Javier Millay, a libertarian economist, has been elected as the President of Argentina with 56% of the votes. His victory came in response to the hyperinflation that led to an annual inflation rate of 142%. Millay has promised to take a different approach than the previous government, which included closing government offices and shutting down the central bank as part of the “dollarization” process. However, it remains unclear how Congress will govern in practice with Millay as president.
Millay’s rise to power has been met with criticism from some who suspect that it was more a result of Massa’s flaw as the Minister of Economy in the previous government rather than his own merits. Despite being considered eccentric with his love for his four dogs and unique hobbies, Millay has gained popularity among various groups in Argentina due to his critical attacks on the country’s leadership. The country is currently facing economic issues, poverty, and high inflation.
Lev Ari argues that Argentina’s economic problems are a result of its reliance on capital outside the financial system and its role as a food producer. Prof Rein believes that Peronism’s collapse contributed to these problems as well. Despite past attempts at stabilization, Argentina continues to struggle with managing its economic crisis. Millay’s party, “Freedom is Progressive,” received only 37 seats in Congress out of 257, while “The Union for Motherland” still holds the most seats.
Millay seems to tap into real problems facing Argentina through his promises while creating a narrative suggesting current leadership does not represent people will and failed policies. Now as president, people hope he can provide solutions to these issues.