Javier Milei’s Party Wins Argentina Midterms with Over 40% of Vote, Shaking Markets and Consolidating Power

Argentina’s ruling La Libertad Avanza (LLA) won the midterm legislative elections with just over 40% of the national vote.

“The recent election in Argentina saw President Milei achieve a necessary but insufficient victory to control Congress, as the limited number of seats up for election made a majority impossible”

Spectrum News

The party expanded its congressional footprint and emerged as the dominant force across key districts.

Spectrum News

Multiple outlets report similar but not identical tallies, with some citing “over 40%” and others specifying 40.8–41%.

The win was broad-based geographically, with strong showings in Buenos Aires City, Córdoba, and Santa Fe, and a tight race in Buenos Aires Province.

Turnout was relatively low by historical standards.

Despite the scale of the victory, accounts diverge on whether Milei commands an outright majority.

Several emphasize strengthened veto power and dominance in the lower house, while also noting limits in the Senate and the absence of an absolute majority overall.

Markets and the peso rallied after the result, with multiple outlets attributing the bounce to renewed confidence and to U.S. financial backing promoted by Donald Trump and his team.

Reports say the peso jumped by more than 10%, Argentine bonds and New York–listed shares surged, and even parallel and crypto dollar rates eased.

Opera Mundi

Fitch Ratings indicated that U.S. support helped stave off a credit downgrade.

Different media describe the alleged U.S. assistance in divergent terms—ranging from “over $1 billion” to a combination of a $20 billion swap plus a $20 billion investment facility, and even up to $40 billion—often presented as Trump’s claims rather than independently verified financing.

Politically, Milei consolidates power to push his ultraliberal program, which includes tax, labor, and pension overhauls along with strict austerity measures.

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Report.az

He still needs allies to advance his agenda.

Accounts agree that LLA retains veto power and can block impeachment attempts.

LLA has become the largest bloc in the lower house but must build coalitions to pass laws, especially since the Senate is led by the opposition.

Several reports note Milei’s post-vote shift to a more conciliatory tone.

He is coordinating with center-right forces like PRO to approach a working majority.

The economic and social picture is more contested.

Some coverage credits austerity with a rapid turnaround, including a budget surplus and a dramatic drop in inflation.

Firstpost

Others emphasize pain, such as rising poverty, protests, and scandal-driven mistrust.

One narrative highlights falling inflation as a key factor winning public and institutional support.

Critical accounts argue that cuts have worsened living conditions and eroded confidence.

Despite this, Milei still mobilizes significant electoral backing.

Internationally, the race is seen as a test of libertarian governance with significant geopolitical implications.

“In Argentina’s recent midterm legislative elections, far-right leader Javier Milei and his party La Libertad Avanza (LLA) achieved a major victory, winning over 40% of the national vote and key provinces such as Córdoba, Santa Fe, Mendoza, and narrowly defeating Peronism in Buenos Aires province”

EL PAÍS

Analysts identify Milei as the world’s only self-described anarcho-capitalist leader and view the next 18 months as crucial.

EL PAÍS

Some observers emphasize a shift toward Washington and Israel and away from Mercosur.

Certain media outlets report U.S. praise and market-friendly endorsements.

Others question the legitimacy of the proposed U.S. bailout and highlight unusual or unrelated aspects that influenced the campaign’s global narrative.