The battle for the highest office in Argentina produced a surprise: government candidate Sergio Massa came first. The country faces major challenges: a serious economic crisis led to inflation of 138 percent.
Economy Minister Sergio Massa of the left-wing Unión por la Patria (Fatherland Union) received 36 percent of the votes, the electoral office announced on Sunday evening (local time) after counting about 80 percent of the votes.
The libertarian populist Javier Milei, previously considered the favorite, came second with 30 percent. Both will participate in the second election. This will take place on November 19. The new president will take office on December 10.
Serious economic crisis
Argentina, South America’s second-largest economy, is in deep economic crisis: its inflation rate is 138 percent and about 40 percent of people in the once-wealthy 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 continues to grow.
Source: Krone
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