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What to know about Argentina’s midterm vote, a pivotal test for Trump ally President Milei

Midterms gauge Milei's political survival as scandals and economic austerity challenge his free-market reforms amid significant U.S. financial support and market volatility.

  • Sunday’s vote will test President Milei's political standing as a midterm election for less than half of the Argentine Congress, following his fiery final speech from Rosario.
  • Milei's campaign unspooled after a series of scandals and setbacks, including a collapsed memecoin causing $250 million losses and Jos� Luis Espert admitting a $200,000 payment.
  • The U.S. Treasury moved to buy pesos and confirmed a $20 billion swap line to Argentina's central bank, while investors dumped bonds and the peso slid to a record low Monday.
  • President Donald Trump and Scott Bessent, U.S. Treasury Secretary, stepped in to support Milei, raising stakes as the Peronist party urged Argentine voters to punish him Sunday.
  • Milei's policy record shows major fiscal and inflation shifts as his spending cuts produced Argentina's first fiscal surplus in nearly 15 years and reduced inflation from 25.5% to 2%.
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After having lunch last week with President Donald Trump at the White House, where he exchanged gifts and praises and managed to make commitments valued in billions of dollars by the United States, the President of Argentina, Javier Milei, returned to his country to face his voters. Dressed in a leather coat and with a megaphone in hand, Milei, who calls himself an anarcho-capitalist economist and who used to be an inflammatory commentator, he w…

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Associated Press News broke the news in United States on Friday, October 24, 2025.
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