Milei says Buenos Aires results require deep self-critique

Milei says Buenos Aires results require deep self-critique

Argentina's President Javier Milei has acknowledged the need for self-critique following his party's poor performance in the Buenos Aires provincial elections. The opposition Peronist party, led by Axel Kicillof, secured a significant victory, leaving Milei's Libertarian Party in a distant second place [1].

The election results, which saw the Peronists winning 46.8% of the vote compared to the Libertarian Party's 33.8%, have raised questions about the government's grip on power. The victory in Buenos Aires, a key province with nearly 40% of the country's voters, is a significant setback for Milei, who has been facing increasing pressure over a bribery scandal and growing unease over public spending [2].

Milei's approval rating has declined to 39% following the corruption allegations, and the local stock market benchmark index fell over 14% last month [2]. Despite these challenges, Milei has maintained that the allegations are lies and that he is the victim of an opposition operation.

The Buenos Aires provincial elections are seen as a crucial test for Milei ahead of the upcoming midterm elections on October 26. A weak showing in these elections could increase uncertainty about his ability to enact reforms that many investors seek.

Milei has called for a deep self-critique, acknowledging that the election results require a reevaluation of his policies and strategies. However, he has also emphasized that the elections are an opportunity to squash Kirchnerismo, the opposition movement led by former president Cristina Kirchner [2].

The upcoming midterm elections will determine the composition of Congress, where Milei's government currently holds a minority. A stronger congressional bloc would give him more freedom to block opposition measures seeking to strike down his reforms.

The election results have also prompted Argentina's Treasury to intervene in the foreign exchange market to stabilize the peso, a move that clashes with Milei's free-market ideology [2].

The political and economic landscape in Argentina remains volatile, with investors closely watching the developments. The elections and the ongoing corruption scandal are expected to shape the country's political future and economic trajectory.

References:
[1] https://www.reuters.com/world/americas/argentinas-opposition-peronist-party-wins-election-buenos-aires-province-2025-09-08/
[2] https://www.straitstimes.com/world/pressure-grows-on-milei-ahead-of-argentina-midterm-elections