Argentine President Javier Milei once again used Cuba as a cautionary tale of political and economic models that Argentina must steer clear of. He made these remarks on Thursday during his address at the Council of the Americas in Buenos Aires.
"I continue to put my faith in the Argentines who do not want to revert to the past and certainly do not wish to become like Cuba," Milei stated at the conclusion of a presentation focused on defending the economic achievements of his initial years in office.
The comment was made during the 23rd edition of the conference "Argentina: Economic and Political Perspectives," organized by the Americas Society/Council of the Americas (AS/COA) and the Argentine Chamber of Commerce and Services. The event took place at the Alvear Palace Hotel in the Argentine capital, as reported by Forbes Argentina.
Milei's Economic Defense
Milei dedicated a significant portion of his address to highlighting his administration's economic performance since taking office in December 2023. Among the figures he cited, he claimed that the debt-to-Gross Domestic Product (GDP) ratio, excluding intra-public sector debt, fell from around 100% when he assumed power to less than 40%.
He also emphasized the reduction in the country risk index, asserting that it dropped from nearly 3,000 basis points at the start of his tenure to a range of 450 to 500 points. However, Milei's figures slightly diverge from market data reported by Infobae, which placed the index at 512 points on August 18, after it briefly rose above 500 again.
Milei attributed this volatility to the uncertainty stirred by his political opponents rather than his government's policies. "We are in a political environment where the opposition's only aim is to disrupt everything," he remarked.
A Critique of Economic Dependence
The president also delivered a stern message to business sectors reliant on state protections, subsidies, or privileges, whom he often labels "rent seekers." "The rent seekers must go bankrupt," Milei declared.
He championed the idea of opening Argentina's economy, describing the country he inherited as "the most closed market in the world" and akin to "a prison." In the energy sector, he projected a substantial rise in exports over the coming years, suggesting that they could increase fivefold—a sector his administration sees as key for growth and foreign exchange inflows.
Milei's Persistent Cuba References
Cuba has become a frequent point of reference for Milei, both to criticize his domestic opponents and to challenge the regime in Havana. In July, during an event at the Buenos Aires Stock Exchange, he responded to a critic by saying, "If you don't like it, go to Cuba."
A month prior, in an interview with Cuban journalist Ismael Calá, Milei predicted that "Cuba will eventually collapse on its own," linking potential regime downfall to the loss of Venezuelan oil support and pressure from the Trump administration.
His forecasts about the island's political future have been even more detailed. In March, during a visit to Hungary, Milei stated that "surely before mid-year we'll see a free Cuba." Although that deadline passed without the predicted political change, Milei has continued to publicly assert that the Cuban regime is experiencing growing weakness.
This stance has extended to Buenos Aires' foreign policy. Since taking office, Milei has maintained a distant relationship with the governments of Cuba, Venezuela, and Nicaragua, countries where Argentina has not appointed ambassadors. In October 2025, his administration voted against the United Nations' annual resolution calling for an end to the U.S. embargo on the island.
The setting for Milei's recent Cuba reference was significant. The Council of the Americas brings together business leaders, executives, and investors with interests in Latin America, allowing Milei's message to resonate beyond his domestic political battles. Before this audience, he reiterated a comparison that has become a hallmark of his political rhetoric: portraying Cuba as the path Argentina would have taken if it hadn't abandoned its previous economic and political model.
Understanding Javier Milei's Economic Vision
Why does Javier Milei reference Cuba in his speeches?
Milei uses Cuba as a symbol of the political and economic systems he believes Argentina should avoid, often contrasting his policies with those he views as leading to Cuba's situation.
What economic achievements does Milei claim for his administration?
Milei claims significant reductions in the debt-to-GDP ratio and the country risk index, as well as economic growth and reductions in unemployment and poverty.
How has Milei's foreign policy affected Argentina's relations with certain countries?
Under Milei, Argentina has maintained a distant stance towards Cuba, Venezuela, and Nicaragua, including not appointing ambassadors and opposing a UN resolution against the U.S. embargo on Cuba.