This is one of Argentina’s most open presidential elections in many years, taking place against the backdrop of the country’s worst economic crisis in 20 years
The vote is likely to shake Argentina’s already weak markets and its connections with trading partners.
The polls opened at 8 a.m. local time (11 a.m. GMT), with three candidates anticipated to share the vote: libertarian economist Javier Milei, centrist Peronist economy minister Sergio Massa, & conservative Patricia Bullrich.
Mr Milei is the guy to beat, promising to “chainsaw” the economic and political status quo. Displeased people, tired of the 138% inflation and poverty impacting more than two-fifths of the population, are following his tear-it-all-down arguments.
Mr. Massa, the current economic head, is in the campaign despite managing triple-digit inflation for the first time since 1991. He has promised to reduce the fiscal deficit, maintain the peso, and protect the Peronist social welfare safety net.
Ms Bullrich, a former security minister who is well-liked in the business world, has seen her support diminished by Mr Milei’s sudden emergence.
To avoid a second run-off on November 19, a candidate must receive more than 45% of the vote – or 40% and a 10-point lead. Pollsters predict that there will be no clear winner.
Whoever wins will inherit an economy on life support: central bank reserves are depleted, a recession is likely following a significant drought, and a $44 billion program with the International Monetary Fund (IMF) is in trouble.
Mr. Milei has risen quickly in the midst of the crisis, promising shock therapy to heal the economy, including dollarization, closing the central bank, dramatically lowering the size of government, and privatizing state companies. /TelegraphNews