Javier Milei, the newly elected president of Argentina, is seen visiting a polling station in Buenos Aires to cast his vote on the runoff election day, November 19 (local time). [Photo=Reuters·Yonhap News]
Before the election commission announced the results, Sergio Massa (51), the candidate from the anti-American and left-wing coalition party, conceded defeat in a speech. The election commission announced that based on approximately 95% of the votes counted. Milei had received 55.78%, while Massa had received 44.21%. Milei won by a significant margin.
This election was a showdown between Milei, who called for drastic reforms, and Massa, who advocated for maintaining the current administration’s policies. Milei, who calls himself an ‘anarchist capitalist,’ advocates for a small government. His main pledges include closing the central bank, abolishing the peso, and cutting government spending.
Argentina is grappling with soaring inflation due to currency weakness. Argentina’s Consumer Price Index (CPI) in October surged by 142.7% compared to last year. This is the highest price increase in about 32 years since August 1991 (144.4%). Inflation has exceeded 100% for nine consecutive months, and 40% of the population has fallen into poverty.
By. Yoon Ju Hae
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