Milei's Win in Argentina Was Rebuke of the Past
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By Leila Miller and Lucinda Elliott BUENOS AIRES (Reuters) -Argentine President Javier Milei's libertarian alliance made strong gains in Sunday's midterm elections, but he now faces the challenge of showing he can build a coalition to push through investor-desired reforms,
So will the government of Donald Trump, which has been backing Mr Milei and buying pesos to prop up the Argentine currency. Yet the impressive victory has caveats. Turnout of 68%, in a country with compulsory voting,
Milei’s libertarian party defied poll predictions, tripling its congressional seats to advance free-market reforms.
The rallies unleashed by Argentina President Javier Milei’s surprising electoral win were stunning, with bond prices posting record gains and the stock market skyrocketing over 20% as investors stampeded back in.
President Donald Trump appears to have had a major influence on the outcome of the Argentine election this week.
The greenback (DXY) is mostly softer, and the other G10 currencies are up less than 0.2%. The PBOC set the dollar's reference rate at a new low since the middle of October 2024.
President Milei’s government has used around US$7.4 billion – a figure that could rise to US$8.4 billion, including funds from US Treasury are included – to keep the peso-dollar exchange rate stable over the two months leading up to the vote.