Javier Milei has achieved a significant victory in Argentina’s recent legislative elections amid ongoing economic turmoil. His party, La Libertad Avanza, garnered nearly 41% of the votes to renew half of the Chamber of Deputies and a third of the Senate. This election result positions Milei’s party as the most voted force, allowing it to expand its legislative representation from December.
Key Election Results
- Milei’s party will have 101 deputies (up from 37) and 20 senators (up from 6).
- The second-largest party, Peronism, received approximately 32% under the slogan Fuerza Patria.
- La Libertad Avanza won crucial victories in Santa Fe, Córdoba, Mendoza, and Buenos Aires.
Milei asserted that this election marks a turning point in Argentina, stating, “Today begins the construction of a great Argentina.” He emphasized the need for reform over the next two years to solidify his agenda.
Economic Context
This election took place against a backdrop of economic difficulties, including high inflation and public discontent. Since taking office in December 2023, Milei reduced monthly inflation from 25% to about 2%, while the poverty rate decreased by 10%. Argentina also achieved its first budget surplus in over ten years.
Despite these achievements, many citizens experienced a decline in real income, causing skepticism among voters. Analysts have noted that while the government received electoral support, there is a significant portion of the population that remains dissatisfied with the current economic model.
Trump’s Influence
The election outcome has raised questions about the role of external assistance, particularly from the United States. Milei’s administration received a substantial support package, including a $20 billion currency swap and the purchase of $1 billion in Argentine pesos. These measures were crucial in stabilizing the peso and preventing a deeper financial crisis.
However, oppositional voices such as Axel Kicillof highlighted concerns regarding foreign influence in Argentina’s policy-making. Kicillof criticized the government’s reliance on external aid, suggesting that it poses risks to national sovereignty.
Public Response and Future Implications
The high turnout in favor of Milei reflects a generational shift among voters. With nearly 50% of registered voters aged under 39, many of them resonate with Milei’s anti-establishment rhetoric.
However, a considerable abstention rate of 32%, the highest in over a decade, may indicate growing disenchantment with the political system altogether. Experts suggest that this unexpected victory for Milei illustrates a desire among voters for change, despite uncertainties about the future.
As Milei prepares to implement his policies, it will be crucial for him to engage with other political factions. This collaboration will be essential for navigating the complex landscape of Argentine politics moving forward.
