The Argentine opposition party won the legislative elections in the province of Buenos Aires on Sunday, leaving President Javier’s party Milei in second place. Based on the counting of the votes, the peronist coalition “Fuerza Patria”, by Provincial Governor Axel Kicillof, reached 47.12%, compared to 33.80% of the governor “La Libertad Avanza”.
The difference was placed by the local press as an unexpected result and much larger than private polls predicted. The province, which contains the Argentine capital, is a historical stronghold of Peronism and concentrates 40% of the national electorate.
Milei faces growing political pressure because of a corruption scandal and growing concern about public spending. Of the 10 provincial elections that took place this year alone, the president’s party took only two.
The result in Buenos Aires can dictate the tone to the national parliamentary elections on October 26, defining whether Javier Milei will reverse his current minority in both Congress houses and will approve more measures or not.
The president reaffirmed his libertarian policies – focusing on fiscal balance, economic opening and inflation control – still on Sunday after recognizing the defeat in the province. On Monday (8), the Argentine market dropped more than 13% in shares, government securities retreated about 6% and the national currency reached the lowest historical value.
