Free Trial

Unorthodox Economist Wins Presidential Vote

ARGENTINA

Libertarian candidate Milei has won the runoff of the Argentinian presidential election. His term begins December 10. With 87% of votes counted he has 56% versus Massa’s 44%, the candidate for the incumbent Peronist government who was also economy minister. Massa has conceded defeat. Milei has broken through Argentina’s two traditional political blocs while proposing some unorthodox solutions to the country’s current crisis and so markets are likely to react to the result.

  • During the run up to the election, Milei promised to replace the Argentine Peso with the greenback, close the central bank and make sharp cuts to public spending, according to Bloomberg. Voters are uncertain re these radical suggestions but appear to have decided that something different was needed to fix the country’s serious economic problems.
  • A Milei presidency may also have implications for trade as he wants Argentina to become closer to the US and he is critical of China and Brazil, according to Reuters.
  • It may be difficult for Milei to push through his agenda though, as the parliament he will oversee is splintered and his coalition doesn’t have any mayors or governors.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.