Argentina’s Milei Encounters Major Defeat

(MENAFN) Argentine President Javier Milei’s movement faced a notable loss over the weekend against the Peronist opposition during a Buenos Aires provincial vote, seen as a key indicator ahead of the Oct. 26 midterm legislative elections.

The center-left Peronist bloc, unified under Fuerza Patria, obtained more than 47% of ballots, whereas the governing La Libertad Avanza (LLA) received 33.8%, according to the provincial election authority.

Milei admitted the defeat at his party’s headquarters in La Plata.

"Today we suffered a clear defeat," he stated, while promising not to modify his administration’s agenda.

"We are not retreating one millimeter in government policy. The direction is not only confirmed, but we will deepen and accelerate it further," he continued.

The opposition’s advantage of over 13 percentage points marked a serious setback for the national leadership.

The outcome instantly influenced the domestic currency.

The US dollar climbed to 1,365 pesos for buying and 1,425 pesos for selling, showing a 45-peso leap from the earlier rate. Private firms were offering the dollar at 1,470 pesos in morning trading.

Financial markets also reacted strongly, as Argentine stocks on Wall Street fell sharply.

Firms including BBVA, Banco Macro, and Banco Supervielle were among those registering the steepest declines.

Meanwhile, the Fuerza Patria headquarters was in celebration, with Buenos Aires Governor Axel Kicillof welcomed by applause and chants of "Sit down, Axel, President!"

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