Buenos Aires, Argentina – President Javier Milei’s party, La Libertad Avanza (LLA), won an unexpectedly large victory in Argentina’s legislative elections on Sunday.
The elections were widely seen as a referendum on the incumbent and his libertarian economic program after two years in power. Polling prior to the election was mixed, with some even predicting a victory for the Peronist Fuerza Patria.
The result will come as a significant reassurance for Milei, who has weathered consecutive crises over recent months. A corruption scandal involving his sister, Karina, was followed by a major defeat in Buenos Aires Province’s legislative elections in September.
This in turn kicked off a run on the Argentine peso that resulted in the Argentine Treasury draining its foreign currency reserves, as investors lost confidence in Milei’s ability to carry on with his budget slashing reforms.
Read more: Karina Milei rises as Javier Milei’s main advisor and kingmaker ahead of Argentina’s elections
The magnitude of LLA’s recovery can be seen in the 19% vote swing it achieved over less than two months in order to win the traditionally Peronist Buenos Aires Province.
Such a strong vote of confidence in the incumbent will no doubt serve to calm investors’ concerns that Milei’s extreme austerity agenda could come to a halt. Indeed, the Argentine peso strengthened by 6% to the dollar at trading’s open on Monday.
With 99.28% of the ballots counted, LLA carried 40.65% of the vote for the lower chamber, and fared even better in the contest for the Senate. The next largest party, Fuerza Patria, trailed by over 16% in both. Just under half of the Argentine lower chamber’s 257 seats were up for grabs, as well as a third of those in the Senate.
Milei’s party was also crucially able to expand its lower chamber bloc to comfortably above the one third required in order to block reversals of presidential vetoes. This was a particularly important achievement due to the recent reversals of his vetoes on bills to increase spending.
Following the results, Milei spoke at LLA’s election headquarters. “During the first two years, we avoided falling into the abyss,” he said. “Over the next two years, we will continue on the path of reform to make Argentina great again,” he added, echoing U.S. President Trump’s slogan.
The midterm elections drew an unusually high level of international interest, owing to the Trump administration’s public support for President Milei. The U.S. Treasury has already spent well over $1 billion as part of its plan to strengthen the struggling Argentine peso. It has also signed a $20 billion currency swap deal with its Argentine counterpart.
After Milei’s resounding victory became clear, Trump claimed that the “election made a lot of money for the United States.” U.S. Treasury Chief, Scott Bessent, issued his own vote of confidence in the Argentine economy, saying, “now I think the market is going to take care of itself and it’s going to have a lot of confidence in his policies.”
Featured Image: President Javier Milei speaking at a campaign event on October 23, 2025.
Image credit: La Libertad Avanza via X.
