Argentina’s President Javier Milei and his advisor Santiago Caputo (Image credits: AP)
Argentines have voted in legislative elections viewed as a litmus test for President Javier Milei’s free-market reforms and deep austerity measures.Turnout was 66%, according to provisional figures released by the national election chamber. If confirmed, this would be the lowest turnout in more than 40 years, according to Spain’s EFE news agency.The president and his party, La Libertad Avanza, is looking to increase its small minority in congress which would make future reforms easier.Half of Argentina’s lower chambers of deputies and a third of the Senate’s seats are up for grabs in this legislative elections.Melei has faced several political blows since September with congress overturning laws introduced by him.The high-stakes midterm elections assume even more importance for Argentina’s economy.US President Donald Trump, who recently provided Argentina with a hefty financial bailout, has threatened to pull support if Milei does not perform well in the elections.”Don’t give up because we’re halfway there,” Milei told supporters at a closing campaign event in the port city of Rosario on Thursday. “We’re on a good path.”
Milei’s moment of truth
Milei, who has built his presidency on austerity measures and drastic economic reforms, saw his popularity drop amid a corruption scandal and public weariness. While his reforms have tamed inflation, the dramatic welfare cuts have severely affected universities, public hospitals and pensioners.His party was defeated at the polls in Buenos Aires’ provincial elections in September as a result, an outcome which was seen as indicative of the mood going into Sunday’s ballot.A majority seems out of Milei’s reach. However, political experts say that if the president’s party grabs more than 35% of the votes, his government would be able to block opposition to his vetos through alliances with other parties.
US bailout on the line
Sunday’s outcome will be closely watched by the White House.Facing pressure from the Peso, which continues to lose ground, and inflation which is creeping back up, Milei sought help from one of his best political friends: US President Donald Trump.Trump, who has called Milei his “favourite president,” offered a financial package in the form of a currency swap worth $20 billion (€17.2 billion) and the promise of another $20 billion in aid from private banks.But soon after, Trump imposed a condition that Milei must not suffer defeat at the hands of “socialists or communists.”
