The Risk Report

ARGENTINA'S PRESIDENT JAVIER Milei, a man who's enjoyed extraordinary success with a “move-fast-and-break-things” approach to politics and economic policy, is starting to look a lot more vulnerable.

- By Ian Bremmer CONTRIBUTING EDITOR

And at an inconvenient moment, with the approach of the country's Oct. 26 midterm elections, which could mark the beginning of the end for Milei and his reform efforts.

In early October, lawmakers resoundingly overturned two vetoes that were part of his economic reform process: Argentina's Senate voted 59-7 to overturn Milei's block on new funding for universities and 58-7 against his attempt to veto new money for pediatric health care. The Chamber of Deputies, Argentina's lower house, had already rejected Milei's vetoes.

Milei had argued that both bills would force government to spend money it doesn't have, but opponents in the Senate argued the plans were essential on moral, not fiscal, grounds.