Election Victory in Argentina
In the recent parliamentary elections held in Argentina, President Javier Milley’s party secured over 40% of the votes, delivering a significant triumph for him. This win is particularly important for President Donald Trump, who has tied U.S. financial support to the success of his liberal counterpart in Latin America.
When asked about the results while aboard Air Force One, Trump expressed enthusiasm, stating, “I love that question because we had a big win in Argentina.”
He continued, “I want to congratulate the winner. He was a big winner, receiving substantial support from us. I backed him strongly… People thought it would be tough, but not only did he win, he won by a tremendous margin. So, it was a great outcome for Argentina.”
Milley’s faction gained 64 of the 127 House seats and 13 out of 24 Senate seats, enabling him to maintain power without the risk of legislative overrides. Bloomberg had previously projected a win of around 30% of the seats.
On Monday, Argentina’s dollar-denominated bonds saw considerable increases, with a bond set to mature in 2035 rising by more than 13 cents to reach a record high of 70.34 cents according to Bloomberg’s pricing models.
Trump stated, “We made a lot of money due to that election because the national debt increased and the overall debt rating rose.” He emphasized, however, that financial gain wasn’t the primary motive.
The U.S. Treasury confirmed the completion of a $20 billion currency swap and is contemplating an additional $20 billion in financing from various sectors, including sovereign wealth funds and private banks.
Treasury Secretary Scott Bessent also acknowledged Milley’s victory, describing it as a clear indication that the Trump administration’s approach of fostering peace through economic strength is effective.
He stated, “We anticipate ongoing advancements in economic freedom that will stimulate private sector investments and job creation, benefitting the people of Argentina,” adding that the bond between the U.S. and Argentina has never been stronger under Trump’s leadership. He expressed optimism about a prosperous future for Latin America.
In a post on Truth Social early Monday, Trump congratulated Milley on his “landslide victory,” praising his performance and asserting that “the Argentine people justified our faith in him.”
Milley, in turn, responded through a social media post, highlighting, “Our countries should have never ceased to be allies. Our people wish to live freely. You can count on me to defend Western civilization, which has successfully lifted over 90% of the world’s population out of poverty.” He concluded his message with, “Maga,” accompanied by an emoji of the Argentine flag and a handshake with the American flag.
