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8 INTERNATIONAL Wednesday, 22 November 2023
Political Upheaval in Argentina as Outsider
Javier Milei Clinches Presidential Victory
A surprising turn of events, Argentina has elected libertarian controls.
outsider Javier Milei as its new president, opting for a radical Despite concerns about the potential pain of Milei’s economic
change to address the country’s economic woes marked by remedies, many voters, particularly the youth, see him as
triple-digit inflation, a looming recession, and increasing a beacon of change. Milei’s promises have resonated with
poverty. Official results reveal Milei securing nearly 56% of those who have witnessed Argentina grapple with succes-
the votes, while his rival, Peronist Economy Minister Sergio sive crises.
Massa, conceded with 44%.
The win signifies a break from the traditional political forces,
In the heart of Buenos Aires, the jubilation of hundreds of disrupting the dominance of the Peronists and the main
Milei supporters echoed through the streets as they cele- conservative bloc. Milei’s victory could reshape Argentina’s
brated the victory of an anti-establishment figure. The economic policies, with potential impacts on trade in grains,
rallying cry “out with all of them” resounded, accompanied lithium, and hydrocarbons. He has expressed skepticism
by rock music and fireworks. towards China and Brazil, favoring stronger ties with the
United States.
Milei’s victory represents a seismic shift in Argentina’s polit- While Milei’s win has received congratulations from figures
ical landscape, with his plans for economic shock therapy like former U.S. President Donald Trump, it has raised
gaining traction among voters frustrated with the prevailing concerns in the region, with Colombian President Gustavo
economic challenges. His proposed reforms include shut- Petro describing it as a “sad day.”
ting down the central bank, abandoning the peso, and imple-
menting significant spending cuts, all aimed at addressing As Argentina embarks on this uncharted political journey,
the economic malaise. Milei faces the task of translating his radical proposals into
tangible actions while navigating a fragmented Congress
The challenges ahead for Milei are substantial, including that lacks a clear majority. The success of his presidency will
dealing with depleted government and central bank coffers, likely hinge on his ability to garner support for his transfor-
a hefty $44 billion debt program with the International mative agenda and address the pressing issues facing the
Monetary Fund, inflation nearing 150%, and complex capital nation.
