Argentina's midterm election hands decisive win to Milei's libertarian overhaul

[lostincalifornia]

"BUENOS AIRES, Oct 26 (Reuters) - Argentine President Javier Milei's party cruised to victory in midterm legislative elections as voters handed him a mandate to keep pushing through his radical overhaul of the economy despite widespread discontent with his deep austerity measures.
A relief to Milei, whose poll numbers had sagged in recent weeks, the results are also likely to please U.S. President Donald Trump, whose administration had faced criticism after providing Argentina with a hefty financial bailout.

"Congratulations to President Javier Milei on his Landslide Victory in Argentina. He is doing a wonderful job! Our confidence in him was justified by the People of Argentina," Trump said in a post on Truth Social.
Analysts said the stronger-than-expected showing could reflect fear of renewed economic turmoil if the country abandoned Milei's austerity policies which, while slashing subsidies long relied on by many Argentines, have succeeded in drastically slowing inflation.
“Argentines showed that they don’t want to return to the model of failure,” said Milei, speaking triumphantly before a crowd of supporters at a hotel in Buenos Aires after the results.

https://www.reuters.com/world/americas/argentines-vote-high-stakes-test-mileis-libertarian-vision-2025-10-26/

The headlines characterize him as a "libertarian", but on women's rights, gay rights, etc., etc., he is anything but libertarian.

[MaineBlueBear]

1. Trump bought the election for him

with our tax dollars.

[peppertree]

5. True. It was extortion - and it worked

Argentines tend to be - largely due to their own crisis-wracked history - panicky.

"I have a friend who moved to Spain - and they won't give her a driver's license," the late Argentine comedian Enrique Pinti once noted. "They said to her: You have the reflexes of a spastic!"

Bessent and the other Trump cronies who arranged all this, were no doubt instructed by Milei's goons about that very weakness among Argentines: a PTSD-like fear of losing their savings.

And milk it they did.

It's no secret down there that the 6-point deficit for Milei's LLAcoalition in election-eve polls, was turned around overnight into a 6-point victory thanks mostly to that very fear: that Trump would bark an order to Bessent to "dump those pesos!" if LLA had lost.

Some $2 billion worth of Argentine pesos were bought by the U.S. Treasury to prop up Milei. If they were sold overnight - combined with panic-selling in Argentina itself - it would create a 2001-style crash and collapse.

Argentina's mostly working-class voters knew that - and voted like hostages with a gun held to their heads.

Which is exactly how Needy Amin wants everyone.

[Happy Hoosier]

2. They'll get what they voted for.

Trump's bailout hasn't stopped the slide of the Peso.

[NCDem47]

3. I first went to Argentina in 2005

Economically, it was a basket case then, since then, and I have a feeling, forever will be. Citizens there of all socio economic backgrounds have a completely different relationship with money and banking than we are used to.

[peppertree]

7. True. It's always been difficult - but the last dictatorship's foreign debt heist derailed them permanently

They call it the "financial bicycle" down there:

1) Invest in high-interest Argentine bonds, accounts, etc.
2) Wait until some "pro-business" regime gets in - which enacts currency deregulation, and has foreign loans showered on them
3) Use your sense of timing (or insider info) to determine when it's time to pull out
4) Use the dollars the regime borrowed to quickly dollarize and offshore your peso assets...leaving Argentina the tab.

It happened in 1981, 1989, 2001, 2018 - and, of course, as we speak.

Always under some right-wing regime - or (in '89) some yellow-bellied centrist who was anxious to "please the markets."

That's the cause of most of their (unpayable) foreign debt - a debt which in turn, guarantees they'll never really recover.

That's where the Thiels, Mnuchins and Bessents of the world want America too.

[NCDem47]

8. Great insight!

Good people and great times when I've visited. Now matter when, parts of Buenos Aires feel as prosperous, safe and as vibrant as NYC, Paris or Madrid. What ongoing financial crisis?

[peppertree]

9. Why, thank you!

Last edited Wed Oct 29, 2025, 11:44 AM - Edit history (1)

You almost never hear that, in the myriad articles and YouTube videos that have been put out on the subject of Argentina's foreign debt.

It's almost always some vague reference to "social spending" - which was actually a small part of it (since that's mostly domestically financed, in pesos not onerous hard currency).

That said, I'm glad you enjoyed it. My parents are from there, which is why I have some familiarity with the subject.

There's a line in a tango tune (which, unlike the gymnastic, leg-thrusting picture people often have of it - is actually pretty gentle and forlorn), that goes: "Don't bother hoping; no one will ever fix this."

Certainly not that Trump-smooching Chukcy doll they have down there these days.

All the Best.

[Lovie777]

4. Not a fair election.................

my opinion.

[peppertree]

6. Hear, hear. They were voting with a gun pointed at their heads.

Bessent and the other Trump cronies who arranged all this, were no doubt instructed by Milei's goons about that very weakness among Argentines: a PTSD-like fear of losing their savings.

And milk it they did.

It's no secret down there that the 6-point deficit for Milei's LLAcoalition in election-eve polls, was turned around overnight into a 6-point victory thanks mostly to that very fear: that Trump would bark an order to Bessent to "dump those pesos!" if LLA had lost.

Some $2 billion worth of Argentine pesos were bought by the U.S. Treasury to prop up Milei. If they were sold overnight - combined with panic-selling in Argentina itself - it would create a 2001-style crash and collapse.

[Initech]

10. Fucking gross. These fascist scumbags need to be purged everywhere.

[peppertree]

11. True. The heist "worked" because those poor dolts were voting with a gun to their heads

Bessent and the other Trump cronies who arranged all this, were no doubt instructed by Milei's goons about that very weakness among Argentines: a PTSD-like fear of losing their savings.

And milk it they did.

Some $2 billion worth of Argentine pesos were bought by the U.S. Treasury to prop up Milei. If they were sold overnight - combined with panic-selling in Argentina itself - it would create a 2001-style crash and collapse.

It's no secret down there that the 6-point deficit for Milei's LLAcoalition in election-eve polls, was turned around overnight into a 6-point victory thanks mostly to that very fear:

that Trump would bark an order to Bessent to "dump those pesos!" had LLA lost.