Javier Milei’s Party Secures Major Midterm Victory in Argentina

In a decisive political moment, Argentine President Javier Milei and his ruling party achieved a commanding victory in the midterm legislative elections. Despite public frustration over his stringent austerity measures, voters endorsed Milei’s promise to restore economic stability through structural reform.

The results also resonate internationally, particularly with former US President Donald Trump, whose administration once faced criticism for providing Argentina with a multi-billion-dollar financial rescue package. For Milei, whose approval ratings had dipped in recent weeks, this win marks a strong comeback and a renewed mandate.

According to economic analysts, this outcome reflects widespread concern over potential instability if Argentina abandoned Milei’s reform agenda. His tough fiscal policies have slashed subsidies long relied upon by citizens but successfully reduced inflation rates.

“Argentines showed that they don’t want to return to the model of failure,” Milei declared triumphantly before a crowd of supporters in Buenos Aires, emphasizing his determination to maintain the path of reform.

Voters Recall Past Economic Crises with Caution

Gustavo Cordoba, director of the polling firm Zuban Cordoba, expressed surprise at Milei’s strong performance, noting that many voters seemed wary of repeating the economic collapses of previous administrations. “Many people were willing to give the government another chance,” Cordoba said. “The victory is undeniable and uncontested.”

Analysts suggest Milei’s party has secured roughly one-third of the seats in the Chamber of Deputies – a critical threshold that prevents Congress from overturning future presidential vetoes. In previous months, opposition lawmakers had repeatedly reversed Milei’s budgetary vetoes, challenging his drive for fiscal balance.

Marcelo Garcia, director of risk consultancy Horizon Engage (Americas division), called the outcome “beyond the expectations of even the most optimistic Milei supporters.” Garcia added, “This result empowers Milei to defend his decrees and vetoes in Congress more effectively.”

During his victory speech, Milei signaled a greater openness to cooperation, stating, “There are dozens of deputies and senators from other parties with whom we can reach basic agreements.”

Foreign investors have also reacted positively to Milei’s success, noting that his administration achieved a fiscal surplus and cut monthly inflation from 12.8% before his inauguration to just 2.1% last month – remarkable progress in Argentina’s volatile economy.

The Trump administration’s earlier $40 billion rescue package, which included a $20 billion debt investment and a $20 billion currency swap, played a significant role in stabilizing Argentina’s economy during Milei’s reforms. The White House has not yet commented on the recent election outcome.

La Libertad Avanza Triumphs in Buenos Aires and Nationwide

Official results show that in the crucial Buenos Aires province, the Peronist coalition garnered 40.8% of votes, while Milei’s La Libertad Avanza party achieved 41.5% – marking a dramatic political shift in a region historically dominated by Peronism.

Nationwide, La Libertad Avanza increased its representation in the House of Deputies from 37 to 64 seats, significantly strengthening the president’s legislative power. In the midterms, Argentines voted for one-third of the Senate (24 seats) and half of the Chamber of Deputies (127 seats).

Despite the Peronist movement maintaining the largest minority, analysts say Milei’s administration exceeded the 35% threshold needed to secure effective governance. Maria Laura Tagina, political scientist at the Universidad Nacional de San Martín, suggested that low voter turnout – roughly 68%, the lowest in a decade – reflected public fatigue with corruption and austerity.

After the victory, Milei hinted at a cabinet reshuffle that could include centrist figures from the PRO party, led by former President Mauricio Macri, a consistent government ally in Congress.

Financial markets are expected to react positively when they reopen, with Argentine bonds and equities likely to climb. Analysts also anticipate a controlled devaluation of the peso, which has been artificially sustained to suppress inflation.

This midterm victory not only reinforces Javier Milei’s authority at home but also strengthens investor confidence abroad. For many Argentines, the results symbolize cautious hope that tough reforms today will secure long-term stability tomorrow.