In a significant political event, half of the seats in Argentina’s Chamber of Deputies and a third of the Senate were contested.

Javier Milei announced that his coalition, LLA, had dramatically increased its representation, securing 101 seats in the Chamber of Deputies, a substantial rise from their previous 37, and expanding their presence in the Senate to 20 seats from just six.

The election period was tumultuous, marked by a sharp decline in the value of the national currency, the peso. This financial crisis compelled Milei to seek financial assistance from U.S. President Donald Trump, who is a staunch supporter.

Milei acknowledged the public’s mixed sentiment, stating, “Many people were willing to give the government another chance. We’ll see how much time Argentine society gives the Argentine government. But the triumph is clear and indisputable.”

Political analyst Garcia noted, “With this result, Milei will have a strong position to defend his policies and vetoes in Congress,” emphasizing that the victory will likely encourage Milei’s allies to rally behind a successful president.

“Many people were willing to give the government another chance,” he said. “We’ll see how much time Argentine society gives the Argentine government. But the triumph is unobjectionable, unquestionable.”

“With this result, Milei will be able to easily defend his decrees and vetoes in Congress,” Garcia said, adding that allies will have more of an incentive to support a winning president.

‘Monday is just another day’

The most surprising results were in Buenos Aires province, a Peronist stronghold, where LLA clawed its way back from a defeat by the Peronists in last month’s local elections to a toss-up.

But investors started dumping peso last month amid concerns over the economy and support for Milei, which is when Trump stepped in to shore up his closest Latin American ally.

Javier Milei’s reforms helped slow inflation in Argentina by two-thirds. Source: AFP / Juan Mabromata

The US treasury has intervened several times in the market in recent weeks, buying up pesos to help keep it afloat.