Argentine presidential candidate Javier Milei did not secure victory in the first round of Argentina's presidential election, setting the stage for a runoff against Economy Minister Sergio Massa on November 19. Initial results from the October 23 election, with 90% of the votes counted, showed Massa leading with over 36% of the support, while Milei trailed with just over 30%. To win the presidency outright, a candidate needs 45% of the vote or a 10-point lead if they have 40%. Milei, a self-described anarcho-capitalist, campaigned on reducing the size of the government, abolishing Argentina's central bank, and adopting the U.S. dollar as the national currency.
In August, Milei emerged as the frontrunner in the presidential race by winning the most votes in the country's presidential primaries, securing about 30% of the vote. Milei's party, La Libertad Avanza, occupies a space between liberal and far-right populist ideologies. He has been vocal about his skepticism of fiat currencies, referring to them as tools that allow politicians to manipulate and deceive the public through inflation. Massa, on the other hand, has promised to address Argentina's persistent inflation crisis by introducing a central bank digital currency (CBDC) if he is elected and has dismissed the idea of adopting the U.S. dollar.
This election is taking place against a backdrop of economic challenges, with around 40% of Argentines facing poverty and the country grappling with a worsening debt crisis. Annual inflation rates have surged to nearly 140%. The second round of voting on November 19 will determine the next president, who will serve a four-year term.
