Is it all over for Milei?
A landslide election defeat for Argentine President Javier Milei’s Libertad Avanza party has made money markets doubt whether he will be able to push through his radical economic reforms.The Argentine peso lost 5.6 percent to the dollar and the Merval stock index plunged by 13 points on Monday after the flamboyant President’s party trailed the leftist opposition Peronist party of former President Cristina Kirchner by 13 points (47 percent to 34 percent) in local elections in Buenos Aires province – which, with 40 percent of the country’s voters, is the country’s biggest and most populous area.Bond markets also reacted negatively to the shock result, posting their biggest daily falls since they recommenced trading in 2021 after a debt reconstruction deal.
