The latest developments could have a considerable economic impact, however. With €18 billion in assets in Argentina, Spain is the second-largest foreign investor in the country, meaning that a lasting rift would likely hurt the nation’s already delicate financial situation.
Sánchez has hinted he will seek to raise the conflict in Brussels, but it’s unclear if the EU could offer anything besides a boilerplate condemnation of Milei’s words. This weekend the bloc’s chief diplomat, Josep Borrell, did just that in declaring that “attacks against family members of political leaders have no place in our culture: We condemn and reject them, especially when coming from partners.”
Milei, meanwhile, appears intent on strengthening his ties with Europe’s far-right populist leaders, whom he considers an additional base of support.
“My trip to Spain has shown that I am the world’s greatest exponent of freedom,” he boasted on Monday. “I am in another league.”
Milei and his allies on the continent appear aligned on a key trade pact between the EU and the South American bloc of Mercosur countries: They regard the EU’s demands to seal the deal, especially on sustainability requirements, as untenable. Spain has traditionally been Mercosur’s main ally on the agreement.
During a recent visit to Brussels, Diana Mondino, Argentina’s foreign minister, stressed that sealing the long-awaited deal was a priority — but also made clear that Buenos Aires would shop for trade partners elsewhere should the two sides fail to agree on the accord.
While some of Europe’s far-right parties oppose the deal altogether, others agree with Milei that the EU is simply asking for too much.
With support for populist parties expected to surge in the upcoming European Parliament election, Milei may eventually take his roadshow to Brussels. Which EU leader will he target then?
Camille Gijs and Antonia Zimmermann contributed to this report.
