Milei wins Argentina’s presidential election, Massa concedes | Forexlive

Economy Minister Sergio Massa was the candidate for the ruling coalition. He has done the numbers, recognised defeat, and conceded in the presidential run-off.

Libertarian lawmaker Javier Milei will be Argentina’s next president.

Background to this:

—

Argentina’s economy has been smashed by triple-digit inflation, looming
recession and rising poverty. The worst economic
crisis in two decades.

Incoming president Milei is promising economic shock, with plans including:

• shutting the central bank
• ditching the peso
• slashing
  spending
• has criticized China and Brazil, says he won’t deal with “communists”, favours stronger ties with the US

Mileil now fronts up to:

• government funds having run dry
• a US$44 billion debt program with the International
  Monetary Fund
• a highly fragmented Congress (no single bloc
  has a majority), he’ll need backing from factions to pass legislation
• Milei’s coalition does not have any regional governors or mayors