Javier Milei, the Argentine President, achieved a significant win in Sunday’s midterm elections, thereby enhancing his Congressional power. This outcome provides his administration with renewed impetus to implement substantial spending reductions and extensive free-market changes.
This outcome strengthens Milei’s libertarian movement and signifies a further radical change for one of Latin America’s largest and most unstable economies.
Milei’s party, La Libertad Avanza, garnered approximately 41.5% of the vote in Buenos Aires province, an unprecedented event in a region historically controlled by the Peronist opposition. The competing coalition secured 40.8%, as per figures reported by Reuters and The Associated Press.
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On a national scale, La Libertad Avanza increased its representation in the lower house from 37 to 64 seats. This strengthens Milei’s position to more effectively defend his vetoes and executive orders that have come to define his economic plan.
“The result surpasses even the most optimistic expectations of Milei’s supporters,” commented Marcelo Garcia, Americas director at the risk-analysis firm Horizon Engage, in statements reported by Reuters. “With these results, Milei can easily defend his decrees and vetoes in Congress.”
Political consultant Gustavo Cordoba informed Reuters that the outcome indicates a measured optimism among voters who seem willing to afford Milei’s economic strategies additional time.
“Many individuals were inclined to grant the government another opportunity,” Cordoba stated. “The victory is clear and indisputable.”
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Reuters reported a decrease in inflation from 12.8% prior to Milei’s assumption of office to 2.1% in the preceding month. Furthermore, his administration has declared a budget surplus and enacted widespread deregulation measures — a notable turnaround following years of financial instability.
According to The Associated Press, the U.S. government under President Donald Trump offered Argentina a $40 billion assistance package. This encompassed a $20 billion currency swap and a proposed $20 billion debt-investment facility, and it tied future U.S. assistance to Milei’s performance in the midterm elections.
President Donald Trump conveyed his congratulations to Milei on Truth Social Sunday night, stating: “Congratulations to President Javier Milei on his Landslide Victory in Argentina. He is doing a wonderful job! Our confidence in him was justified by the People of Argentina.”
Investors showed a positive reaction to the results. Reuters indicated that Argentine bonds and stocks are anticipated to increase in value, given that Milei’s enhanced Congressional standing grants him more political leverage to expedite his reforms.
Milei referred to the election as “a turning point for Argentina,” as reported by AFP via the Times of Israel.
