Trump ally Milei faces test in Argentina midterm elections : NPR

Argentine President Javier Milei greets supporters as he arrives at a hotel in Rosario, Argentina, on Thursday.

Rodrigo Abd/AP

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Rodrigo Abd/AP

BUENOS AIRES, Argentina — The stakes have always been high for Argentina’s libertarian President Javier Milei in this weekend’s midterm elections.

But now, with the currency crisis deepening and a controversial American bailout looming, the eccentric economist-turned-politician has more than just political posturing to play in Sunday’s vote.

The elections – which will renew half of the lower house and a third of the Senate – constitute a crucial test for a president who has kept his promise to cut public spending.

In a recent television interview, Milei called the elections “much more important than we think,” warning that without a stronger presence in Congress, it is difficult to pass legislation.

His party, La Libertad Avanza, holds only 37 of the 254 seats in the lower house, relying on tenuous alliances with conservative blocs. But Congress increasingly rejects his agenda, underscoring the erosion of his grip on power.

Milei’s political fortunes have plummeted in recent months. A series of corruption scandals – including allegations that his sister and closest confidante, Karina Milei, took bribes for government purchases of medicines – have tarnished his anti-establishment image. The Milei siblings deny the accusations, but the damage has been done: Protesters threw stones at the president and his movement lost ground in key legislative elections, notably in Buenos Aires province, home to nearly 40% of Argentines.

The fallout was rapid. The peso plunged, forcing the Central Bank to dip into its reserves to stem the fall. Argentina will still have to pay billions of dollars to the International Monetary Fund in 2026.

In response, Washington intervened with an unprecedented $20 billion currency swap. The Trump administration said it would seek an additional $20 billion from private banks and sovereign wealth funds to stabilize the peso – a move that drew criticism from Americans who are fighting domestic spending cuts.

President Trump initially suggested the deal depended on Milei’s success in Sunday’s vote, but Argentina’s central bank later confirmed an agreement with the U.S. Treasury for an “exchange rate stabilization” program.

Even though Milei managed to curb triple-digit inflation, austerity had far-reaching consequences. Around 50,000 public sector jobs were lost and subsidies were cut. His approval rating has fallen to an all-time low – with disapproval now above 60%, although polls suggest Sunday’s outcome remains uncertain.

In the streets of Buenos Aires, the anger is palpable.

“I really don’t think he likes Argentina,” said Eva Marcilo, a retired teacher protesting outside Congress. “Before, my medicines were free; now I pay 60 or 80%. Food costs are impossible, my children can’t pay the rent. Everyone works more and earns less.”

However, Milei maintains a loyal customer base. At the launch of his latest book – staged like a rock concert – thousands of people came to cheer him on. Support among young voters remains particularly strong.

“For a long time we experienced the worst of the worst,” said Jonatan Moreno, 21, from the Argentinian city of Córdoba. “Javier gives us a hope we didn’t have before.”