Argentina voted for crisis, with radical leader highlighted

BUENOS AIRES (Reuters) – Argentines began voting on Sunday in a national election where a far-right libertarian is leading the race, a change in the political landscape due to the consequences of the country’s worst economic crisis in two decades.

The vote is expected to shake up financial markets, define a new political and social path for the nation and impact its ties with trading partners, including China and Brazil. Argentina is a major grain exporter, with huge reserves of lithium and shale gas.

Libertarian economist Javier Milei is one of three candidates likely to split the vote and the man to beat after scoring a surprise victory in an open primary in August.

Centrist Peronist Economy Minister Sergio Massa and conservative Patricia Bullrich are trailing him by a small margin, and polls are not expecting an outright winner, meaning a second round will be necessary. Polls close at 6pm local time (9pm GMT) and the first results are expected at 9pm (0000 GMT).

Milei, promising to “chainsaw” the economic and political status quo, saw angry voters flock to his destructive message, fed up with annual inflation approaching 140% and poverty that affects more than two-fifths of the population. .

“Milei is the incarnation of all the demands of society,” said Juan Luis Gonzalez, who wrote a biography of him titled “El Loco,” which means the crazy one. He thinks Milei, a fiery former TV pundit compared to Donald Trump and former Brazilian president Jair Bolsonaro, will win despite being an “unstable” character who could further harm Argentina.

“I see a very worrying situation,” said Gonzalez.

SHOCK THERAPY

To win on Sunday, a candidate will need more than 45% of the vote or 40% and a 10-point lead over rivals.

Any second round would be held on November 19.

Whichever member of the trio emerges victorious will have to deal with an economy on life support: central bank reserves are empty, recession is expected following a major drought and a $44 billion program with the International Monetary Fund (IMF) is wavering.

Milei’s recipe for shock therapy includes promises to dollarize the economy, close the central bank, reduce the size of government and privatize state-owned entities. He has criticized China, favors looser gun laws, opposes abortion and is anti-feminist.

“He is the only one who understands the situation in the country and knows how to save it,” said Buenos Aires student Nicolas Mercado, 22.

Susana Munoz, 62, retired, said Milei’s rise was a reflection of global upheaval, where high inflation, conflict and migration were fueling divisions.

“The world is complicated and we are not immune to it,” she said during the vote on Sunday. “The right is advancing everywhere and it is unthinkable that we have characters like Milei.”

Massa, the current head of the economy, is in the race despite overseeing that inflation has reached triple digits for the first time since 1991. He has said he will reduce the fiscal deficit, maintain the peso and defend the Peronist social safety net.

“Peronism… is the only space that offers the possibility for the poorest among us to have basic things within our reach,” said bricklayer Carlos Gutierrez, 61 years old. “I trust Massa will get it right.”

Bullrich, a former security minister popular in business circles, saw her support diluted by Milei’s unexpected emergence. Polls consider her the most likely among the top three to lose a second round.

Many voters were tired after many years of economic malaise.

“I vote out of obligation, but with little desire,” said Silvana Dezilio, 37, a housewife from the province of Buenos Aires.

“All governments promise things and end up sinking us a little deeper. It seems unbelievable, but we are getting worse and worse. We read that other countries have overcome problems that for us are getting worse every day,” she said.

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