Argentina's libertarian President Javier Milei experienced a significant victory in the recent midterm elections, bolstering his ambitious reform agenda. His party, La Libertad Avanza (LLA), secured approximately 40.84% of the national vote for the lower house of Congress. This outcome is viewed as a crucial vote of confidence in Milei's administration and its radical free-market policies.
The election results exceeded analysts' projections and mark a turning point for Milei, whose popularity had been impacted by corruption allegations and the ongoing economic crisis. The Peronist opposition, Fuerza Patria, trailed with approximately 31.67% of the vote. While Milei's party did not gain a congressional majority, the results give them a crucial threshold of one-third of the seats in the lower house. This is a key number that will allow them to block opposition bills and support presidential decrees. LLA is expected to gain 64 new seats in the lower house, bringing their total to 92. In the senate, LLA will gain 12 seats.
The midterm elections were particularly significant due to the United States' substantial financial support for Argentina. US President Donald Trump announced a $40 billion bailout package, making continued aid conditional on Milei's party's victory. Trump has praised Milei's policies, which include significant government spending cuts and public sector job reductions.
Milei, who was elected in 2023, has implemented a series of austerity measures aimed at reviving Argentina's struggling economy. These measures have included slashing public spending, freezing public works, and deregulating the economy. While these reforms initially deepened poverty for many Argentinians, they have also slowed inflation.
Voter turnout was notably low, with just under 68% of Argentinians participating, reflecting widespread disillusionment with the political class. Despite this, Milei's supporters celebrated the victory as a sign that Argentina is ready for change. Milei himself hailed the results as a "tipping point," signaling the beginning of a "great Argentina".
The election results have generated considerable interest in Washington and on Wall Street. A strong showing by Milei's party is expected to solidify investor confidence and stabilize financial markets. The US bailout and the election outcome have been criticized by some as foreign meddling in Argentina's affairs.
Despite this victory, Milei still faces challenges in governing. He will need to forge alliances with other parties in Congress, particularly the center-right, to pass legislation and implement his reform agenda.
It is worth noting that Milei's presidency has not been without controversy. In February 2025, he faced impeachment calls after promoting a cryptocurrency that collapsed, leading to significant financial losses for investors. This incident, dubbed "Cryptogate," raised questions about Milei's judgment and integrity.
Looking ahead, Milei's administration is expected to continue its focus on economic liberalization and fiscal responsibility. The midterm election results provide him with a stronger mandate to pursue these policies, but he will need to navigate complex political and economic challenges to achieve his goals.
