With 76.12% of the votes counted, Peronist candidate and Economy Minister Sergio Massa and libertarian Javier Milei are headed for a presidential runoff, official sources reported.
Polling stations in Argentina closed at 6 p.m. on Sunday, signaling the start of the vote count to determine the country’s next president.
This closely-fought election is marked by the public’s indifference, largely due to the prevailing inflation crisis.
Years of economic turmoil have made non-traditional politicians more appealing. Javier Milei had previously won the August primaries.
He’s now in a tight race against Massa and former Security Minister Patricia Bullrich.
People have heard rational speeches from various leaders throughout their lives. They aren’t expecting great, rational ideas now.
“They want change, even if they aren’t sure how,” said Federico Aurelio, president of consulting firm Aresco, to Reuters.
The new president faces a daunting task. Inflation rates have soared to 138% annually. Poverty levels are at 40%, and the central bank’s reserves are depleted.
Moreover, there’s a $44 billion debt from the International Monetary Fund (IMF) taken in 2018.
Interestingly, Milei’s party, La Libertad Avanza, predominantly attracts young voters.
Milei, known for his bold appearances as a TV commentator, recently proposed dollarizing the economy.
To avoid a runoff, a candidate needs over 45%
This proposition has intensified Argentina’s financial instability, potentially affecting the domestic currency post-election.
In contrast, Massa, who became the economy minister last year amidst financial turmoil, aims to reduce the fiscal deficit to protect the peso.
He supports the state intervention model of his left-center coalition, Unión por la Patria.
Bullrich’s position is slightly more intricate. As a strong opponent of the ruling Peronism, she’s had to present a more moderate image, advocating governance.
This approach is in stark contrast to Milei’s radical proposals.
To avoid a runoff, a candidate needs over 45% of the votes or more than 40% with at least a 10 percentage point lead over the runner-up.
Given the current scenario, it seems unlikely for any candidate to achieve this.