Miley’s party is on track to win Argentina’s elections in a major comeback

Miley’s party, La Libertad Avanza, received 41% of the votes after 92% of the votes were counted, according to data published by Interior Minister Guillermo Francos on Sunday. The main branch of the rival Peronist party received 24.5% of the vote, a much lower level than it received in its landslide victory over Maile in the Buenos Aires province vote last month. Miley’s party was winning in most of Argentina’s provinces when official data was first published.

Francos said that Miley’s party won 64 seats out of 127 seats in the elections for the House of Representatives in Congress.

The midterm elections, in which half the House seats and a third of the Senate were to be elected, are a crucial referendum on Miley and the aggressive austerity policies he launched as president. The September result sparked a sell-off in the peso amid investor concerns about Miley’s standing with voters, eventually prompting the Trump administration to intervene in an attempt to shore up both the peso and the government.

Markets are likely to rise on Monday as election uncertainty fades and Miley’s party, which currently holds only about 15% of seats, gains a stronger foothold in Congress to pass key economic reforms.

His nominees are expected to approach or even exceed a third of the seats in the House of Representatives, a key criterion that would allow him to protect his veto power, which opposition lawmakers have succeeded in overriding in recent months.

A win would also vindicate Exceptional support US Treasury Secretary Scott Picent presented Argentina. Just before the elections, the United States signed a $20 billion agreement Currency swap A written agreement with Argentina to support the beleaguered peso, which has fallen more than 30% so far this year.

Argentine bonds, which posted the biggest gains in emerging markets last year, also fell amid the September election loss and the US support package.

United States too Pesos purchased directly In the run-up to the vote, it is coordinating additional financial support from Wall Street banks for Miley’s administration. President Donald Trump met with Miley at the White House two weeks ago, and the Argentine has emerged as one of the US president’s most ardent supporters abroad.

Washington’s support comes in addition to Argentina’s $20 billion program with the International Monetary Fund that began in April.

A win could also help turn the page politically for Milley. The president and his party have faced three corruption scandals this year, while Argentina’s slowing economy and frustration with high unemployment helped push Miley’s popularity to the lowest level of his term before the vote.