Argentina’s far-right President Javier Milei has hailed the midterm election result as a ‘tipping point’ after his party, La Libertad Avanza, secured 40.8% of the national vote on Sunday. The result, though short of a congressional majority, surprised analysts given recent scandals and an economic crisis that had dented the president’s popularity. The Peronist opposition, Fuerza Patria, received 31.7%.
With more than 99% of ballots counted, Milei’s party won 64 seats in the lower house and 13 in the Senate. Combined with the centre-right PRO party of former President Mauricio Macri, the government now commands a larger bloc than the opposition. The result enables Milei to sustain presidential vetoes by securing at least a third of the lower house. However, he still needs around 20 more deputies to pass laws, requiring negotiation with provincial governors.
President Milei described the result as unprecedented, noting that midterm elections in Argentina are typically a setback for sitting presidents. He becomes only the third president to improve on his first election performance. The victory included winning the key Buenos Aires province, home to 40% of the electorate, reversing a heavy defeat there in September.
The campaign saw former US President Donald Trump announce a $40bn bailout for Argentina, conditional on Milei’s success. Trump congratulated Milei on a ‘landslide victory’. Political scientist Miguel de Luca said Trump’s support helped stabilise the economy but likely did not influence voters. Markets reacted strongly, with the Merval index jumping nearly 32% and dollar bonds rising 23%.
The election was widely seen as a referendum on Milei’s nearly two years in power and his austerity plan. The president said his focus is now on carrying out reforms to consolidate growth, adding: ‘The construction of a great Argentina begins.’
