Argentina’s La Libertad Avanza party, spearheaded by President Javier Milei, has triumphed in the midterm elections, establishing him as a frontrunner for the presidential elections in 2027.

Milei’s party secured 40.68% of approximately 99% of the votes, defeating the Peronist party according to La Nacion, a local news outlet. This victory includes a notable win in the historically Peronist Buenos Aires province.

This position marks a significant turnaround from the previous month, where Milei’s party suffered a defeat in the Buenos Aires provincial elections against the Peronists. Furthermore, Argentina’s $20 billion currency swap with the U.S. has recently strengthened economic ties with a key ally amidst domestic uncertainties.

Despite the Peronist party’s majority in Congress, this result reaffirms Milei’s potential to lead in the upcoming presidential election.

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Source: La Libertad Avanza

Milei, a former economist, has emphasized free-market policies, reductions in inflation, and minimized state intervention in Argentina’s economy. He was instrumental in legalizing contracts to be settled in Bitcoin and other crypto assets in December 2023.

However, his reputation has been marred by his involvement in the Libra (LIBRA) token scandal, which surfaced earlier this year. The controversy stemmed from a post where Milei mentioned about the LIBRA token, which surged dramatically before plummeting in market value, raising accusations of insider trading and manipulation.

Milei clarified that he only “spread the word” about LIBRA, denying any intent to promote it. Subsequently, Argentina’s anti-corruption agency cleared him of any allegations of wrongdoing.

Polling data indicates that Milei’s public perception has declined following the scandal, with a noticeable drop from 47.3% in trust levels in November to 41.6% by March. Recent data reflects that 63.2% of Argentines now hold negative views towards Milei, a sharp increase of over 21 points from March.