Government candidate Massa concedes election defeat
Government candidate Sergio Massa has conceded defeat in the presidential election in Argentina. "Javier Milei is president," said the incumbent economy minister in the evening about his ultra-liberal rival. "I congratulated him because the majority of Argentinians voted for him." After 86% of the votes had been counted, Milei was well ahead of Massa with 55.95% and 44.04%.
The self-proclaimed "anarcho-capitalist" Milei promises a radical turnaround: He wants to introduce the US dollar as legal tender, abolish the central bank and many ministries and cut social spending. Government candidate Massa stood for the previous policy of massive state intervention in the economy and extensive social programs.
South America's second largest economy is in a deep economic crisis. The inflation rate is over 140 percent and around 40 percent of people in the once rich country live below the poverty line. Argentina suffers from a bloated state apparatus, low productivity in industry and a large shadow economy that deprives the state of many tax revenues. The national currency, the peso, continues to lose value against the US dollar and the mountain of debt is constantly growing.
Sergio Massa's concession in the presidential elections paves the way for Javier Milei to become the new Head of state in Argentina. With his victory, Milei, the ultra-liberal candidate, will implement his plans to introduce the US dollar as legal tender, dissolve the central bank, and reduce social spending.
Source: www.dpa.com
