Argentine President Javier Milei has declared a political “tipping point” after his libertarian party achieved a decisive victory in the South American nation’s midterm elections, exceeding even his own supporters’ expectations.
The maverick libertarian leader addressed jubilant supporters in Buenos Aires, proclaiming that “something unprecedented” was unfolding not just in Argentine history but globally. His La Libertad Avanza party captured over 40 per cent of the national vote, dramatically surpassing pre-election forecasts that predicted around 30 per cent would represent success.
Standing before hundreds of cheering followers in Argentina’s capital, the 55-year-old president declared the nation had reached a pivotal moment. The emphatic victory saw his party triumph over the Peronist opposition coalition, which managed only 31 per cent, marking a stunning reversal of fortunes for a movement that has dominated Argentine politics for generations.
The electoral success represents a remarkable political comeback for Milei, whose party held merely seven Senate seats and 37 lower house positions before Sunday’s vote. The midterm elections delivered 64 seats in the Chamber of Deputies and 13 Senate positions, catapulting La Libertad Avanza into a position where it can now protect presidential vetoes and advance contentious economic reforms.
Trump Hails ‘Landslide’ for Ally
US President Donald Trump swiftly congratulated Milei on the outcome, describing the result as a “landslide victory” and praising his Argentine counterpart’s performance. The American leader’s enthusiastic response follows Washington’s provision of a massive $40 billion financial rescue package to Buenos Aires earlier this month, the largest American bailout of another country since Mexico received emergency support in 1995.
Trump’s administration had made clear that continued American backing hinged partly on Milei demonstrating electoral strength, with the US Treasury providing extraordinary intervention including a $20 billion currency swap and direct peso purchases ahead of polling day.
Dramatic Turnaround in Peronist Stronghold
The most startling results emerged from Buenos Aires province, historically a Peronist fortress where Milei’s party had suffered a crushing defeat just weeks earlier in local elections. La Libertad Avanza clawed back to finish virtually neck-and-neck with the opposition, representing a seismic shift in Argentina’s political landscape.
The province holds more than a third of the country’s electorate, making its swing towards Milei particularly significant for his remaining two years in office. Political analysts described the reversal as unprecedented, suggesting fear of renewed economic chaos may have driven voters back to supporting the president’s radical agenda despite widespread pain from austerity measures.
Chainsaw Economics Delivers Mixed Results
Since taking office in December 2023, Milei has pursued an aggressive programme of spending cuts and government downsizing that earned him the nickname “chainsaw president”. He eliminated tens of thousands of public sector positions and froze expenditure across multiple departments, actions that produced Argentina’s first fiscal surplus in 14 years.
The brutal austerity succeeded in slashing inflation from a staggering 289 per cent annual rate in April 2024 to 32 per cent by last month, winning applause from foreign investors and the International Monetary Fund. Monthly inflation dropped from 12.8 per cent before his inauguration to just 2.1 per cent recently.
However, these achievements came at substantial cost to ordinary Argentines. The peso’s purchasing power collapsed, unemployment rose above pre-Milei levels, and an estimated 250,000 jobs vanished as subsidies were slashed. Households face higher bills for electricity and public transport, whilst wages and pensions have lagged behind price increases.
Sister’s Corruption Scandal
Milei’s popularity took a hit before the elections when his sister Karina, who serves as his chief of staff, became embroiled in alleged bribery scandals. The accusations damaged the president’s carefully cultivated image as an anti-corruption crusader and resonated particularly badly with voters already struggling under harsh austerity.
Despite these setbacks, economic activity showed tentative signs of recovery, growing 0.3 per cent in August 2025 after three consecutive months of contraction, providing Milei with evidence that his painful reforms might be starting to work.
Record Low Turnout
Voter participation reached historic lows, with turnout hovering around 68 per cent despite voting being compulsory for adult Argentines. The figure represents one of the poorest showings since the country’s return to democracy in 1983, reflecting widespread disillusionment with the entire political establishment.
Many voters told reporters they supported Milei’s party not out of enthusiasm but because they remained viscerally opposed to Peronism, whose figurehead Cristina Fernández de Kirchner is currently under house arrest following corruption convictions.
Reform Agenda Accelerates
The stronger congressional position enables Milei to advance ambitious tax, pension and labour reforms that had previously faced insurmountable opposition. He announced plans to immediately contact provincial governors to accelerate agreements on long-term economic restructuring, signalling his intention to capitalise quickly on the mandate.
Financial markets are expected to rally strongly when trading resumes, with Argentine bonds and equities poised to surge on optimism about accelerated deregulation and fiscal consolidation. However, analysts predict authorities may devalue the peso, which many economists argue has become overvalued as officials manipulated the exchange rate to contain inflation ahead of polling.
Milei’s victory speech struck a triumphant note rarely heard from Argentine leaders in recent decades. He thanked the 10 million citizens who backed his coalition, promising they would witness the birth of “the most reformist Congress in Argentina’s history”. His reference to making “Argentina great again” deliberately echoed Trump’s signature slogan, underscoring the ideological alignment between the two leaders.
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Image Credit:
Javier Milei — photo by Vox España, dedicated to the public domain under CC 0 1.0 Universal. (commons.wikimedia.org)
