The recent elections in Argentina saw a significant shift in the political landscape, with half of the seats in the Chamber of Deputies and a third of the Senate positions up for election. This change has stirred the dynamics within the country’s legislative bodies.

Javier Milei, leader of the Liberty Advances (LLA) party, proudly announced that his party had dramatically increased its representation. In the Chamber of Deputies, LLA surged from 37 to 101 seats, while in the Senate, their presence grew from six to 20 seats. This remarkable gain signifies a pivotal moment for the party and its influence within the government.

The period leading up to the election was fraught with economic turmoil, particularly a run on the national currency, the peso. This crisis compelled Milei to reach out for support from U.S. President Donald Trump, underscoring the close ties between the two leaders.

Milei commented on the election outcome, noting, “Many people were willing to give the government another chance. We’ll see how much time Argentine society gives the Argentine government. But the triumph is unobjectionable, unquestionable.” His words reflect a cautious optimism about the future political environment.

Political analyst Garcia remarked on the implications of the election results, stating, “With this result, Milei will be able to easily defend his decrees and vetoes in Congress.” He further explained that the victory could galvanize allies to rally behind a successful president, enhancing Milei’s legislative maneuverability.

Perhaps the most unexpected development occurred in Buenos Aires province, traditionally a Peronist bastion. Here, LLA managed to transform a recent defeat in local elections into a competitive showdown, highlighting the shifting allegiances and growing influence of Milei’s party.

“With this result, Milei will be able to easily defend his decrees and vetoes in Congress,” Garcia said, adding that allies will have more of an incentive to support a winning president.

‘Monday is just another day’

The most surprising results were in Buenos Aires province, a Peronist stronghold, where LLA clawed its way back from a defeat by the Peronists in last month’s local elections to a toss-up.

But investors started dumping peso last month amid concerns over the economy and support for Milei, which is when Trump stepped in to shore up his closest Latin American ally.

Javier Milei’s reforms helped slow inflation in Argentina by two-thirds. Source: AFP / Juan Mabromata

The US treasury has intervened several times in the market in recent weeks, buying up pesos to help keep it afloat.