The Latam Economic Forum 2025 once again was one of the most important economic events of the year. A full room, engaged panels, and an atmosphere that fluctuated between enthusiasm, dogmatism, and, at times, a certain overdose of optimism. With Fingurú, we were there to cover every detail of a day that sought to answer the big question: where is Argentina headed?

Milei, between arrogance and the boom of confidence

President Javier Milei opened his presentation with the tone we already know, but elevated to a new level: visibly annoyed by the downfall of the "Ficha Limpia" project —and not hiding his anger towards Congresswoman Silvia Lospennato— he appeared confrontational, direct, and at times, arrogant. But that did not prevent him from delivering his usual class on economic concepts with a technical clarity that he combined with a strong ideological narrative.

According to Milei, the Argentine economic system is correcting itself on "granite-like" foundations and is only affected when a "sinister entity" like the Central Bank comes into play. He spoke of "pressure on the real exchange rate" due to emissions in the U.S., of "a little monetized economy," and of the necessity for a "structural leap" to achieve stability.

What he emphasized most —and repeated several times— was that Argentines have up to 400 billion dollars outside the system, hidden in mattresses, and that this savings, if channeled, could unleash an investment boom. This assertion was almost a mantra throughout his speech: the future depends on these hidden dollars coming to light.

He also promised that "he will not emit," that by mid-next year inflation will be history, and projected, without hesitation, that if this path consolidates, in 20, 30, or perhaps 15 years, Argentina could become a power. He said it with conviction. Too much conviction. So much so that one could wonder if there is not an excessive faith in a process that is still far from showing tangible results for the majority.

Luis Caputo: efficiency and order as a roadmap

The Minister of Economy, Luis Caputo, adopted a calmer but equally emphatic tone. He stated that "the model of miserable Argentina is over", and that the country is now on an opposite path: towards efficiency, private investment, fiscal order, and openness. He assured that the record inflation and the expensive exchange rate they inherited are "not a coincidence," and that the previous model "is over."

Caputo celebrated the tax cut, the reduction of spending —which he estimated at 30%— and the remonetization as the anchor of a "normal" economy. He was also clear in stating that the true engine will be the private sector, which, according to his words, must now take the lead.

So then? Where is Argentina headed?

If one were to judge solely by the speeches, the direction is clear: adjustment today, reward tomorrow. The Government believes it is writing a new economic chapter, and narrates it with enthusiasm, certainties, and long-term projections that border on prophecy.

However, at the Latam Economic Forum 2025, there was so much optimism that at times it seemed excessive. The projections were stated with striking confidence in Argentine politics, and while it is comforting to see an economic team that believes in its plan, it also raises the inevitable question of whether there is an overestimation of the context, the timing, and social patience.

Javier Milei was fiery, challenging, true to his filterless style.

The path to a powerful Argentina may be drawn. But it is clear that, between the mattresses and the streets, there is a real country that is still waiting for concrete signals. And in that meanwhile, the narrative can be as dangerous as it is necessary.