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The Financial Times: The upcoming general elections in Argentina could dramatically alter the country’s political landscape, with both major parties facing a serious challenge from libertarian outsider Javier Milei. The incumbent president, Alberto Fernández, from the centre-left Peronist movement, and the former president and current vice-president, Cristina Fernández de Kirchner, are both sitting out the election. Economy Minister Sergio Massa will represent the Peronists, while former security minister Patricia Bullrich will stand for the pro-business coalition Juntos por el Cambio (JxC). Milei, a radical libertarian, is now narrowly favored to win and advocates for cutting government spending and dollarizing the economy.
In a country struggling with 138% annual inflation and a poverty rate of nearly 40%, traditional parties like the Peronists and JxC find themselves on shaky ground. Milei blames both for Argentina’s chronic economic woes. Polls suggest a second-round run-off between Milei and either Massa or Bullrich is likely. This election marks the first in over two decades without a Macri or a Kirchner on the ballot, signaling a potential long-term shift in Argentina’s main political forces. Whoever wins will face an extremely precarious economic situation, including the challenge of meeting the terms of a $44bn IMF programme and gaining access to international capital markets.
The entire article can be read at the link https://www.ft.com/content/60dd13eb-74f7-40f8-99e9-2e050c9f001a
