by the El Reportero‘s wire services
Javier Milei, a libertarian outsider who promised to shut down the central bank and replace the peso with the US dollar, resoundingly defeated Sergio Massa, the Peronist economy minister who oversaw the country’s lurch toward recession amid spiraling inflation.
With 99 percent of the vote counted, Milei had 55.7 percent support compared to 44.3 percent for Massa, who conceded even before official results were announced.
Some investors expect to see bonds get a lift, thanks to the victory of a vehement free marketeer over a statist incumbent.
But given the depths of Argentina’s economic despair, much will depend on the specifics of Milei’s plans, which have yet to be announced.
In his victory speech, Milei vowed to begin work right away on rebuilding the nation. “Argentina is in critical condition,” he said, adding “there’s no room for gradual measures.”
He singled out former President Mauricio Macri and Patricia Bullrich, the leader of the main pro-market opposition bloc, for their support.
The libertarian’s victory was hailed by former US President Donald Trump and Tesla founder Elon Musk, but it elicited less enthusiastic reactions from regional allies.
In Brazil, Luiz Inácio Lula da Silva congratulated Argentina on its new government without using Milei’s name, while Colombia’s leftist leader Gustavo Petro called it a “sad” day for Latin America.
All eyes will now turn to both Milei’s announcements and cabinet picks, as well as any moves by the outgoing administration ahead of the Dec. 10 transfer of power.
A currency devaluation, further tinkering with dwindling foreign reserves and even more public spending are possible from the government before Milei takes the reins and begins slimming down the state.
Mexico marks 113 years since the revolution
Today marks the 113th anniversary of the Mexican Revolution, a critical event in Mexico’s history that helped shape the country’s modern political and social structures.
Here are the basics you need to know about the Mexican Revolution.
When was the Mexican Revolution?
The Mexican Revolution was an armed conflict that began in 1910 as a rebellion against General Porfirio Díaz’s prolonged rule. However, it quickly escalated into a civil war with various factions vying for control of the revolution. An estimated 2 million people died in the conflict, which continued until 1920.
Why is Revolution Day on Nov. 20?
When President Porfirio Díaz was elected for another term in 1910, former candidate and liberal leader Francisco I. Madero launched a plan to overthrow him.
The plan had a main motto: “Effective suffrage, no re-election.” It demanded labor rights and land distribution, which were sought after by social groups against Díaz.
According to the Chronology of the Revolution by the National Institute of Historical Studies on the Revolutions of Mexico (Inehrm), the plan called for an armed struggle on Nov. 20, from 6 p.m. onwards, in which all citizens of the Republic were called to take up arms to overthrow Díaz.
Nationwide, however, 13 armed struggles had already begun before 6 p.m. on that day, marking Nov. 20 as the start of the Mexican Revolution.
