Javier Millay, a libertarian economist, emerged victorious in the presidential election held in Argentina. He won 56% of the votes and promised to take a different approach than the state previously implemented. As part of his plan, he pledged to shut down government offices and fully close the central bank as part of the “dollarization” process. This move was prompted by the country’s hyperinflation that had reached an annual rate of 142%.
Despite his eccentricities, Millay has been popular with various groups in Argentina due to his criticism and attacks against the country’s leadership. He has been critical of past attempts to stabilize the economy that have failed, and believes that Argentina’s economic issues can be traced back to its role as a food producer, reliance on capital outside of the financial system, and the collapse of Peronism.
Millay’s party only received 37 seats in the House of Representatives out of 257, but it remains unclear how Congress will govern with him as president. Critics question what led to Millay’s rise in Argentine politics, suspecting that it was more as a result of Massa’s flaw as Minister of Economy in the previous government rather than any inherent qualities or charisma within Millay himself. Nonetheless, many are hopeful that he can provide solutions to Argentina’s ongoing economic crisis and poverty.