Argentina, known for its rich culture, breathtaking landscapes, and passionate people, has been grappling with a seemingly never-ending economic crisis. The country’s current economic turmoil is the worst it has been in the past two decades, having deeply impacted the lives of its citizens. Today, they are engaged in an ongoing battle in the polls to find a way out of this protracted crisis.
The roots of Argentina’s economic crisis can be traced back to the late 20th century. Hyperinflation in the 1980s and the collapse of the Argentine peso in 2001 left the nation in shambles. Since then, economic stability has been elusive. The country has defaulted on its debt multiple times, and inflation rates have soared to 138%, making it increasingly difficult for ordinary citizens to make ends meet.
The upcoming election is poised to disrupt Argentina’s already volatile markets, influence its relationships with trade partners such as China and Brazil, and shape the country’s political trajectory. Argentina, a significant exporter of grains with substantial reserves of lithium and shale gas, faces a crucial decision.
Polling stations opened at 8:00 AM (4:30 PM IST), and three leading candidates are expected to divide the vote: libertarian economist Javier Milei, centrist Peronist Economy Minister Sergio Massa, and conservative Patricia Bullrich.
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The economic crisis
One of the most significant challenges facing Argentinians is the relentless devaluation of the peso. As the value of the peso plummets, the cost of living skyrockets. This means that basic necessities like food, housing, and healthcare are becoming increasingly unaffordable. Citizens are grappling with reduced purchasing power and a diminished quality of life. In response, many have taken to the streets to protest and demand economic reform.
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Against this backdrop, elections in Argentina have become a critical battleground for change. The political landscape in the country has been marked by ongoing debates over how to address the economic crisis. Voters are faced with tough choices, and the political climate is polarised.
Notable players
One key player in this ongoing drama is President Alberto Fernández. Elected in late 2019, he assumed office with high hopes of steering the nation towards economic stability. However, the COVID-19 pandemic hit, further exacerbating Argentina’s economic woes. His government imposed strict lockdowns, leading to reduced economic activity and increasing public debt. As a result, many citizens are disillusioned with his leadership.
Another figure of note is Cristina Fernández de Kirchner, the former president and current vice president of Argentina. Her influence is strong in the political landscape, and her policies have been a subject of controversy. She remains a central figure in the ruling party, and her approach to addressing the crisis has been met with both support and criticism.
The opposition in Argentina is led by figures such as Mauricio Macri, Alberto Fernández’s presidential predecessor. Macri’s market-friendly policies earned him the support of some segments of the population, but his time in office was also marked by economic challenges, contributing to his defeat in the 2019 election. He remains a significant contender in the political arena.
In the midst of these challenges, citizens are participating in polls to determine the future course of the nation. Voters are expressing their dissatisfaction through their choices, and the election results are a reflection of their aspirations for change.
For a candidate to avoid a second-round run-off, they must secure more than 45% of the vote or attain a minimum of 40% with a 10-point lead. If a second round is necessary, it will take place on November 19. Voting on Sunday will conclude at approximately 6:00 PM (2:30 AM IST), with the initial results anticipated by 9:00 PM (5:30 AM IST).
The 3-Way Electoral Battle
Image Source: Associated Press
Although pollsters cannot call the win for a specific candidate, far-right libertarian Javier Milei might be the pole runner. A former TV pundit, he has strong links to the likes of Donald Trump, former president of the United States, and Jair Bolsonaro, former president of Brazil. The August open primaries shocked many, with the self-proclaimed ‘anarcho-capitalist’ coming out in the forefront with Massa and Bullrich hot on his toes.
The economist and newly elected legislator has expressed his intention to reduce public expenditures, slash the count of government ministries by fifty per cent, abolish the central bank, and adopt the U.S. dollar as the national currency. He has also rallied against the ‘socialist agenda’, opposing the likes of sex education, feminism, and abortion (which is currently legal in Argentina).
Despite being a brash extremist, Milei rallied enough support to rattle the other two candidates, who spent the last of their campaigns encouraging citizens to not vote for Milei. They fear that he is too dangerous a force to lead the country and that his plans and ideals could have dismal effects on education, health care, and social welfare programmes; being that these are the ministries that he wants to get rid of.
Although citizens are now looking to these elections as a means to bring about much-needed economic reform, they are bracing for impact. The day after the primaries, the Argentinian peso devalued by nearly 20%. Citizens with any disposable income are in a hurry to snap up goods and buy the US dollar, afraid of a pattern being established.
Hence, the Argentinian economic crisis has been a persistent challenge, affecting the lives of ordinary citizens in numerous ways. The country’s turbulent economic history has fueled a sense of frustration among its people, who are now taking their concerns to the polls. The political arena is rife with competing visions for economic recovery, and elections serve as a battleground for these ideas. As Argentinians continue to exercise their democratic rights, they hope that their collective voice will lead the way to a more prosperous and stable future. The outcome of these elections will play a pivotal role in determining the path forward for Argentina and its citizens.
