MercoPress. South Atlantic News Agency

Menem campaigns in the US

Former Argentine president Carlos Menem, currently in Washington, addressed this Monday a conference of Conservative political leaders from all over the world and in the evening was invited to a welcome dinner offered by President George Bush in the White House.

Mr. Menem ten days visit to the United States that has been described in Buenos Aires as the launching of his candidacy for another term as Argentine president includes meetings with businessmen, bankers, academics, officials from the Bush administration and two former US presidents, Bill Clinton and George Bush Sr., with whom the visiting leader has a close rapport.

Actually the official motive of his visit is to participate in the International Democratic Union, IDU, deliberations, a Conservative forum of right wing parties from all the world, that was started by Margaret Thatcher, Ronald Reagan and Jacques Chirac in the eighties. Mr. Menem has always wanted to integrate the Justicialista party (Peronist) to the IDU, the opposite of the International Socialist that gathers left wing parties such as Labor and Social Democrats.

Although Mr. Menem's standing in Argentina is very low and he's blamed for much of the country's current desperate situation, his international reputation remains intact and many investors and bankers judge him as the "best storm pilot" who gave Argentina ten years of sustained financial and political stability plus making the country internationally reliable.

This is in harsh contrast with the current ruling coalition that severed ties with the rest of the world when last December Argentina defaulted on its foreign debt, and have since then been unable to resume a successful dialogue with the International Monetary Fund to obtain desperately needed financial aid.

In his speech at the IDU conference presided by US vicepresident Dich Cheney, Mr. Menem ratified the Justicialista party's solidarity with the war on terrorism and preached in favor of private enterprise and open economies. He also anticipated some of the political reforms he proposes for Argentina, five regions, instead of 24 provinces, one Congressional House and making the US dollar the official currency in Argentina, "to end speculation, government over spending and ensure citizens the value of their assets and savings".

However, and is spite of the success Mr. Menem might harvest in Washington, such as photos next to the Bush family and Clinton, plus some very representative characters of the US financial establishment, he still has some hurdles back home.

If Mr. Menem is to run for president Argentine Congress must consider former President De la Rúa's mandate 1999-2003 concluded, otherwise Mr. Menem is constitutionally barred. Secondly he must win the Justicialista party primary, which will not be easy given his current public opinion standing, but the rest of Peronist hopefuls, as happens with the vast majority of politicians in Argentina are in no better condition, so chances are even.

Mr. Menem could even have an advantage, as the situation worsens in Argentina, the electorate might begin to look back with sweet eyes his ten years of stability and one peso pegged to one US dollar.

Further more there's the Duhalde administration, that could still reach an agreement with the IMF in time to begin restoring the Argentine economy, and rejecting the "foreign" bankers and investors interests that "are represented by Mr. Menem".