BUENOS AIRES, ARGENTINA — Argentine President Javier Milei secured a decisive midterm election win on Sunday, expanding his party’s presence in Congress and solidifying public backing for his sweeping economic overhaul. The results mark a key moment for Milei’s libertarian agenda — and signal renewed alignment between Buenos Aires and Washington under the leadership of former President Donald Trump.
Milei’s party, La Libertad Avanza, captured nearly 41.5% of the vote nationwide, outperforming the once-dominant Peronist opposition, which trailed with just over 31%. The outcome was particularly notable in Buenos Aires province, a stronghold historically held by the Peronist movement. La Libertad Avanza pulled off a historic upset there, reversing a 14-point loss in the provincial elections just last month.
The victory was widely interpreted as a public endorsement of Milei’s aggressive economic reforms, including drastic spending cuts, the elimination of thousands of government jobs, and a shift toward market liberalization. “Today we pass the turning point,” Milei told supporters in Buenos Aires on election night. “Today begins the construction of a great Argentina.”
The win also strengthened Milei’s grip on Congress, with his coalition gaining 14 Senate seats and 64 seats in the lower house, just three short of an outright majority.
Quiet Boost from Washington
Behind the scenes, the United States government under President Donald Trump played a quiet but strategic role in supporting Milei’s position heading into the elections. According to multiple reports, the Trump administration offered a $40 billion aid package to Argentina, including a $20 billion currency swap and a $20 billion debt-investment facility, contingent on Milei’s performance in the midterms.
Trump, who had met with Milei earlier this month at the White House, publicly congratulated the Argentine leader Sunday night on Truth Social, calling it a “landslide victory” and praising Milei for “doing a wonderful job.”
Speaking to reporters Monday aboard Air Force One en route to Asia, Trump added: “He had a lot of help from us… We are sticking with a lot of countries in South America. We focus very much on South America.”
The aid package reportedly helped Argentina’s central bank stabilize the peso in the weeks leading up to the vote, as Milei faced mounting pressure from market volatility and fears of a currency crisis.
Market Response
Investors responded positively to the result, with Argentine bonds and equities expected to rally on Monday. “For foreign investors, this outcome is a relief,” said Marcelo García of Horizon Engage, a geopolitical risk firm. “It shows that the Milei program can be sustainable and has democratic support.”
Trump administration officials, including Treasury Secretary Scott Bessent, oversaw the coordination of the bailout package. “We’ve made a lot of money based on that election,” Trump remarked, referencing the surge in bond values, though he added the U.S. “was not in it for the money, per se.”
With a firmer political mandate and increased support from the United States, Milei now faces the challenge of turning popular momentum into long-term economic recovery.
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