Milei wins Argentina’s presidential election, Massa concedes

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