ECONOMY Events

PMU: 2024 accounts finally validated, the horse racing industry is emerging from the rut

27th June 2025 2 minutes of reading BY Patrice Clech
**Argentina: Courts halt Milei's crusade against civil servants** Another setback for Argentine President Javier Milei: the courts have suspended the abolition of "State Worker's Day," a holiday introduced in 2013 under the Peronist government. The government's decision to repeal it, motivated by its declared fight against the "cult of statism," was deemed too brutal by the labor courts, which were seized by the powerful civil service union ATE. Since coming to power, Milei has made the state his main enemy. A self-proclaimed ultra-liberal, obsessed with balancing the budget, he has slashed public spending, eliminated 50.000 civil service positions, and slashed university funding. In this spirit of state purge, he is now attacking the very symbolism of public service: its privileges, its achievements, and even its public holidays. Government spokesman Manuel Adorni didn't mince his words: according to him, this holiday is the embodiment of an outdated system, of an era when "the state was a refuge of income and comfort" for civil servants cut off from the realities of the private sector. His colleague, the Minister of Deregulation, estimated the cost of this holiday at 11 billion pesos, the equivalent of 9 million dollars. A drop in the ocean in a country ravaged by hyperinflation, but a powerful symbol for a president who governs with a scalpel. This judicial suspension, although temporary, sounds like a warning. It shows that, despite his popular support, President Milei will not be able to reform everything with a single decree. It also reveals the resilience of the union and judicial forces inherited from the Peronist model, still firmly anchored in the workings of the state. In the background, the mobilization is growing: teachers, retirees, and researchers are taking to the streets to denounce austerity measures that, while producing a historic budget surplus, come at a high social price. Javier Milei, who dreams of an Argentina free of state interventionism, now faces a classic dilemma: how far can one go against the public apparatus without causing society to implode? By trying too hard to govern against the state, he risks reawakening a counteroffensive that could halt his "liberal revolution."
**Argentina: Courts halt Milei's crusade against civil servants** Another setback for Argentine President Javier Milei: the courts have suspended the abolition of "State Worker's Day," a holiday introduced in 2013 under the Peronist government. The government's decision to repeal it, motivated by its declared fight against the "cult of statism," was deemed too brutal by the labor courts, which were seized by the powerful civil service union ATE. Since coming to power, Milei has made the state his main enemy. A self-proclaimed ultra-liberal, obsessed with balancing the budget, he has slashed public spending, eliminated 50.000 civil service positions, and slashed university funding. In this spirit of state purge, he is now attacking the very symbolism of public service: its privileges, its achievements, and even its public holidays. Government spokesman Manuel Adorni didn't mince his words: according to him, this holiday is the embodiment of an outdated system, of an era when "the state was a refuge of income and comfort" for civil servants cut off from the realities of the private sector. His colleague, the Minister of Deregulation, estimated the cost of this holiday at 11 billion pesos, the equivalent of 9 million dollars. A drop in the ocean in a country ravaged by hyperinflation, but a powerful symbol for a president who governs with a scalpel. This judicial suspension, although temporary, sounds like a warning. It shows that, despite his popular support, President Milei will not be able to reform everything with a single decree. It also reveals the resilience of the union and judicial forces inherited from the Peronist model, still firmly anchored in the workings of the state. In the background, the mobilization is growing: teachers, retirees, and researchers are taking to the streets to denounce austerity measures that, while producing a historic budget surplus, come at a high social price. Javier Milei, who dreams of an Argentina free of state interventionism, now faces a classic dilemma: how far can one go against the public apparatus without causing society to implode? By trying too hard to govern against the state, he risks reawakening a counteroffensive that could halt his "liberal revolution."

After months of tension, the French horse racing industry is finally finding some peace. The PMU's extraordinary Board of Directors, meeting on June 17, unanimously approved the accounts for the 2024 financial year. This decision was confirmed by the General Meeting this Thursday morning, ending the impasse caused by the surprise rejection of the accounts on April 10. There is widespread relief: the PMU's net contribution to the industry finally amounts to €837 million. This substantial figure, now set in stone, allows France Galop, the Société d'encouragement du Trot français (SETF), and the historic betting operator to turn the page on a particularly tense episode.

A financial compromise to avoid getting bogged down

At the heart of the deadlock are disagreements over provisions and resource allocation. The SETF, led by Jean-Pierre Barjon, had firmly opposed the validation of the accounts until certain demands were met. This has now been achieved: €2,9 million in additional provisions have been recorded and will be included in the 2025 financial year. This compromise was ratified by a joint statement from the three stakeholders, which evokes a "positive outcome" for the entire sector. Appeasement is therefore essential. But it remains conditional on what comes next: the next PMU board meeting, scheduled for July 3, will address an equally sensitive topic—governance. The succession of CEO Emmanuelle Malecaze-Doublet is in the crosshairs.

Structural reforms on the horizon

In the background, another issue could still shake up the industry: the report from the General Inspectorate of Finance, expected in early July. Led by Franck Avice, this document could make significant recommendations on the organization and economic balance of the horse racing industry. For now, the main stakeholders welcome the agreement reached, a guarantee of short-term stability. But caution remains in order. Because behind the restored calm, an entire industry—racing, betting, breeders—continues to seek new life in the face of competition and changing practices. The PMU, a central player in this ecosystem, will have to reinvent itself... without dividing itself.

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