Milei’s Party Suffers Major Setback in Crucial Buenos Aires Provincial Election

BUENOS AIRES, Argentina – President Javier Milei’s libertarian party experienced a significant defeat Sunday in the Buenos Aires provincial elections, a result widely interpreted as a critical barometer for his administration’s standing ahead of next month’s national congressional midterms.

With the majority of votes counted, Milei’s recently formed party secured approximately 34% of the vote, while the Peronist movement, a long-dominant force in Argentine politics, emerged victorious with nearly 47%. This outcome represents a substantial blow to President Milei, whose radical economic reforms have been met with mixed public reaction, stabilizing the peso but also imposing harsh austerity measures on the working class.

Political analysts view the Buenos Aires election as a crucial indicator of shifting political sentiment in the country’s most populous and politically polarized province. The results offer vital clues for foreign investors regarding the feasibility of Milei’s party gaining sufficient congressional seats to advance his ambitious economic agenda.

The setback comes as Milei grapples with a series of challenges, including a high-profile bribery scandal involving his sister, increasing opposition from a Peronist-dominated Congress against his social program cuts, and a shrinking national economy marked by falling consumer confidence and rising unemployment. Despite these headwinds, Milei has maintained a degree of support for his success in curbing Argentina’s historically high inflation rate.

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