Milei Wins 40%, Secures Veto Protection

Javier Milei’s La Libertad Avanza won roughly 40–41% of the vote in Argentina’s midterm elections, more than doubling its lower‑house delegation to about 101 deputies and boosting its Senate representation to about 20 seats. The party crossed the one‑third threshold that helps protect the president’s veto, strengthening Milei’s ability to block legislation even though he still lacks an outright congressional majority and will need centrist and provincial allies to pass many reforms. Financial markets rallied on the outcome, with reports of Argentine stocks jumping by as much as about 20% and government bonds rising, though strategists warn the peso and broader foreign‑exchange outlook remain fragile and could face depreciation pressure if and when capital controls are lifted. The result follows a turbulent run‑up to the vote — including a run on the peso, corruption scandals and a provincial defeat in Buenos Aires — and deepens Argentina’s political polarization while creating fresh governance challenges as Milei seeks to translate his mandate into durable reforms. Voter turnout was about 68%.