He promised to stop the country's long economic decline, dealing with high inflation and poverty. Milei, who calls himself an "anarcho-capitalist," surprised everyone by coming from nowhere to beat the well-established populist Peronist coalition that usually dominates Argentine politics. Milei got an impressive 55.7% of the votes, while his opponent, Economy Minister Sergio Massa, accepted defeat quickly with 44% of the votes.
"Today begins the reconstruction of Argentina. Today begins the end of Argentina's decline," Milei said in his victory speech, vowing, "a limited government, respect for private property and free trade. The model of decadence has come to an end. There is no way back."
For many years, Latin America's third-largest economy has faced recurring crises under governments that heavily intervene, prioritize welfare, ‘resort to printing money to fund expenses’, leading to inflation, and borrow extensively only to later default on their debt.
Access to dollars is tightly regulated, resulting in a thriving black market for U.S. currency, and experts caution that the peso is at risk of a significant devaluation. Milei has been a strong advocate for a bold approach, emphasizing the need to abandon the struggling peso in favor of the U.S. dollar. He also proposes drastic measures, such as dismantling the Central Bank to eliminate the "cancer of inflation."
The president-elect aims to make significant changes in social policies, including relaxing gun laws, repealing legalized abortion (which was enacted in Argentina in 2020), and permitting the buying and selling of human organs.
Milei's triumph comes at a time of severe economic turmoil, with annual inflation soaring to 143% and 40% of Argentines facing poverty.
While pre-election polls indicated a slight lead for Milei over Massa, the substantial margin of victory—more than 11% according to preliminary results—has surprised many observers. Massa, the outgoing left-wing government's economy minister, promptly acknowledged defeat, expressing disappointment that "obviously the results are not what we had hoped for."
In his winning speech, Milei thanked Ms. Bullrich and former president Mauricio Macri, who supported him.
While his supporters celebrated in Buenos Aires, shouting "change!" in the streets, there were also worries about what Milei's win might mean for Argentina.
Some people are concerned about Milei's choice of Victoria Villarruel as his vice president. She comes from a military family and has supported officers convicted of crimes against humanity. She even suggested getting rid of a museum that remembers victims of Argentina's military rule from 1976 to 1983.
Milei and Villarruel will officially start their four-year term on December 10.
