Political scientist Milei establishes a national political forum with the aim to engage in discussions with state governors
In a surprising turn of events, President Javier Milei announced the formation of a national political council less than 24 hours after the harsh defeat of his party, La Libertad Avanza (LLA), in the elections for the province of Buenos Aires.
The elections, held on October 26, saw a significant shift in power. The mid-left coalition Fuerza Patria, composed of various left-peronist forces, emerged victorious with over 47% of the votes. This marked a clear defeat for Javier Milei's LLA, which garnered around 34% of the votes. The winning candidate associated with Fuerza Patria is Governor Axel Kicillof.
The national political council includes key figures such as Karina Milei (General Secretary of the Presidency), Guillermo Francos (Chief of Staff of Ministers), Patricia Bullrich (Minister of National Security), Martín Menem (President of the Chamber of Deputies), Santiago Caputo (presidential advisor), and Manuel Adorni (presidential spokesman). Notably, Adorni has also instructed Francos to convene a federal dialogue table with the governors of the provinces.
The political council of the province of Buenos Aires will also be expanded due to the representativeness of those who make up the provincial space. This move is aimed at ensuring a broader perspective in the council's decision-making process.
The market reacted negatively to the government's electoral defeat, causing the Buenos Aires Stock Exchange to fall 13.25%. The value of the US dollar also saw an increase, with the dollar at the Banco Nación state bank rising 45 pesos, reaching a new closing maximum of 1,425 pesos for sale to the public. In the wholesale market, the value of the US dollar rose to 1,405 pesos per unit.
Despite the electoral defeat, Milei has promised not to change the course of his government. He stated that the policy will be accelerated and deepened. Milei also called for work to begin for the next month's elections, where a part of the National Congress will be renewed.
This result is a larger difference than the polls predicted, causing concern for the government as it looks towards the national elections on October 26. The market's negative reaction and the larger-than-expected victory by Fuerza Patria indicate a challenging road ahead for Milei and his administration.
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