Right wing parties have made large gains in Argentina despite coming in second. In the first round, the libertarian-populist Javier Milei will be facing the left-wing Sergio Massa.
Massa has been economic minister during a period of high inflation, a common event in Argentina. NBC News reports:
Economy Minister Sergio Massa produced a big surprise by finishing first in the opening round of Argentina’s presidential election, reflecting voters’ wariness about handing the presidency to his chief rival, a right-wing populist who upended national politics and pledged to drastically diminish the state.
Massa’s victory over Javier Milei, a chainsaw-wielding economist and freshman lawmaker, came despite the fact that on his watch inflation has surged into triple digits, eating away at the purchasing power of salaries and boosting poverty. Still, he wasn’t punished in Sunday’s voting.
While Milei’s persona is controversial to some, his supporters claim he offers a breath of fresh air in a sclerotic economy. CNN reports:
A chainsaw-wielding, self-professed “anarcho-capitalist” is now one step closer to overhauling Argentina’s beleagured economy — by throwing out the nation’s peso currency and adopting the US dollar as legal tender.
Javier Milei, a far-right libertarian presidential candidate, has made “dollarizing” Argentina a signature proposal of his campaign, hailing it as a cure for the country’s hyperinflation problem. It’s a step other countries have taken, just none the size of Argentina
Who wins this election could impact how Argentina relates to the United States. Once of the richest countries in the Americas, Argentina could potentially soar if it strikes the right trade deals and keeps its finances in order.
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