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Peronists Rout Milei’s Party in Buenos Aires as Markets Tumble

The loss weakens his leverage ahead of the Oct. 26 midterms.

Overview

  • Fuerza Patria secured roughly 46–47% in the province against 33–34% for La Libertad Avanza, widening its control in both provincial chambers.
  • Javier Milei conceded a “clear defeat” and vowed to accelerate his reform agenda rather than alter policy.
  • Argentine assets slid after the vote, with U.S.-listed stocks down over 21%, the Merval index off more than 11%, dollar bonds losing about five cents, and the official peso weakening around 5%.
  • The race was clouded by unproven corruption claims tied to Karina Milei and disability-care contracts, which multiple outlets reported likely unsettled voters.
  • The reversal comes days after Congress overrode Milei’s veto on higher disability benefits, highlighting his lack of a legislative majority ahead of the Oct. 26 elections.