BUENOS AIRES: Argentinians are casting their votes in a general election against the backdrop of the country’s worst economic crisis in two decades. This crisis has created an opening for an unconventional far-right libertarian candidate who has surged in popularity and is now a frontrunner to win.
The election is expected to have a significant impact on Argentina’s already fragile markets, as well as its relationships with key trade partners such as China and Brazil. Argentina is a major exporter of grains and possesses substantial reserves of lithium and shale gas.
Polling stations opened at 8:00 am (1100 GMT), with three leading candidates competing for the vote: libertarian economist Javier Milei, centrist Peronist Economy Minister Sergio Massa, and conservative Patricia Bullrich.
Javier Milei, who promises to upend the economic and political status quo, is currently leading in the polls. His unorthodox message has resonated with voters frustrated by inflation rates of 138% and widespread poverty.
Federico Aurelio, president of the consulting firm Aresco, commented, “People want things to change. How? They have no idea, but they want change.”
Milei, often compared to figures like Donald Trump and Jair Bolsonaro, made a surprising win in the August open primaries, although Massa and Bullrich remain strong contenders. Pollsters anticipate a tight race with no clear winner, as a candidate needs to secure over 45% of the vote or 40% with a 10-point lead to avoid a second-round run-off, scheduled for November 19.
Whoever emerges victorious will inherit an economy in dire straits: the central bank’s reserves are depleted, the country faces an impending recession following a severe drought, and a $44 billion program with the International Monetary Fund (IMF) is teetering on the edge.
Amid this crisis, Javier Milei has quickly gained prominence. He advocates for shock therapy to address the country’s economic challenges, including dollarization, the closure of the central bank, significant government downsizing, and the privatization of state-owned entities.
Buenos Aires student Nicolas Mercado, 22, expressed his support for Milei, stating, “He is the only one who understands the situation in the country and knows how to save it.”
Sergio Massa, the current economy chief, remains a contender despite overseeing triple-digit inflation for the first time since 1991. He pledges to reduce the fiscal deficit, maintain the peso, and defend the Peronist social welfare safety net.
Astrologer Flavia Vázquez said, “Massa represents certain traditional guarantees with which I was raised: public health, state education, which is what I want to defend with my vote.”
Patricia Bullrich, a former security minister popular in business circles, has seen her support dwindle due to the unexpected rise of Javier Milei. Pollsters believe she is the most likely of the top three candidates to miss out on a second round of voting.
