President Javier Milei celebrated on Mar. 27 the decision by the New York Court of Appeals to annul an $18 billion judgment against Argentina over the expropriation of YPF, calling it a “historic ruling” that addresses what he described as “populist arrogance.” In a national address lasting more than seven minutes, Milei mixed financial optimism with political criticism and targeted Axel Kicillof, former Economy Minister.
The issue is significant because it concerns Argentina’s responsibility for compensation related to its takeover of YPF, which has been a point of contention in both domestic politics and international finance. The ruling represents a major development for Argentina’s government finances and could affect relations with investors.
Milei said his administration saved Argentinians from paying an amount equal to “70 million minimum pensions.” Earlier at another event, he stated: “We had to fix the mess made by the idiot,” setting the tone for his later televised address.
Kicillof responded quickly to Milei’s remarks. He said that the court’s decision “exposes years of lies” and criticized the president directly: “Milei should apologize for having defended vulture funds all this time just to insult me.”
While politicians exchanged words, market reactions were swift. Shares in YPF rose by 7 percent while Burford Capital—the fund involved in litigation—lost nearly half its value in one day.
Although this latest ruling is not final—the case returns to first instance—it provides President Milei’s administration with political momentum amid ongoing tensions with provincial governors and public scrutiny over official travel.
