Milei is pledging economic shock therapy, including shutting the central bank, ditching the peso and slashing spending. His challenges will be enormous: Empty coffers, a $44 billion debt program with the IMF, 150% inflation and more.
Official results showed Milei with near 56% versus 44% for his rival, Peronist Economy Minister Sergio Massa, who conceded in a speech.
His plans include shutting the central bank, ditching the peso, and slashing spending, potentially painful reforms that resonated with voters angry at the economic malaise.
“Milei is the new thing, he’s a bit of an unknown and it is a little scary, but it’s time to turn over a new page,” said 31-year-old restaurant worker Cristian as he voted on Sunday.
He will have to deal with the empty coffers of the government and central bank, a creaking $44 billion debt program with the International Monetary Fund, inflation nearing 150% and a dizzying array of capital controls.
“The election marks a profound rupture in the system of political representation in Argentina,” said Julio Burdman, director of the consultancy Observatorio Electoral, ahead of the vote.
Supporters of Massa, 51, an experienced political wheeler-dealer, had sought to appeal to voter fears about Milei’s volatile character and “chainsaw” plan to cut back the size of the state.
The original article contains 629 words, the summary contains 176 words. Saved 72%. I’m a bot and I’m open source!
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Official results showed Milei with near 56% versus 44% for his rival, Peronist Economy Minister Sergio Massa, who conceded in a speech.
His plans include shutting the central bank, ditching the peso, and slashing spending, potentially painful reforms that resonated with voters angry at the economic malaise.
“Milei is the new thing, he’s a bit of an unknown and it is a little scary, but it’s time to turn over a new page,” said 31-year-old restaurant worker Cristian as he voted on Sunday.
He will have to deal with the empty coffers of the government and central bank, a creaking $44 billion debt program with the International Monetary Fund, inflation nearing 150% and a dizzying array of capital controls.
“The election marks a profound rupture in the system of political representation in Argentina,” said Julio Burdman, director of the consultancy Observatorio Electoral, ahead of the vote.
Supporters of Massa, 51, an experienced political wheeler-dealer, had sought to appeal to voter fears about Milei’s volatile character and “chainsaw” plan to cut back the size of the state.
The original article contains 629 words, the summary contains 176 words. Saved 72%. I’m a bot and I’m open source!