presidential election
In a severe economic crisis: Argentina elects president
Javier Milei, self-proclaimed “anarcho-capitalist” and presidential candidate, waves a chainsaw with his name on it at a campaign rally. photo
© Natacha Pisarenko/AP
Around 40 percent of the people in the once rich country live below the poverty line. Now a new president will be elected. The self-proclaimed “anarcho-capitalist” Milei is considered to have good chances.
South America’s second largest economy is in a deep economic crisis: the inflation rate is 138 percent, and around 40 percent of the people in the once rich country live below the poverty line. Argentina suffers from a bloated state apparatus, low industrial productivity and a large shadow economy that deprives the state of much tax revenue. The national currency, the peso, continues to lose value against the US dollar and the mountain of debt is constantly growing.
To win the election outright in the first round, a candidate must receive at least 45 percent of the vote or 40 percent of the vote and ten percentage points ahead of the runner-up. If none of the candidates can prevail in the first round, the two strongest candidates will go to the runoff election on November 19th. The future president takes office on December 10th.