What Will Milei’s Presidency Mean for Argentina?
Right-wing libertarian Javier Milei was elected Argentina’s president on Sunday, defeating current Economy Minister Sergio Massa, who conceded, by a margin of nearly 12 percentage points. Milei faces an economy with triple-digit inflation and rising poverty, and he has vowed radical actions including dollarizing the economy and closing the central bank. He has called climate change “a lie of socialism” and said he would cut ties with China and Brazil, saying he does not want to “do business with communists.” What are the major factors that led to Milei’s victory? What are the biggest changes Argentina will see during his presidency? What is the future of Argentina’s relations with other countries in Latin America, as well as the United States and China, under Milei?
Juan Cruz Díaz, managing director at Cefeidas Group in Buenos Aires: “Javier Milei’s rise to the presidency stems from a confluence of factors tapping into widespread discontent with the ruling coalition. The economic downturn, characterized by rising inflation and poverty rates, provided fertile ground for Milei to exploit public dissatisfaction. Fatigue with the political status quo, particularly Kirchnerism, allowed Milei to leverage opposition proposals, notably from the Juntos por el Cambio (JxC) coalition. Initially propelled by an anti-establishment narrative, Milei strategically shifted post-election, adopting a more conciliatory tone. Reconciliation with JxC’s Patricia Bullrich and former President Mauricio Macri played a pivotal role in securing crucial support and JxC votes, contributing to Milei’s victory in the second round. Milei’s presidency promises substantial…”Read More
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