More confirmation is required, but LLA, the party of Javier Milei, Argentina’s libertarian (small “l”: it’s complicated) president appears to have significantly outperformed expectations in the country’s midterm elections. LLA had to win around 35 percent of the vote, but seems to have taken nearly 41 percent.
Interestingly (again, subject to confirmation), LLA appears to have narrowly outpolled the Peronists (FP) in Buenos Aires province. It was the very strong performance by the FP in local elections in that province — long a Peronist stronghold — that, superficially anyway, triggered the run on the peso that ultimately led to U.S. intervention in the currency markets. Treasury Secretary Scott Bessent might have every reason to be pleased (and relieved) tonight.
If these results mean that Milei can move to part deux of his reform program with real backing in the legislature, that will be very good news. That said, Argentina has a long, long way to go. In the meantime, it will interesting to see which voters stayed at home (turnout was lower than expected) and why.
More to come . . .