Milei wins mandate for free-market revolution in Argentina’s election

resident Javier Milei scored a decisive political win Sunday, strengthening his position in Argentina’s Congress and securing a lifeline for his audacious free-market revolution backed by President Trump .

- Samantha Pearson, Silvina Frydlewsky & Santiago Pérez

The result shores up momentum for self-described 'anarcho-capitalist' economic programs.

(AP)

With nearly 99% of votes counted, Milei’s Freedom Advances party won almost 41% of the national vote, more than doubling its representation in Congress. That means his party and allies secured at least one-third of the seats in both chambers—the critical threshold that allows Milei to preserve his veto power and defend his sweeping decrees.

The result, stronger than most polls had predicted, gives Milei fresh political momentum after months of unrest over deep spending cuts and a grinding recession last year. It also shores up his standing with Washington and the International Monetary Fund, which have tied future financial support to the survival of his austerity experiment. Market analysts expect Argentine bonds and the peso to rally when trading opens Monday, reflecting relief that Milei still has political traction after taking office two years ago.

“Today marks the beginning of building a great Argentina,” Milei told cheering supporters in downtown Buenos Aires late Sunday.

“This result is nothing more and nothing less than the confirmation of the mandate we assumed in 2023,” he said, pointing to it as proof of voters’ “determination to change the destiny of the nation irreversibly.”

The U.S. announced a $20 billion currency swap this month to prop up Argentina’s currency and promised to raise another $20 billion from private banks and sovereign wealth funds.

Trump has made it clear his support was contingent on Milei’s electoral success. “If he wins, we're staying with him. And if he doesn’t win, we're gone,” Trump said this month.