Argentina's Midterm Election Results Are In!

According to an announcement by Argentina's Cabinet Chief, after more than 90% of the votes were counted, Javier Milei's party "La Libertad Avanza" (Freedom Advances) has received 40.8% of the vote nationwide, while the opposition coalition obtained 24.5% of the vote.

In the province of Buenos Aires, the capital of Argentina, "La Libertad Avanza" received 41.5% of the vote, whereas the opposition coalition garnered 40.8%. The Province of Buenos Aires has long been a political stronghold for Argentina's opposition coalition, making these election results signify a major political shift there.

On the eve of the election, political experts had predicted that if Milei could secure over 35% of the vote in this election, it would be a positive outcome for him. This would potentially allow him to form alliances with other parties to prevent opposition lawmakers from overturning his government's decisions. Ultimately, with Milei's vote share exceeding 40%, it can be considered a resounding victory.

However, Milei's popularity among the public has declined in recent months due to public dissatisfaction with his measures to cut public spending and a corruption scandal involving his sister, who also serves as his chief aide.

Therefore, for the White House, this election outcome also means the removal of an obstacle for Trump to provide aid to Argentina. Trump has already devised a plan to offer $40 billion in assistance to Argentina, including a signed $20 billion currency swap agreement and a potential $20 billion debt investment mechanism.

It is expected that bond and stock prices will rise when the local Argentine market opens on Monday, as this result will provide Milei with the votes and political capital needed to push forward reforms. Meanwhile, many analysts predict that the Argentine Peso will depreciate.