President Javier Milei of Argentina reportedly secured a decisive political win Sunday, fortifying his grip on Congress and breathing new life into the radical free-market overhaul he has championed alongside President Donald Trump.
With more than 99 percent of ballots counted, Milei’s Freedom Advances party captured nearly 41 percent of the national vote — a result that more than doubles its congressional reach. His party and its allies will now control at least one-third of the seats in both chambers, preserving the veto power that safeguards the president’s sweeping economic decrees.
The showing, stronger than most polls had forecast, marks a decisive shift in political momentum for Milei after months of unrest tied to steep spending cuts and a deep recession. It also shores up confidence among partners in Washington and the International Monetary Fund, which have linked continued support to the durability of his austerity agenda.
Argentina’s dollar-denominated bonds rallied Monday, and U.S.-listed Argentine equities surged in premarket trading — early signs that financial markets believe Milei remains positioned to execute the free-market reforms that have earned him Trump’s public backing.
“Today marks the beginning of building a great Argentina,” Milei declared before a jubilant crowd in downtown Buenos Aires. The results, he said, signaled “the confirmation of the mandate we assumed in 2023,” reflecting Argentines’ “determination to change the destiny of the nation irreversibly.”
Washington has already stepped in with a $20 billion currency swap to support Argentina’s peso and pledged to mobilize another $20 billion through private banks and sovereign-wealth funds. Trump made clear that America’s continued partnership depended on Milei’s political success.
“BIG WIN in Argentina for Javier Milei, a wonderful Trump Endorsed Candidate!” Trump wrote Monday on Truth Social. “He’s making us all look good.”
Riding a wave of anger toward Argentina’s traditional political class, Milei rose to power promising “anarcho-capitalism,” wielding a chain saw at rallies to demonstrate his intention to slash government spending. He devalued the peso to unify exchange rates, cut energy subsidies, and removed tens of thousands of public-sector workers from the payroll. Those steps brought Argentina its first balanced budget in over a decade and pushed inflation down to 32 percent — a dramatic drop from nearly 200 percent two years ago.
Yet, the reforms have imposed undeniable pain at home. Roughly one in three Argentines remains in poverty. Many expected voters to recoil.
But younger citizens, particularly those who watched family members flee past Peronist economic collapses, say Milei represents the last best chance to restore prosperity. “Milei is putting the country back on its feet,” said Leandro Pedrozo, a 20-year-old law student. “I’m not leaving… I’ve decided to bet on my country.”
The Peronist movement — which has dominated Argentine politics for eight decades — struggled to mobilize voters even in areas hardest hit by the austerity campaign. Rodrigo Zarazaga, a Jesuit priest who has ministered in Buenos Aires slums for decades, called the result “an impressive comeback.”
Analysts say securing one-third of the legislature gives Milei political breathing room. “A very strong and conclusive performance,” said Alberto Ramos of Goldman Sachs, arguing the win should bolster governability and continued U.S. support.
Still, critics warn the social fabric remains strained. “It’s wrong to ignore the suffering of many Argentines,” said Axel Kicillof, the Peronist governor of Buenos Aires province.
For now, the message from voters appears clear: painful reform is preferable to returning power to the political forces that presided over decades of decline. Milei has been granted more time — and more authority — to prove that shock therapy can deliver lasting recovery in a nation long starved for economic stability.
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