Amid a severe economic crisis, Argentines have elected a new president. The libertarian populist Javier Milei was considered the favorite in the first round of voting. The self-proclaimed “anarcho-capitalist” wants to introduce the US dollar as legal tender, abolish the central bank and many ministries and radically cut social spending.
The candidate from the La Libertad Avanza (Freedom Advances) party ran against incumbent Economy Minister Sergio Massa from the left-wing Unión por la Patria (Union for the Fatherland) and former Interior Minister Patricia Bullrich from the conservative opposition alliance Juntos por el Cambio (Together for the Fatherland). change).
“Argentina needs stability and predictability,” said Sergio Massa after casting his vote on the X platform, formerly Twitter. The present and future of Argentina are at stake, said Bullrich and called on the population to vote. Milei came to the polls wearing a black leather jacket and surrounded by a large crowd, as shown on TV images. His wish was to “get Argentina back on its feet,” he said after casting his vote. He is capable of “forming the best government in history.”
If Milei wins the election with his market-liberal program, it would be a real turnaround for Argentina. For over 20 years, the left-wing Peronists have largely set the tone in the South American country, the state intervenes massively in the economy, public services are heavily subsidized and in many provinces more workers are employed in the public sector than in the private sector.
Voting from 16 years of age
Milei is particularly well received by young people – and in Argentina they can vote from the age of 16. Despite his radical proposals, the economist would probably have to make compromises if he won the election. His party will not have its own majority in Congress, and the political outsider also lacks qualified personnel to fill important positions.
South America’s second largest economy is in a deep economic crisis: the inflation rate is 138 percent, and around 40 percent of the people in the once rich country live below the poverty line. Argentina suffers from a bloated state apparatus, low industrial productivity and a large shadow economy that deprives the state of much tax revenue. The national currency, the peso, continues to lose value against the US dollar and the mountain of debt is constantly growing.
To win the election outright in the first round, a candidate must receive at least 45 percent of the vote or 40 percent of the vote and ten percentage points ahead of the runner-up. If none of the candidates can prevail in the first round, the two strongest candidates will go to the runoff election on November 19th. The future president takes office on December 10th.
