PanamaTimes

Wednesday, Apr 02, 2025

Argentina, caught in economic depression, gets something to cheer in World Cup win

Argentina, caught in economic depression, gets something to cheer in World Cup win

Triumph in epic final match of tournament gives crisis-torn South American country a feeling of new hope.

An incredibly tense World Cup final, if not the best of all time. An extraordinary victory for Argentina that crowns the career of superstar Lionel Messi. A new hope for a country in deep crisis.

Argentina beat France in a penalty shoot-out after the match ended tied 3-3, causing hundreds of thousands of citizens to pour into the streets of Buenos Aires to celebrate, chant and dance. The obelisk, the landmark monument of the South American capital that houses over 17 million people in its broader agglomeration, was quickly covered in a sea of people.

Some 15 blocks north of the obelisk, in front of the bar Locos por el fútbol (Mad for football) in the Recoleta neighborhood, some fans spent the penalty shoot-out praying, on their knees with their heads and hands down on the ground, only to then burst into frenetic cheers and tears.

"It's incredible. I'm out of words. This means so much to us," said Henrique Ferenz, who had followed Argentina's quest for a third World Cup victory with his son Ignacio in front of the bar.

"It reminds me a lot of 1986," he said, referring to Argentina's last World Cup victory under football legend Diego Maradona, and then added: "It's also such a huge relief, given the situation we are in."

Ferenz's words summed up a general feeling that has been growing in a notoriously football-enthusiastic but also crisis-torn country over the past weeks: As La Albiceleste advanced through the Qatar World Cup, reaching quarter and semi finals and ultimately the final against former world champion France, people increasingly grasped new hope and a sense of euphoria — a state that many in the country, which is marked by seemingly permanent economic crises and galloping currency devaluation, had not known for a long time.

Once, around 100 years ago, one of the richest countries in the world, Argentina has faced various economic crashes in past decades, but the recent years have been particularly bitter. Inflation reached nearly 100 percent this year, rapidly wiping out savings and many dreams, especially among the middle class. Those who can invest their assets in euros or dollars, which can be exchanged for Argentine pesos on the semi-legal black market at much better conditions than the official exchange rate.


In chants, people sang their national pride and cheered Messi

The left-wing government of President Alberto Fernández has been trying to stabilize both the currency and the economy by restricting or taxing exports of the country's main commodities — agricultural goods such as soy, meat and wheat — but critics say those protectionist measures have only aggravated Argentina's economic misery. On the streets of Buenos Aires and elsewhere, the number of homeless people and those desperately trying to make a living by searching trash bins for recyclable products has drastically increased in recent years.

Enter the World Cup victory, which seems to have, at least for a moment, eradicated the general feeling of frustration and failure that has long gripped the country.

"We are champions! The whole world is looking at us today! I cannot describe to you the emotion that I'm feeling," shouted Angelica López from Buenos Aires, as she was asked by POLITICO what the victory meant for Argentina, only to disappear seconds later in a crowd dancing wildly to drum rolls.


In chants, people sang their national pride and cheered Messi, the 35-year-old superstar of the Argentine team, who on Sunday achieved his long unfulfilled goal of crowning his career by winning the world championship — after many Argentinians, and presumably he himself, had no longer believed in it. In a high tension finale marked by dramatic twists and turns, Messi scored two goals and was once more a central playmaker.

"We are used to being beaten, that's why we know how to cope with good and bad times," Argentinian trainer Lionel Scaloni told national TV. "Being at the top is something unique, an incredible enjoyment."

Although it's unlikely that the victory as such will make a tangible impact on the economic situation of the country and its people, of which nearly 40 percent live below the poverty line, the rediscovered hope and pride come at a moment where a new political and economic perspective for Argentina could be growing.

Argentina will hold general elections in October next year


Despite many years of economic depression, political mishandling and rampant corruption cases, the South American country retains a lot of potential thanks to fossil resources like gas — with the "dead cow" field in Patagonia being the world's second-largest shale gas reserve — and lithium, which is a key component for batteries in electric vehicles and electronics. Western leaders like German Chancellor Olaf Scholz have already expressed interest in supporting Argentina in exploiting those resources.

Moreover, next year could also see the ratification of the long-delayed trade deal between the EU and the Mercosur bloc — comprising Argentina, Brazil, Uruguay and Paraguay — which now looks more likely as Brazil's new President Lula da Silva has vowed better protection of the Amazon rainforest. Optimism for the deal has also grown as Russia's war against Ukraine and growing tensions with China have led to a change of mind among many European politicians who have long opposed the deal but now see the need to forge closer ties with democracies in South America.
Advocates of the deal say that it would tear down protectionist barriers in Argentina and its

neighboring countries and open new opportunities for investment and growth.

Change could also come at the national political level, as Argentina will hold general elections in October next year in which the left-wing government is set to be challenged by more market-friendly candidates from both a center-right bloc and a new liberal party.

Some in Buenos Aires recalled on Sunday that the last time that Argentina won the World Cup, in 1986, was just three years after the fall of the military dictatorship — and it was a defining moment for the young democracy. The hope is that this year's victory will provide a similar lift for a country in dire need of one.   

"Perhaps, with a bit of luck, today's victory could be a precursor for a political and economic renovation that our country needs so badly," said Guillermo Alberto, a football fan partying on the streets of Recoleta, Buenos Aires.

Newsletter

Related Articles

PanamaTimes
0:00
0:00
Close
OpenAI Attains Unprecedented $40 Billion Investment
Argentina’s “Magician” or a PR Illusion? “Individuals Are Sifting Through Garbage and Resting on the Streets”
Ecuador Gears Up for Influx of US Military as Measures Intensify Against Violent Drug Cartels
The Trump Administration Withdraws Legal Status for More than 530,000 Immigrants from Four Nations.
Deportation of Alleged Venezuelan Gang Members to El Salvador Raises Legal and Human Rights Concerns
Leaders of the US and Ukraine Hold Constructive Discussion During Ongoing Crisis
US Federal Reserve Revises Down Economic Growth Projections Due to Tariff Ambiguities
EU Charges US Tech Giants with Violating Digital Regulations
Trump Administration's Deportation of Alleged Gang Members Sparks Legal Dispute
Intense Tornadoes and Dust Storms Result in 33 Deaths Throughout Central and Southern United States
CK Hutchison, led by Li Ka-shing, encounters backlash from China regarding the sale of Panama Canal ports to a consortium led by BlackRock.
Meta to Introduce Community Notes Feature in March as Part of New Content Moderation Approach
Trump's ambassador nominee confirmed Canada's sovereignty during trade disputes.
The ICC’s retaliation on behalf of drug traffickers against Philippine President Duterte, who took a stand against them and shielded 100 million Filipinos from the drugs-death trade—overlooking the reality that every triumph carries its own price.
Mark Carney Selected as Leader of Canada's Liberal Party, Poised to Assume the Role of Prime Minister
Pope Francis Displays Signs of Recovery, Yet His Hospitalization Persists.
Trump Administration Unveils Self-Deportation App for Undocumented Immigrants
Trump Administration Plans New Travel Ban Including Afghanistan and Pakistan
Global Scam Syndicate Capitalizes on Fraudulent Celebrity Advertisements to Deceive Thousands
Devastating Passing of 20-Year-Old American Bodybuilder Sparks Health Worries
Microsoft to Sunset Skype in May, Prioritizing Teams as Communication Evolves
Katy Perry Set to Join All-Female Crew for Blue Origin Flight
Apple Resolves iPhone Dictation Bug That Linked 'Racist' to 'Trump'
Proposal Introduced for $250 Bill Featuring Donald Trump
Research Examines Possible Connection Between COVID-19 Vaccines and Post-Vaccination Syndrome
Latin America News Update: Gatherings, Legal Conflicts, and Economic Developments
Vatican Declares Pope Francis' Health Status as 'Critical'
Mexico Suggests Constitutional Amendments to Protect Sovereignty Following U.S. Terrorist Labels on Cartels
Tequila Sector Faces Oversupply Challenge as Agave Prices Fall Sharply
Pope Francis Continues His Hospital Stay While Doctors Treat Complicated Infection
AI Giants Contest Nvidia's Supremacy with Emerging Chip Innovations
California's CalExit Movement Grows Momentum Amid Political and Economic Discourse in the State
Trump Asserts BRICS 'Is Finished' In Light of Tariff Threats
CPJ Report Indicates Highest Number of Journalists Killed in 2024
Climate change presents considerable threats to worldwide cocoa production.
Apple Releases Critical Security Update Following Vulnerability Reports
Justin Bieber Sparks Concern as New Footage Raises Health Fears
Trump Administration Directs Admiral to Leave Official Residence in Three Hours
US Confiscates Second Aircraft Associated with Maduro's Government
The Trump administration is considering El Salvador's proposal to accommodate U.S. prisoners.
Trump Wins Again as Canada Agrees to Strengthen Border Security
Wall Street Journal Criticizes Trump's Trade War with Canada and Mexico
Trump Freezes Tariffs on Mexico After Agreement on Border Security
Nearly 96% of New Cars Registered in Norway in January Were Electric
Marco Rubio Urges Panama to Limit Chinese Influence Amid Canal Dispute
Apple Surpasses Revenue and Earnings Expectations, But iPhone Sales Disappoint
Bill Gates Reflects on Past Mistakes and Acknowledges Yuval Noah Harari's Insight
Trump Imposes Emergency Tariffs on Colombia Following Immigration Dispute
Musk and X Intensify Legal Battle Over Advertising Boycott, Suing Nestlé, LEGO, and Shell
Trump: Canada Should Become the 51st U.S. State
×