Argentines headed to the polls on October 26, 2025, for midterm legislative elections that have become a critical test of President Javier Milei’s turbulent administration and the future of his radical economic agenda. The stakes are high—not just for Argentina, but for international allies and critics watching closely, especially given the unprecedented involvement of US President Donald Trump and a series of scandals that have rocked Milei’s government in recent months.
The elections will renew about half of the 257-member Chamber of Deputies and a third of the 72-member Senate. For Milei, who took office in December 2023 on promises of shock-therapy economics and fierce anti-establishment rhetoric, the outcome could determine whether he finishes his term with strengthened legislative backing or faces even greater opposition roadblocks. La Libertad Avanza, his party, currently holds under 15 percent of congressional seats—far from a majority. Milei is aiming to boost this figure to at least a third, hoping to shield his budget-slashing reforms from being stymied by rivals.
But the path to that goal has been anything but smooth. According to France 24, Milei’s approval ratings have plummeted following a string of scandals and policy missteps. His image as a straight-talking outsider was first dented in February 2025, when he promoted a dubious memecoin on social media, triggering $250 million in losses for investors. In August, his sister and chief-of-staff, Karina Milei, was accused of accepting bribes from a government medicine supplier—a charge she has denied. The most recent blow came when his leading candidate in Buenos Aires Province, José Luis Espert, withdrew from the race after admitting to receiving $200,000 from a businessman indicted in the US for drug trafficking, insisting it was payment for consulting services.
The opposition has seized on these controversies. Former Peronist President Cristina Fernández de Kirchner, herself serving a six-year sentence for corruption, issued a video message urging voters to resist foreign influence, declaring, “Compatriots, Argentina is a country too great and dignified to depend on the whims of a foreign leader.” Her call resonated with many Argentines wary of outside intervention, especially as US President Trump made headlines by tying American financial support directly to Milei’s electoral fortunes.
Trump’s involvement has been nothing short of extraordinary. In the weeks leading up to the midterms, his administration, via Treasury Secretary Scott Bessent, extended a $20 billion currency swap and intervened in currency markets to support the embattled peso. Trump warned bluntly that “if [Milei] loses, we are not going to be generous with Argentina.” According to Buenos Aires Times, this was the second time in a month that Milei’s government had been bailed out by the Trump administration to prevent a run on the peso. Yet, despite these dramatic interventions, the currency slid to a new record low of 1,476 pesos per US dollar just days before the vote, as reported by France 24.
Economically, Milei’s tenure has been a rollercoaster. After taking office, he enacted sweeping austerity measures: tens of thousands of public-sector jobs were cut, public works frozen, and spending on health, education, and pensions slashed. He wielded a chainsaw—literally and figuratively—as a symbol of his determination to shrink the state. These policies delivered Argentina’s first fiscal surplus in nearly 15 years and brought monthly inflation down from 25.5 percent to just 2 percent. Argentines initially celebrated the relief from spiraling prices, and the peso’s relative strength made imported goods and foreign travel more affordable.
However, the cost was steep. Growth, consumption, and manufacturing output all declined, and many of Argentina’s most vulnerable citizens found themselves deeper in poverty. As the government scrapped capital controls, investors began moving money out of the country more freely, exacerbating the peso’s slide. While poverty rates have edged down and wages are regaining some ground, the improvements remain fragile. “You cannot fix a hundred years of decline in 20 months,” Milei insisted on the campaign trail, according to Buenos Aires Times. He has made clear he has “no intention of changing course until the end of my term.”
Politically, Milei’s aggressive tactics have cost him dearly. After suffering a landslide defeat in Buenos Aires Province—a Peronist stronghold and home to 40 percent of the population—his coalition faces an uphill battle. Buenos Aires Governor Axel Kicillof, a leading Peronist, is widely seen as a potential challenger to Milei in the 2027 presidential election. The emergence of a new bloc of federal governors, Provincias Unidas, could also prove decisive, with projections suggesting they could secure around 25 deputies, enough to tip the balance in tight legislative showdowns.
Complicating matters further, Milei’s decision to run a slate of largely unknown libertarian candidates and forgo coalition-building alienated potential allies. As France 24 notes, Congress responded by passing spending measures over his vetoes and blocking several flagship reforms, including plans to privatize major state firms. Even within his own party, turbulence abounded: Diego Santilli replaced Espert as the top candidate in Buenos Aires, but due to printing deadlines, Espert’s name remained on the ballot. Another candidate, Karen Reichardt, faced criticism for past racially insensitive social media posts.
The US rescue package has sparked backlash on both sides of the equator. In the US, lawmakers, farmers, and Trump’s own supporters questioned the wisdom of sending billions to a country with a history of debt defaults and as a competitor in agricultural exports. In Argentina, Trump’s overt pressure galvanized the opposition, with Peronists urging voters to “punish Milei on Sunday” and reject what they see as an affront to national sovereignty.
Markets have responded with volatility and anxiety. Investors dumped Argentine bonds and pesos, forcing the central bank to burn through reserves to prop up the currency. Even a promised boost in US beef imports and talk of another $20 billion loan from private banks failed to restore confidence. As Jamie Dimon, CEO of JPMorgan Chase, arrived in Buenos Aires for meetings, the mood remained tense.
For many Argentines, the midterms are about more than just legislative arithmetic. They are a referendum on Milei’s bold—and for some, reckless—experiment with free-market reforms and austerity. As Eugenia Mitchelstein of San Andrés University observed, “It was the first wake-up call when people started to ask, maybe [Milei and Karina] are asking us to make sacrifices that they’re not making themselves.”
Whatever the outcome, the results of this vote will reverberate far beyond Argentina’s borders. With international power brokers, economic turmoil, and political scandals all in play, the world is watching to see whether Milei can weather the storm—or if Argentina’s experiment in radical change is about to hit a wall.
The next chapter in Argentina’s ongoing political and economic saga will be written as ballots are counted, alliances are tested, and the country’s future hangs in the balance.
