Milei's Party Wins Big in Argentine Midterm Elections, Vowing to Continue Reforms

Nepal and Buenos Aires witnessed significant events, as Argentine President Javier Milei hailed his party's overwhelming victory in Sunday's midterm elections as a "turning point" for the country. According to reports, Milei's La Libertad Avanza (LLA) party secured 40.7 percent of the votes cast for members of Congress, far surpassing the opposition in a vote closely watched by investors. The outcome has sparked optimism in the business community, with US President Donald Trump, a close ally, congratulating Milei on his party's success.

Key Takeaways:

• Milei's LLA party won 40.7 percent of the votes cast for members of Congress in Sunday's midterm elections, securing a significant majority in the Chamber of Deputies and the Senate.
• The party won 101 seats in the Chamber of Deputies, up from 37, and 20 seats in the Senate, up from six.
• The center-left Peronist movement, in power for much of Argentina's post-war history, trailed in second place with 31.7 percent of the vote.
• Half of the seats in the Chamber of Deputies and one-third of the Senate seats were up for grabs on Sunday.
• President Milei vowed to continue on the reform path with what he predicted would be "the most reformist Congress in Argentina's history."

Statistics:

• The number of seats still needs to be confirmed by the final vote count this week.
• The National Election Commission has tallied 98.9 percent of polling stations so far.
• Turnout was at a four-decade low at 67.9 percent.
• The US Treasury has intervened several times in the market in recent weeks, buying up pesos to help keep the Argentine peso afloat.

Sources:

• AP News
• BBC News
• The Guardian
• Fortune Magazine