find a way out of the dip in his popularity's chart.

Brazil's finance minister isolated as market fears of a leftist pivot mount https://t.co/IgQupKLU2p

— The Straits Times (@straits_times) February 28, 2025

Anyway, people are having fun.

The Latest: A day inside Brazil's wild Carnival parties https://t.co/SwcgeYhFnG

— The Independent (@Independent) March 1, 2025