Argentines Vote Under Economic Crisis Shadow, Far-Right Candidate Leading
BUENOS AIRES, Oct 22 – Argentina held its general election on Sunday amidst the country’s worst economic crisis in two decades. The outcome of the election is expected to have a significant impact on the country’s markets, trade relationships, and future political direction. The election is dominated by an outsider far-right libertarian candidate who is currently leading in the polls.
Polling stations opened at 8:00 am with three frontrunner candidates vying for the presidency: libertarian economist Javier Milei, centrist Peronist Economy Minister Sergio Massa, and conservative Patricia Bullrich. Milei has gained significant support with his promise to dismantle the current economic and political system. Voters, frustrated with rampant inflation and high levels of poverty, have flocked to his message of radical change.
According to Federico Aurelio, president of consulting firm Aresco, “People want things to change. How? They have no idea, but they want something different.”
Milei, often compared to leaders like Donald Trump and Jair Bolsonaro, achieved a surprise win in the August open primaries. However, Massa and Bullrich are not far behind, making the race too close to call. Pollsters are not expecting an outright winner, and a second round run-off may be necessary.
For a candidate to avoid a second round, they need to secure over 45% of the vote or obtain 40% with a 10-point lead. If a run-off is required, it will be held on Nov. 19. The voting on Sunday will conclude around 6:00 p.m., and the first results are expected at 9:00 p.m.
Regardless of the election outcome, the incoming president will face a struggling economy. The central bank reserves are depleted, a recession is expected following a major drought, and the $44 billion program with the International Monetary Fund (IMF) is facing uncertainty.
Milei has emerged as a prominent figure in this crisis, advocating for shock therapy measures to address the economic issues. His proposals include dollarizing the economy, shutting down the central bank, reducing the size of the government, and privatizing state entities. Supporters see Milei as the only candidate who understands the country’s situation and knows how to save it.
Meanwhile, Massa, the current economy chief, promises to tackle the fiscal deficit, maintain the peso, and defend the Peronist social welfare safety net. Bullrich, a former security minister, has seen her support dwindle due to the unexpected rise of Milei.
The results of the election are expected to have far-reaching consequences, not only for Argentina but also for its international relationships and economic stability. The country’s future hangs in the balance as voters choose their next leader amidst a climate of economic uncertainty.
Reporting by Nicolas Misculin; Editing by Adam Jourdan, Chizu Nomiyama, and Barbara Lewis