Argentina’s far-right President Javier Milei pulled off a surprising victory in Sunday’s midterm elections, defying economic woes, political scandals, and predictions of a poor showing. His libertarian party, La Libertad Avanza, won 40.8% of the vote, ahead of the Peronist opposition, Fuerza Patria, which took 31.7%.
While Milei’s party did not secure a congressional majority, the result marks a major political shift, especially in Buenos Aires, home to about 40% of the electorate. Analysts called it an unexpected turnaround after Milei’s heavy defeat in September’s provincial elections.
Trump’s $40B Bailout and the US Factor
Weeks before the vote, former U.S. President Donald Trump announced a $40 billion bailout for Argentina, explicitly tying continued aid to Milei’s electoral success. Trump quickly congratulated Milei, calling the result a “landslide victory.”
The intervention was controversial. Many Argentinians saw it as interference in domestic politics, while others welcomed the financial support amid the country’s deepening economic crisis.
Economic Gains, But at a Cost
Milei’s administration has cut tens of thousands of public jobs, frozen infrastructure, healthcare, and education spending, and pushed through radical economic reforms. Inflation dropped from over 200% in 2023 to roughly 30% in September 2025. Argentina even achieved its first fiscal surplus in 14 years.
But the reforms came with high social costs. Purchasing power plummeted, unemployment rose, and more than 18,000 businesses closed. Efforts to prop up the peso drained foreign reserves, forcing Milei to turn to the U.S. for emergency support.
Scandals and Political Fallout
Milei’s popularity had suffered from multiple scandals. His sister and top cabinet member, Karina Milei, faces alleged corruption charges. A top party candidate withdrew after admitting to receiving $200,000 from a U.S.-accused drug trafficker. And a promoted cryptocurrency collapsed, undermining public trust.
Despite all this, Milei’s party secured 64 of the 127 lower house seats up for grabs and 12 of 24 Senate seats. This gives him enough influence to sustain presidential vetoes, if not full congressional control.
Voter Turnout Hits Record Low
Only 67.85% of eligible voters participated, the lowest since Argentina returned to democracy in 1983. Analysts suggest voter apathy reflects frustration with both the ruling party and the opposition.
Milei’s Message: “King of a Lost World”
Addressing supporters, Milei declared, “I am the king of a lost world,” framing the midterms as a turning point. He promised to push ahead with economic reforms, using the U.S. bailout and electoral momentum to consolidate power.
What’s Next for Argentina?
The results give Milei political leverage, but the road ahead remains challenging. Argentina faces inflation, unemployment, and a fragile economy. How Milei navigates these issues, while addressing public dissatisfaction and corruption, will determine the country’s path on the global stage.
For the U.S., the outcome is a delicate balancing act. Trump’s intervention achieved a short-term political victory for a U.S.-aligned leader, but risks fueling anti-American sentiment. The Biden administration will likely proceed cautiously in dealings with Milei’s government.
Bottom Line
Sunday’s midterms were more than a vote—they were a test of Milei’s ability to govern amid economic and political turbulence. While his party didn’t win full control, the unexpected victory signals that Argentina’s political landscape is shifting dramatically.