Argentina’s President Milei faces a political reckoning in midterm elections

BUENOS AIRES, Argentina — The stakes were always high for Argentina’s libertarian president, Javier Milei, in this weekend’s midterm elections.

But now, with a currency crisis deepening and a controversial U.S. bailout on the way, the eccentric economist-turned-politician has more than political posturing riding on Sunday’s vote.

The elections — which will renew half the lower house and a third of the Senate — are a crucial test for a president who has made good on his promise to take a chainsaw to public spending.

In a recent televised interview, Milei called the elections “much more important than we think,” warning that without a stronger presence in Congress, it’s difficult to pass legislation.

His party, La Libertad Avanza, holds just 37 of 254 seats in the lower chamber, relying on tenuous alliances with conservative blocs. But Congress has increasingly rejected his agenda, underscoring his eroding grip on power.

Milei’s political fortunes have nosedived in recent months. A series of corruption scandals — including allegations that his sister and closest confidant, Karina Milei, accepted bribes in a government medicine purchase — have tarnished his anti-establishment brand. The Milei siblings deny the accusations, but the damage was done: Protesters have pelted the president with rocks, and his movement lost ground in key legislative races, especially in Buenos Aires province, home to nearly 40% of Argentines.

The fallout was swift. The peso plunged, forcing the Central Bank to burn through reserves to stem the slide. Argentina still faces multibillion-dollar payments to the International Monetary Fund in 2026.

In response, Washington stepped in with an unprecedented $20-billion currency swap. The Trump administration says it will seek another $20 billion from private banks and sovereign wealth funds to stabilize the peso — a move that’s drawn criticism from Americans struggling under domestic spending cuts.

President Trump initially hinted the deal was contingent on Milei’s success in Sunday’s vote, but Argentina’s Central Bank later confirmed an agreement with the U.S. Treasury for an “exchange rate stabilization” package.

While Milei has managed to curb triple-digit inflation, austerity has taken a heavy toll. Roughly 50,000 public sector jobs have been cut, and subsidies slashed. His approval rating has sunk to historic lows — with disapproval now topping 60%, though polls suggest the outcome Sunday remains uncertain.

On Buenos Aires streets, anger is palpable.

“I really don’t think he loves Argentina,” said Eva Marcilo, a retired teacher protesting outside Congress. “My medications used to be free; now I pay 60 or 80%. Food costs are impossible, my kids can’t afford rent. Everyone’s working more and earning less.”

Still, Milei retains a loyal following. At the launch of his latest book — staged like a rock concert — thousands turned out to cheer him on. Support among younger voters remains particularly strong.

“For a long time, we lived the worst of the worst,” said 21-year-old Jonatan Moreno, from the Argentine city of Córdoba. “Javier gives us hope that we didn’t have before.”