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Economy Minister Sergio Massa was the candidate for the ruling coalition. He has done the numbers, recognised defeat, and conceded in the presidential run-off.
Libertarian lawmaker Javier Milei will be Argentina’s next president.
Background to this:
—
Argentina’s economy has been smashed by triple-digit inflation, looming
recession and rising poverty. The worst economic
crisis in two decades.
Incoming president Milei is promising economic shock, with plans including:
- shutting the central bank
- ditching the peso
- slashing
spending - has criticized China and Brazil, says he won’t deal with “communists”, favours stronger ties with the US
Mileil now fronts up to:
- government funds having run dry
- a US$44 billion debt program with the International
Monetary Fund - a highly fragmented Congress (no single bloc
has a majority), he’ll need backing from factions to pass legislation - Milei’s coalition does not have any regional governors or mayors
Milei (left of screen) and Massa
This article was originally published by Forexlive.com. Read the original article here.