Javier Milei promises 'drastic' changes for Argentina after dominant election win

Populist Javier Milei resoundingly won Argentina's presidential election Sunday, swinging the country to the right following a fiercely polarized campaign in which he promised a dramatic shake-up to the state to deal with soaring inflation and rising poverty.

With 99.4 per cent of votes tallied in the presidential runoff, Milei had 55.7 per cent and Economy Minister Sergio Massa 44.3 per cent, according to Argentina's electoral authority. It is the highest percentage that a presidential candidate has received since the South American country's return to democracy in 1983.

In the streets of Buenos Aires, drivers honked their horns and many took to the streets to celebrate in several neighbourhoods. Outside Milei's party headquarters, a hotel in downtown Buenos Aires, a full-on party kicked off with supporters singing, buying beers from vendors and setting off coloured smoke bombs.

Inside, the self-described anarcho-capitalist who has been compared to former U.S. president Donald Trump, delivered his victory speech, saying the "reconstruction of Argentina begins today."

"Argentina's situation is critical. The changes our country needs are drastic. There is no room for gradualism, no room for lukewarm measures," Milei told supporters.

Massa of the ruling Peronist party had already conceded defeat, saying Argentines "chose another path."

"Starting tomorrow guaranteeing the political, social and economic functions is the responsibility of the new president. I hope he does," Massa said.

Inflationary woes

With a Milei victory, the country will take an abrupt shift rightward and a freshman lawmaker who got his start as a television talking head blasting what he called the "political caste" will assume the presidency.

Inflation has soared above 140 per cent and poverty has worsened while Massa has held his post. Milei has said he would slash the size of the government, dollarize the economy and eliminate the Central Bank as a way to tackle galloping inflation that he blames on successive governments printing money indiscriminately in order to fund public spending.

The International Monetary Fund has a $44 billion US loan program with Argentina, part of a lengthy and rocky history between the agency and the South American country.

Kristalina Georgieva, head of the IMF, said Monday they were ready to work with Milei.

"We look forward to working closely with [Milei] and his administration in the period ahead to develop and implement a strong plan to safeguard macroeconomic stability and strengthen inclusive growth for all," Georgieva said in a post on X.

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Milei also espouses several conservative social policies, including an opposition to sex education in schools and abortion, which Argentina's Congress legalized in 2020.

"This is a triumph that is less due to Milei and his peculiarities and particularities and more to the demand for change," said Lucas Romero, the head of Synopsis, a local political consulting firm. "What is being expressed at the polls is the weariness, the fatigue, the protest vote of the majority of Argentines."

Massa's campaign cautioned Argentines that his libertarian opponent's plan to eliminate key ministries and otherwise sharply curtail the state would threaten public services, including health and education, and welfare programs many rely on.

Milei accused Massa and his allies of running a "campaign of fear" and he walked back some of his most controversial proposals, such as loosening gun control. In his final campaign ad, Milei looks at the camera and assures voters he has no plans to privatize education or health care.

Milei's screeds resonated widely with Argentines angered by their struggle to make ends meet, particularly young men.

"Incredibly happy, ecstatic, it's a global historical phenomenon!" Luca Rodriguez, a 20-year-old law student, said outside Milei's headquarters after spraying a bottle of champagne into the air onto those around him, who squealed with glee. "I want to break free from this ridiculous elite that takes away all our rights, all the tax money that pressures us and doesn't let us live in peace."

Most pre-election polls, which have been notoriously wrong at every step of this year's campaign, showed a statistical tie between the two candidates or Milei slightly ahead.

The bitterness of the campaign was evident Sunday when Milei's running mate, Victoria Villaruel, went to vote and was met by protesters angry at her claims that the number of victims from Argentina's bloody 1976-1983 military dictatorship is far below what human rights organizations have long claimed, among other controversial positions.

The vote took place amid Milei's allegations of possible electoral fraud, reminiscent of those from Trump and former far-right Brazilian president Jair Bolsonaro. Without providing evidence, Milei claimed that the first round of the presidential election was plagued by irregularities that affected the result.

Both Bolsonaro and Trump congratulated Milei on social media. And posting on X, formerly Twitter, U.S. Secretary of State Antony Blinken also commended Milei.

"We look forward to continuing bilateral cooperation based on shared values and interests," Blinken wrote.