Early results from Argentina’s legislative elections on Sunday revealed a landslide victory for President Javier Milei, as voters overwhelmingly backed his free-market reforms and deep austerity measures. This outcome provides a strong boost for the libertarian leader to continue his ambitious economic overhaul.
President Milei’s party, La Libertad Avanza, secured 41.5% of the vote in Buenos Aires province, compared with 40.8% for the Peronist coalition, according to official results. This is significant, as the province has long been a political stronghold for the Peronists, marking a dramatic political shift in the region.
Nationwide, La Libertad Avanza won 64 seats in the House of Deputies, up from 37, according to government figures. Milei aimed to expand his small minority in Congress and retain the support of former U.S. President Donald Trump. The Trump administration recently provided Argentina with a hefty financial bailout but had threatened to withdraw support if Milei’s government did not perform well in the elections.
In this midterm vote, half of Argentina’s lower Chamber of Deputies—127 seats—as well as a third of the Senate—24 seats—were contested. The Peronist opposition remains the largest minority in both houses, while Milei’s relatively new party previously held only 37 deputies and six senators.
The White House and foreign investors have praised the government’s achievements, including the significant reduction of monthly inflation from 12.8% before Milei’s inauguration to 2.1% last month. Additionally, the government has managed to achieve a fiscal surplus and implement sweeping deregulation measures.
However, Milei’s popularity had dipped in recent months due to public frustration with his cuts to public spending and a corruption scandal involving his sister, who also serves as his chief of staff.
Political experts noted that securing more than 35% of the vote would be a positive outcome for Milei’s administration. It could enable him, through alliances with other parties, to block efforts by opposition lawmakers aiming to overturn his vetoes on laws he argues threaten Argentina’s fiscal balance.
Looking ahead, Milei has announced plans for a cabinet shake-up after the election, potentially including members of the centrist PRO party—a frequent ally in Congress led by former President Mauricio Macri.
The election results will be welcomed by the White House. Trump’s potential $40 billion bailout package for Argentina includes a signed $20 billion currency swap and a possible $20 billion debt investment facility.
Financial markets are expected to rally on Monday as bonds and stocks respond positively to the news. The results provide Milei with the necessary votes and political capital to accelerate his reform agenda.
Following the election, many analysts predict a devaluation of the peso, which they say has been overvalued to help contain inflation. This development could further impact Argentina’s economic trajectory in the months to come.
https://nypost.com/2025/10/27/world-news/argentinas-midterm-election-hands-landslide-win-to-mileis-libertarian-overhaul/