Argentine President Defeated in Buenos Aires Provincial Election

2025-09-09 03:18:23

(MENAFN) Argentine President Javier Milei's ruling party, La Libertad Avanza (LLA), faced a resounding loss to the Peronist opposition in a vital Buenos Aires provincial election over the weekend. This defeat, coming just weeks before the critical midterm elections on October 26, has raised concerns about Milei's political standing.

The center-left Fuerza Patria, unified under the Peronist banner, triumphed with over 47% of the vote, while LLA trailed at 33.8%, according to the provincial electoral commission.

Speaking from his party’s headquarters in La Plata, Milei conceded the loss, describing it as a clear defeat. Nonetheless, he firmly asserted that the results would not alter his government's trajectory. “We are not retreating one millimeter in government policy. The direction is not only confirmed, but we will deepen and accelerate it further,” he affirmed.

The Peronist coalition’s 13-point victory margin represented a significant blow to the national government. The electoral results reverberated swiftly through Argentina’s financial markets.

The Argentine peso dropped dramatically, with the US dollar climbing to 1,365 pesos for purchase and 1,425 pesos for sale—a surge of 45 pesos from the previous rate. In private markets, the dollar was offered at 1,470 pesos early in the day.

The market’s response was equally sharp, with Argentine stocks on Wall Street experiencing a steep decline. Banks like BBVA, Banco Macro, and Banco Supervielle led the downturn.

At the Fuerza Patria headquarters, the mood was celebratory. Buenos Aires Governor Axel Kicillof was welcomed with enthusiastic cheers and chants, with supporters calling for him to run for president: "Sit down, Axel, President!"

Kicillof, addressing the crowd, urged Milei to reconsider his approach: "Govern for the people, not for outsiders, corporations."

In a symbolic show of support, former President Cristina Fernandez de Kirchner appeared on her balcony in Buenos Aires to celebrate the opposition’s victory. A crowd gathered below, chanting and applauding in her honor.

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