Milei's Party Wins Argentina Midterms After US Pledges $40B in Aid

The party of Argentina President Javier Milei, Liberty Advances (LLA), won Argentina’s midterm elections on Sunday with roughly 41% of the vote, capturing 13 of 24 Senate seats and 64 of 127 lower-house seats.

The Details: In response, the Argentine peso rose about 4% against the US dollar, while the country’s bonds climbed 11% and its main stock index, the Merval, surged 22%--its biggest gain in nearly two years. Voter turnout was 67.9%, the lowest for a national election in decades. President Trump, who endorsed Milei, congratulated him on Truth Social, calling the result a “BIG WIN.” Milei responded that the election confirmed Argentina’s commitment to “consolidating reform” and “making Argentina great again.” 

For Context: Since taking office in 2023, Milei has pursued deep spending cuts to education, health, pensions, and subsidies, while laying off thousands of public-sector workers. Supporters credit him with curbing inflation, which exceeded 100% annually before his term, and restoring investor confidence. Critics argue his policies have led to job losses, declining public services, and an approaching recession. The US recently finalized a $40 billion financial aid package for Argentina, and Trump has previously said US financial assistance would depend on Milei’s success at the polls.

How the Media Covered It: ZeroHedge (Lean Right bias) focused on the positive economic implications of Milei's victory, and framed the US providing financial aid to Argentina as a strategic economic move against socialist policies across Latin America. Wall Street Journal (Center) quoted portfolio managers who said the victory means Milei is no longer “fighting for survival.” It highlighted the anticipated appreciation of the Argentine peso, saying Argentina could issue new bonds next year, potentially easing reliance on US support. The Guardian (Left) emphasized the influence of the US's financial aid in the election. It highlighted both criticism from Milei's opponents that Trump "flagrantly meddled" in Argentina's election, and claims from Argentinian experts saying the "intervention" worked, and that Trump "threw a lifeline to somebody who was drowning at just the right moment."

Written by the AllSides staff (of humans). Learn more. Support our mission. Suggest an improvement to this summary.