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6h ago

Peronists Rout Milei in Buenos Aires Province as President Pledges to Accelerate Reforms

Investors punished Argentine markets on Monday to signal doubts about Milei’s ability to gain seats in October.

Argentina's President Javier Milei delivers a speech after Argentina's opposition Peronist party triumphed in the legislative elections in the province of Buenos Aires, leaving President Milei's ruling party in a distant second place, as per a provisional official tally, at La Libertad Avanza party headquarters, in La Plata, Buenos Aires province, Argentina, September 7, 2025. REUTERS/Tomas Cuesta
President of Argentina Javier Milei gives a speech during a campaign rally at Club Villa Angela on September 3, 2025 in Moreno, Argentina.
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President Javier Milei leads a campaign rally ahead of legislative provincial elections, in Moreno, Buenos Aires province, Argentina, Wednesday, Sept. 3, 2025. (AP Photo/Natacha Pisarenko)

Overview

  • Official tallies showed the Peronist Fuerza Patria near 47% versus about 34% for La Libertad Avanza, a 13-point gap with turnout around 63%.
  • Milei conceded a “clear defeat,” acknowledged mistakes, and said he will “deepen and accelerate” his libertarian program ahead of the Oct. 26 midterms.
  • The peso fell roughly 6% against the dollar, the local stock index slid about 13%, U.S.-traded Argentine shares lost nearly 18%, and some bonds posted their sharpest drops since 2020.
  • The vote followed a bribery scandal tied to the National Disability Agency and Karina Milei, protests on the campaign trail, and Congress overturning Milei’s veto on disability benefits.
  • Seen as a bellwether, Buenos Aires province accounts for about 40% of voters and over 30% of GDP, raising the stakes for Milei’s push to expand his congressional foothold.