Argentine President Javier Milei's party cruised to victory in midterm legislative elections as voters handed him a mandate to keep pushing through his radical overhaul of the economy despite widespread discontent with his deep austerity measures.
A relief to Milei, whose poll numbers had sagged in recent weeks, the results are also likely to please U.S. President Donald Trump, whose administration had faced criticism after providing Argentina with a hefty financial bailout.
“Argentines showed that they don’t want to return to the model of failure,” said Milei, speaking triumphantly before a crowd of supporters at a hotel in Buenos Aires after the results.
The president's party, La Libertad Avanza, scored 41.5% of the vote in Buenos Aires province compared with 40.8% for the Peronist coalition, according to official results. The province has long been a political stronghold for the Peronists, marking a dramatic political shift.
Nationwide, La Libertad Avanza got 64 seats in the House of Deputies, up from 37, according to government figures.
Milei was aiming to boost his small minority in Congress and maintain the support of U.S. President Donald Trump, whose administration recently provided Argentina with a hefty financial bailout but has threatened to pull away if Milei did not do well.
Half of Argentina's lower Chamber of Deputies, or 127 seats, as well as a third of the Senate, or 24 seats, were up for election in the midterm vote. The Peronist opposition movement holds the largest minority in both houses, while Milei's relatively new party has only 37 deputies and six senators.
The White House and foreign investors have been impressed by the government's ability to significantly reduce monthly inflation, from 12.8% before Milei's inauguration to 2.1% last month, achieve a fiscal surplus, and enact sweeping deregulation measures.
But Milei's popularity had fallen in recent months due to public frustration with his cuts to public spending and a corruption scandal tied to his sister, who also serves as his chief of staff.
Political experts said that more than 35% of the vote would be a positive outcome for Milei's government and could allow him, through alliances with other parties, to block efforts by opposition lawmakers to overturn his vetoes against laws Milei has said threaten Argentina's fiscal balance.
Milei has said he expects a cabinet shake-up after the election that could include members of the centrist PRO party, a frequent ally of the government in Congress led by former President Mauricio Macri.
The election will be welcome news to the White House. Trump's potential $40 billion bailout of Argentina includes a signed $20 billion currency swap and a possible $20 billion debt investment facility.
Bonds and stocks are expected to rally on Monday as markets open, as the result gives Milei the votes and political capital needed to accelerate his reforms.
Following the results, many analysts predict a devaluation of the peso, which they say has been overvalued to contain inflation.
Twelve people have died and at least 10 others were injured after a Polish-registered bus overturned on a motorway in eastern Hungary, officials sa...
North Korean leader Kim Jong Un reaffirmed the deepening of ties with Russia in a message to President Vladimir Pu...
A wildfire in Croatia driven by st...
Wildfires across England and Wales have reached their highest level on record, according to the National Fire Chiefs Council, as firefighters struggle to contain outbreaks following a spell of extreme heat.
The U.S. will impose unprecedented measures on Iran in order to economically isolate the country, U.S. Treasury Secretary Scott Bessent has said.
U.S. President Donald Trump's threats to make the Strait of Hormuz part of U.S. territory have been mocked by Iran's Deputy Foreign Minister, Kazem Gharibabadi, who said the sea passage "cannot be seized by tweet."
At least 47 people have been killed after a magnitude 7.7 earthquake struck off eastern Indonesia early on Saturday, triggering small tsunami waves and dozens of aftershocks, officials say.
Iran says the U.S. war and military presence in the region have worsened marine pollution around the Strait of Hormuz, calling for environmental protection to form part of future arrangements governing the strategic waterway.
Twelve people have died and at least 10 others were injured after a Polish-registered bus overturned on a motorway in eastern Hungary, officials said.
North Korean leader Kim Jong Un reaffirmed the deepening of ties with Russia in a message to President Vladimir Putin as Pyongyang marked the anniversary of independence from Japan's colonial rule, KCNA state news agency said on Sunday.
Australia's New South Wales state will start a gun buyback in November, Prime Minister Anthony Albanese said on Sunday, part of the national response to a shooting spree that killed 15 at a Jewish festival in Sydney, the state capital.
A Spanish F-18 fighter jet pilot on a NATO air policing mission shot down a drone illegally breaching Romanian national airspace, the fourth unmanned aircraft the country has shot down this year, Romania's Defence Ministry said on Sunday.
Russian forces launched a missile attack on Kyiv early on Sunday, sparking fires in at least two districts of Ukraine's capital, Mayor Vitali Klitschko said.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment