The Libertarian Party of Argentina's President Javier Milei «Liberty Advances» (La Libertad Avanza) won the midterm elections to the National Congress. It garnered 40.7% against 31.7% for the opposition alliance. Voter turnout was 68% compared to 71.8% in the previous midterm elections in 2021. This is the lowest figure in the history of national elections since 1983. Voting in Argentina is mandatory, but fines for not participating in elections are less than 50 cents.
The results give the President of Argentina enough support in Congress to prevent his veto from being overturned, putting him in a favorable position to advance his ambitious agenda. In recent months, the country's Congress had overturned his veto on some bills, but now that possibility is gone.
As The New York Times writes, it was a convincing victory for Milei, despite his austerity measures, the elections showed that many Argentinians are still willing to support his libertarian experiment. «Today begins the construction of a great Argentina», Milei told supporters.
On the eve of the elections, Donald Trump supported Milei and stated that US financial aid amounting to $20 billion depends on his success in the midterm elections. For many Argentinians, US aid became a sign that Argentina is on the path to financial stability.
Milei earned international recognition for curbing inflation, which decreased from 160% per year when he took office to about 30% this year. This helped reduce poverty, and strict budget policy led to a budget surplus and reassured international creditors. In his first year in office, he enjoyed a relatively stable approval rating of about 50%.
However, the spending cuts coincided with corruption scandals involving Milei's inner circle, leading to a drop in his rating, which fell by about 10 points in recent months. After his party «La Libertad Avanza» suffered a crushing defeat in the Buenos Aires provincial elections last month, the peso's exchange rate plummeted, prompting the Trump administration to offer financial support.
As NYT writes, the results were partly due to the fragmentation of the opposition, as voters did not see an alternative.
Photo: AP