Argentina elects right-wing libertarian Javier Milei as new president

Argentina has elected right-wing libertarian Javier Milei as its new president, rolling the dice on an outsider with radical views to build an economy battered by triple-digit inflation, a looming recession and rising poverty. Official data showed Milei with near 56% versus just over 44% for his rival, Peronist Economy Minister Sergio Massa, who conceded defeat in a speech. The result once again caught pollsters off guard who had predicted a closer race. In downtown Buenos Aires hundreds of Milei supporters honked horns and chanted his popular refrain against the political elite - out with all of them" - as rock music played from speakers. Some people set off fireworks as excitement spread. “We came to celebrate this historic triumph,” said Efrain Viveros, a 21-year-old student from the province of Salta. “I’m honestly ecstatic. Milei represents change, for the better. With Massa we’d have had no future, our future has returned.” Massa in a speech said he had congratulated Milei and said the libertarian now needed to show his readiness to rule. “From tomorrow the responsibility of providing certainty belongs to Milei,” he said. Milei is pledging economic shock therapy. His plans include shutting the central bank, ditching the peso, and slashing spending, potentially painful reforms that resonated with voters angry at the economic malaise. “Milei is the new thing, he’s a bit of an unknown and it is a little scary, but it’s time to turn over a new page,” said 31-year-old restaurant worker Cristian as he voted on Sunday. Milei’s challenges are enormous. He will have to deal with the empty coffers of the government and central bank, a creaking $44 billion debt program with the International Monetary Fund, inflation nearing 150% and a dizzying array of capital controls. Some Argentines had characterized the vote as a choice of the “lesser evil”: fear of Milei’s painful economic medicine versus anger at Massa and his Peronist party for an economic crisis that has left Argentina deeply in debt and unable to tap global credit markets. Milei has been particularly popular among the young, who have grown up seeing their country lurch from one crisis to another. “Perhaps not everything Milei says I agree with or can identify with but he is our future,” said Irene Sosa, a 20-year-old student celebrating outside his election bunker. “Milei represents a future for young people like me, Massa was everything that is wrong with our country.” Milei’s win shakes up Argentina’s political landscape and economic roadmap, and could impact trade in grains, lithium and hydrocarbons. Milei has criticized China and Brazil, saying he won’t deal with “communists,” and favors stronger US ties. Despite that, Brazilian President Luiz Inacio Lula da Silva wished Milei luck and success after the result was announced, adding that it was important democracy was respected. Former US President Donald Trump congratulated Milei and said the libertarian would make Argentina great again. Leftist Colombian President Gustavo Petro, meanwhile, said it was a “sad day” for the region. Shock Rise The shock rise of Milei, a 53-year-old economist and former TV pundit, has broken the hegemony of the two main political forces on the left and the right - the Peronists and the main Together for Change conservative bloc. “The election marks a profound rupture in the system of political representation in Argentina,” said Julio Burdman, director of the consultancy Observatorio Electoral, ahead of the vote. Supporters of Massa, 51, an experienced political wheeler-dealer, had sought to appeal to voter fears about Milei’s volatile character and plan to cut back the size of the state. “Milei’s policies scare me,” teacher Susana Martinez, 42, said on Sunday after she voted for Massa. Milei is also staunchly anti-abortion, favors looser gun laws and has criticized Argentine Pope Francis. He used to carry a chainsaw in a symbol of his planned cuts but shelved it in recent weeks to help boost his moderate image. After October’s first-round vote, Milei struck an uneasy alliance with the conservatives, which boosted his support. But he faces a highly fragmented Congress, with no single bloc having a majority, meaning that he will need to get backing from other factions to push through legislation. Milei’s coalition also does not have any regional governors or mayors. That may temper some of his more radical proposals. Long-suffering voters are likely to have little patience, and the threat of social unrest is never far below the surface. His backers say only he can uproot the political status quo and economic malaise that has dogged South America’s second-largest economy for years.