Javier Milei overturns the odds and achieved his greatest political victory since entering the Casa Rosada. In the mid-term legislative elections, the Argentine president and his party La Libertad Avanza (LLA) obtained 40,84% of the votes, against the 24,5% of the center-left Peronist coalition Fuerza Patria, consolidating the ultra-liberal leadership in the country and dealing a heavy blow to the progressive front.
With a turnout of 67,9%, the lowest since the return to democracy in 1983, the result gives Milei a stronger and potentially “more reformist Congress than ever in the history of Argentina,” as he himself declared during his victory speech in Buenos Aires.
Just a month ago, the Argentine president seemed to be in crisis. In September, the defeat in the legislative elections of the province of Buenos Aires, and the consequent 13% fall in the stock market in a single day, had marked the return of Peronism and called into question the stability of his government.
“Today we have reached a turning point, Today begins the construction of a great Argentina“, a beaming Milei chanted before thousands of supporters. “Two out of three Argentines don't want to go back to the past. No more populism.”
The new face of Congress
According to projections, Libertad Avanza goes from 37 to 101 deputies in the Chamber and from 6 to 20 senators, thus exceeding the threshold of a third of the seats, sufficient to shield presidential vetoes against any opposition legislation. An absolute majority remains far away, but Milei will now be able to negotiate from a position of strength, seeking alliances with sectors of the center-right, particularly with the PRO party of former President Mauricio Macri.
La The most sensational surprise comes from the province of Buenos Aires, a historic Peronist stronghold, where the LLA overturned the results of September's local elections. In total, Milei won in 16 of the country's 23 provinces, including the major centers of Córdoba, Santa Fe, Mendoza, and the capital, CABA.
Trump's support: "He's doing an extraordinary job."
Within hours of the results, US President Donald Trump, on tour in Asia, celebrated his Argentine ally's victory on his social media account, Truth: "Congratulations to President Javier Milei on his landslide victory in Argentina. He's doing an extraordinary job! Our trust in him has been justified by the Argentine people."
Il the bond between the two ultra-liberal leaders is now consolidatedIn the weeks leading up to the vote, Trump had openly tied the fate of the massive American economic aid, a $20 billion package of loans and currency swaps, following the election results. "If Milei loses, we will no longer be generous to Argentina," the tycoon warned. The victory, therefore, not only strengthens the Argentine president's political position, but also the ideological and strategic axis between Buenos Aires and Washington.
Milei and the "chainsaw therapy" and its consequences
Since taking office in December 2023, Milei has imposed a very harsh austerity agenda, from him dubbed “chainsaw therapy”, cutting tens of thousands of public sector jobs, freezing infrastructure projects, and drastically reducing spending on healthcare, education, and pensions. His measures initially pushed millions of Argentines into poverty, but they also reduced inflation from over 200% to around 31% and restored public finances to balance.
“In the first two years we worked to prevent the country from descending into chaos,” Milei said from the victory podium.Now we can finally discuss the foundations for a different ArgentinaWe must consolidate the reformist path in the next two years."
Il triumph comes at a difficult time for Milei, weakened by scandals involving sister Karina Milei, accused of irregularities in public procurement, and candidate Luis Espert, who withdrew after revelations of illicit drug-related financing. Despite these shadows, the president has managed to capitalize on the support of those who see his leadership as the only way to definitively break with Peronism's cycle of economic failures.
A still uncertain future
La Electoral victory does not erase economic uncertaintiesThe Argentine peso remains fragile, dollar reserves are at their lowest, and markets are betting on an imminent devaluation. For now, Milei is enjoying his revenge. "We have demonstrated that a free and prosperous Argentina is possible," he said, concluding his speech that night in Buenos Aires. "The future began today."
