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Voters in Argentina have officially handed President Javier Milei a midterm victory.
Getting into it: According to election data, Milei’s party secured about 41% of the national vote, a notable gain for his La Libertad Avanza movement. This translated into 64 out of 127 contested seats in the lower house and 13 of the 24 Senate seats up for grabs. Prior to the election, Milei had limited legislative backing (just seven Senate seats and 37 lower house seats), making it difficult to push his agenda without resistance. With this new political strength, Milei can now block attempts to overturn his vetoes, shield his executive orders, and laugh off impeachment threats.
Notably, the United States played a pivotal role in the election with a $40 billion financial support package to Milei’s performance in the midterms. The package includes a $20 billion currency swap with Argentina’s central bank and another $20 billion in debt facilities arranged through private banks. President Trump, a vocal supporter of Milei, made it clear that the aid was conditional, stating, “If he wins, we’re staying with him. If he doesn’t win, we’re gone.” Critics, including opposition leaders in Argentina, accused the US of directly influencing the election by offering financial lifelines in exchange for Milei’s reforms. Despite the controversy, the prospect of US backing helped reassure financial markets, prop up the peso, and stabilize Argentina’s foreign reserves just ahead of the vote.
In a statement, President Milei thanked Trump, saying, “Thank you, President Trump for trusting the Argentine people. You are a great friend of the Argentine Republic. Our Nations should never have stopped being allies. Our peoples want to live in freedom. Count on me to fight for Western civilization, which has succeeded in lifting more than 90% of the world’s population out of poverty. MAGA”
The midterm vote was widely seen as a referendum on Milei’s libertarian agenda, which he launched after taking office in December 2023. Branded with slogans like “Make Argentina Great Again” and punctuated by appearances wielding a chainsaw, Milei promised to cut down the size of Argentina’s government. These reforms delivered some immediate results (inflation fell by over 200%, and Argentina posted its first budget surplus in over a decade).
