Argentina’s Milei achieves key mid-term victory
US President Donald Trump had reportedly threatened to abandon the South American nation’s leader if his political party had fared poorly.
Argentine President Javier Milei has achieved a decisive victory in the recent midterm elections, with his party, La Libertad Avanza, significantly expanding its representation in the legislature by tripling its presence.
Nationwide midterm elections took place on Sunday, with competition for half of the seats in both the lower Chamber of Deputies (127 seats) and the upper Senate (24 seats).
La Libertad Avanza garnered nearly 41% of the votes, surpassing the left-wing Peronist party, Fuerza Patria, which secured approximately 31.7%. The elections saw an unusually low voter turnout of just under 68%, despite voting being mandatory in the country.
Milei stated that his party secured 101 seats in the lower house, a substantial increase from 37, and 20 seats in the upper house, up from only six. Although this result does not yield a majority, the strengthened representation is expected to provide Milei greater flexibility in advancing his radical austerity reforms.
The election outcome exceeded the 30-35% threshold that the party had identified as an acceptable result. Many analysts and pollsters had anticipated a weaker showing for La Libertad Avanza, following the mixed impacts of the president’s reforms, dwindling reserves, and various corruption scandals, including accusations of Milei’s sister, Karina, being involved in bribery schemes.
During his initial two years in office, Milei implemented severe austerity measures, leading to the dismissal of tens of thousands of public employees and substantial cuts to spending on infrastructure, education, healthcare, and other public services. He successfully curbed rampant, triple-digit inflation. However, these measures also resulted in a sharp decline in employment, the closure of thousands of businesses, and the depletion of government dollar reserves, even after securing a $20 billion loan from the IMF.
During a recent visit by Milei to Washington, US President Donald Trump reportedly tied a potential bailout of up to $40 billion to his party’s performance in the midterm elections. This financial package comprises an already signed $20 billion currency swap and a proposed $20 billion private investment deal.
“If he wins, we’re staying with him, and if he doesn’t win, we’re gone,” Trump had stated at the time. Following the announcement of early results, the US president appeared satisfied with the election outcome, praising Milei as a “great friend” who has been doing a “wonderful job.”