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Argentina Faces Presidential Runoff: Massa and Milei Vie for Leadership Amid Economic Tensions Skip to main content

Argentina Faces Presidential Runoff: Massa and Milei Vie for Leadership Amid Economic Tensions

This past weekend in Argentina, a vote for the country’s next president led to a runoff between Finance Minister Sergio Massa of the Unión por la Patria party and libertarian candidate Javier Milei of the La Libertad Avanza party. In the Sunday vote, Massa received 37% while Milei garnered 30%.

Massa, Milei Eye Victory in Tight Runoff

In 27 days, the two Argentine presidential candidates will compete in a runoff election for the nation’s top leadership position. This past Sunday, Sergio Massa, the sitting finance minister, secured 37% of the popular vote. His opponent, the self-described anarcho-capitalist and libertarian, Javier Milei, followed with 30%. Patricia Bullrich of the Juntos por el Cambio party, a former Argentine security minister, earned 24% of the votes.

Both Massa and Milei are looking to attract Bullrich’s supporters and the undecided in the coming weeks. Observations indicate that Milei’s voter base, although robust initially, has not grown much since August. Massa advocates for Argentina to develop a central bank digital currency (CBDC) to mitigate the nation’s economic challenges.

“We are going to launch the digital currency in Argentina,” Massa declared during a presidential debate.

The Central Bank of the Argentine Republic has been drafting legislation related to the digital peso since last year. Massa contends that the digital peso might alleviate inflation and potentially deter tax evasion. In contrast, Milei, who recently informed Tucker Carlson that the “state destroys wealth,” champions bitcoin (BTC). Milei aims to completely abolish the country’s central bank.

Milei is keen on transitioning Argentina to the U.S. dollar. In June, he revealed having the means and third-party support to shutter the nation’s central bank. “We continue working to solve a big problem in Argentina, which is inflation,” Milei commented at the time. The November 19 runoff is essential since a candidate requires either 45% of the votes or 40% with a 10-point advantage. The runoff’s outcome will profoundly impact Argentina and its already volatile markets.

What do you think the outcome of the runoff election results will be? Share your thoughts and opinions about this subject in the comments section below.

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