Prof G Markets How Milei’s Surprise Win in Argentina Defied the Market
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Oct 28, 2025 
Oliver Stuenkel, an expert in Latin American politics, discusses Javier Milei's surprising electoral win in Argentina and its implications for liberal reforms. He delves into how unexpected local results shaped national momentum and the challenges Milei faces amid public sector issues. Robert Armstrong, a financial commentator, analyzes the latest CPI report, emphasizing the complexities of inflation predictions and the potential impact of tariffs. He cautions against excessive rate-cut expectations while highlighting market trends and risks, especially in gold and tech.
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Voters Gave Milei A Two-Year Mandate
- Javier Milei won midterms giving him a mandate to continue radical liberalizing reforms in Argentina.
- Voters accepted short-term pain for the promise of long-term economic stabilization, per Oliver Stuenkel.
U.S. Backing Shaped The Outcome
- The U.S. rescue package influenced Argentine voter behavior and signaled geopolitical backing for Milei.
- Milei's pro-U.S. tilt contrasts with regional moves toward China and may inspire similar leaders, said Stuenkel.
Cuts Alone Won't Fix Structural Weaknesses
- Milei has cut spending and laid off tens of thousands, but Argentina still faces deep structural problems.
- Restoring productivity, bureaucracy reduction, and diversifying the economy will take time, Stuenkel warned.