Economy Minister Sergio Massa was the candidate for the ruling coalition. He has done the numbers, recognised defeat, and conceded in the presidential run-off.
Libertarian lawmaker Javier Milei will be Argentina's next president.
Background to this:
Argentina's economy has been smashed by triple-digit inflation, looming recession and rising poverty. The worst economic crisis in two decades.
Incoming president Milei is promising economic shock, with plans including:
- shutting the central bank
- ditching the peso
- slashing spending
- has criticized China and Brazil, says he won't deal with "communists", favours stronger ties with the US
Mileil now fronts up to:
- government funds having run dry
- a US$44 billion debt program with the International Monetary Fund
- a highly fragmented Congress (no single bloc has a majority), he'll need backing from factions to pass legislation
- Milei's coalition does not have any regional governors or mayors
Milei (left of screen) and Massa