Argentinian president wins critical midterm elections

BUENOS AIRES — Argentines woke up to a politically emboldened President Javier Milei after a dramatic victory in mid- term elections on Sunday.

The libertarian president and staunch Donald Trump ally secured more than 40% of the popular vote, and solidified his hold on power in the National Congress, where he had previously struggled to push parts of his agenda through.

The scope of the victory surprised even Milei. His La Libertad Avanza party earned roughly 9 points more than the left-leaning Peronist opposition, and also eked out a victory in the powerful province of Buenos Aires, where Peronists usually dominate. Just over one month ago, the president’s party had lost badly in legislative elections in the province of Buenos Aires.

But the story Sunday was very different, and sent a clear message following two years of austerity measures that drastically cut public spending, and helped drive down chronically high inflation. Corruption scandals, and a wild few weeks of economic instability did not dampen the support that he maintains among a sizable part of the population.

The value of the Argentine peso also strengthened considerably on Monday, a show of confidence from the markets after Milei’s victory.

In a nod to his close ally Donald Trump, Milei told supporters, “We must stay the course on the reforms we’ve begun to change Argentina’s history once and for all — to make Argentina great again.”

Trump in turn congratulated Milei, telling reporters travelling with him on Air Force One “I want to congratulate the victor, and he was a big victor, and he had a lot of help from us. He had a lot of help. I gave him an endorsement, very strong endorsement. And it was really unexpected to have a victory like that.”

This midterm election was unusual because of the looming presence of the Trump administration, which recently announced a $40-billion bailout to help stabilize Argentina’s peso after weeks of political and economic turmoil.

The bailout package has been heavily questioned in the United States and in Argentina, which still owes $56 billion to the International Monetary Fund, as has the viability of Milei’s economic reforms.

For many Argentines, the small government model imposed by Milei has made it harder to make ends meet as prices for specific services soar, and local companies shutter because they are unable to compete with growing imports. During the president’s victory speech, he promised to stick to his mission of deep restructuring, which he maintains is the path to lower inflation, poverty and more growth. And he is in a better position to do it now.

His previous political power was shaky, and left him with a weak presidential veto, which was repeatedly overturned by the National Congress in his first two years in office. Now, with the additional support, the president’s veto can withstand more pressure.

Key figures in his administration are already signaling that the president intends to proceed with labor and tax reforms. La Libertad Avanza now holds at least 80 seats out of 257 seats in the lower house of deputies, up from 37. It will be buttressed by another 23 seats from another conservative coalition, who often vote with Milei’s part.

Guillermo Francos, the chief of cabinet ministers, noted there are other smaller factions with which La Libertad Avanza has “more similarities than differences” making it easier to get their agenda through. “We’re in a position to speak with more strength,” said Francos. “We’re now the most important block in the chamber of deputies, which is a big difference.”

Standing outside the Buenos Aires hotel where the president gave his victory speech Sunday, the throngs of Milei supporters sang and cheered for their leader.

Elvi Ñiquin, 51, and her 19-year-old daughter Evelyn, were among them.

“There is faith that everything that he promised is coming to fruition,” said Elvi, who works as a nanny. She supports the government wholeheartedly, but stressed that patience is key.