AP file photo
Argentinian president Javier Milei’s party scored a sweeping victory in Argentina’s legislative elections on Sunday, according to early results. Voters backed Milei’s drive to continue his economic reforms, despite growing frustration over austerity measures that have caused higher prices and job losses.Milei sought to strengthen his small minority in Congress and retain the backing of US President Donald Trump, whose administration recently granted Argentina a major financial bailout but warned it could withdraw support if Milei underperformed.US President Donald Trump congratulated Milei on his “landslide victory” and said that he did a “wonderful job”. “Congratulations to President Javier Milei on his Landslide Victory in Argentina. He is doing a wonderful job! Our confidence in him was justified by the People of Argentina,” Trump said through a post on Truth Social.Milei previously sought to strengthen his small minority in Congress and retain the backing of Trump, whose administration recently granted Argentina a major financial bailout but warned it could withdraw support if Milei underperformed.Milei, a close ideological ally of Trump, said his party gained 14 seats in the Senate and 64 in the lower house on Sunday, giving it enough strength in Congress to sustain presidential vetoes and prevent impeachment attempts. “The Argentine people have decided to leave behind 100 years of decadence,” Milei said to a cheering crowd, as cited by AP. “Today we have passed the turning point. Today we begin the construction of a great Argentina.”In Sunday’s midterm elections, 127 of the 257 seats in Argentina’s Chamber of Deputies and 24 of the 72 Senate seats were contested. The Peronist opposition continues to hold the largest minority in both chambers, while Milei’s relatively new party currently has 37 deputies and six senators.The White House and foreign investors have noted the government’s success in sharply reducing monthly inflation, from 12.8 percent before Milei took office to 2.1 percent last month, achieving a fiscal surplus, and implementing broad deregulation measures.Milei has been working to prevent a currency crisis after the Peronist opposition’s sweeping victory in Buenos Aires provincial elections last month.Argentina’s bonds and currency fell sharply as markets grew concerned that public support for Milei’s economic reforms was weakening and that the midterm elections would be closely contested.In response, Milei used billions of dollars from foreign reserves to stabilize the peso. The US Treasury later intervened, selling dollars to meet rising demand and finalizing a credit line to support Argentina’s economy.
