With a powered chainsaw in hand and a wild hairdo, libertarian Javier Milei wowed Argentina with his strong win in the presidential election run-off, riding a wave of anger over decades of economic decline and double-digit inflation. His rants against a “thieving political class” struck a chord with voters, particularly young men, and gave his nascent Liberty Advance party a huge boost in a country where polls had predicted a tight race between the two main candidates.
In downtown Buenos Aires, Milei supporters honked their cars and chanted against the elite as rock music played and fireworks lit up the sky. He has vowed to ditch the peso, dollarize the economy and slash spending in a bid to boost growth. His abrasive style and skepticism of the media have drawn comparisons to US President Donald Trump and Brazil’s former far-right leader Jair Bolsonaro, who are also popular outsiders aiming for power.
A self-styled rock star, Milei first rose to fame in 2015 with red-faced rants against a corrupt political class on social media platform TikTok. A few years later he entered politics, winning a seat in Congress and setting up his party, which he called Libertad Avanza. He’s also a staunch supporter of gun rights and a denier of climate change, and has an unruly hairdo that became an online meme.
The outsider radical beat Peronist economy chief Sergio Massa in Sunday’s vote, though he will still need to convince many voters that his bold plans for economic shock therapy can work. The 62-year-old has promised to fire the central bank’s governor and replace him with a foreign expert, and to sell state-run companies that are making a loss. He’s also pledged to abolish a law banning abortion except when a mother’s life is in danger and to loosen gun controls.
Milei has sparked fears among some analysts that his victory could threaten the country’s fragile democracy, with some commentators even saying he might become a dictator if he imposes harsh policies. But others say his anti-establishment stance and promise of reform has resonated.
Analysts say he’ll likely face pressure to soften some of his proposals. He may also face a tougher job than he had expected, as the economy is weakening and many voters fear losing jobs or falling into poverty.
His election “reflects a real weakening of the traditional parties and the rise of an outsider candidate who is anti-establishment,” said Michael Shifter, of the Inter-American Dialogue think-tank in Washington. “Argentina is part of the regional trend toward a real weakening of political parties and the emergence of an anti-system, anti-establishment figure.”
While Milei’s victory could put downward pressure on the Argentine peso currency, it’s expected to buoy bonds as investors see him as more pro-business than his two rivals. He has promised to cut taxes and improve the business environment, though the central bank and the government’s treasury ministry have warned that his measures could raise deficits and cause a run on the local currency.