Argentina Midterm Election Results: President Milei Secures Crushing Victory—“A Turning Point”

 

On Sunday local time, preliminary results from Argentina’s congressional midterm elections showed President Javier Milei achieving a landslide victory. This provides strong backing for the libertarian leader to continue advancing his economic reform agenda.

“A Major Turning Point”  

According to Argentina’s Cabinet Chief, with over 90% of votes counted, Milei’s party, La Libertad Avanza (“Liberty Advances”), secured 40.8% of the national vote, while the opposition bloc garnered 24.5%.  

 

As a result, La Libertad Avanza is projected to win 64 seats in the lower house, with the opposition taking 31.  

 

In Buenos Aires Province—long a stronghold of the Peronist opposition—La Libertad Avanza won 41.5% of the vote against the opposition’s 40.8%, marking a significant political shift.  

 

At a victory rally in Buenos Aires, Milei told supporters: “Today we’ve reached a turning point. From this day forward, we begin building a great Argentina.”

 

In this midterm election, half of the lower house seats (127) and one-third of the Senate seats (24) were up for renewal. Prior to the vote, the Peronist opposition held the largest blocs in both chambers, while Milei’s fledgling party had only 37 deputies and 6 senators.  

 

Political experts had predicted that a result above 35% would be positive for Milei, allowing him to form alliances with other parties to block opposition attempts to overturn his policies. Ultimately, exceeding 40% constitutes a resounding triumph.  

 

Following the results, Milei stated he expects a cabinet reshuffle after the election, with the new cabinet potentially including members from the centrist PRO party (“Progressive Alliance”).

Smooth Path to Trump Aid?  

Beyond strengthening his slim congressional influence, Milei’s goal in the midterms was to secure support from U.S. President Donald Trump.  

 

The Trump administration recently provided substantial financial aid to Argentina, but poor midterm performance could have led to its withdrawal.  

 

Since taking office, Milei has dramatically reduced monthly inflation—from 12.8% before his inauguration to 2.1% last month. The government has also achieved a fiscal surplus and implemented sweeping deregulation.  

 

However, Milei’s public approval has declined in recent months due to backlash over public spending cuts and a corruption scandal involving his sister (who also serves as his chief aide).  

 

Thus, the election outcome removes a key obstacle for the White House to deliver aid to Argentina. Trump has outlined a $40 billion rescue package, including a signed $20 billion currency swap agreement and a potential $20 billion debt investment mechanism.  

 

Local markets are expected to open higher on Monday, with bonds and stocks rising as the result gives Milei the votes and political capital needed to push reforms. Meanwhile, many analysts predict the Argentine peso will depreciate.