Voters in Argentina headed to the polls this Sunday morning to cast their votes in primary elections likely to oust the Peronist coalition from power due to anger over inflation soaring to 116 percent and a cost-of-living crisis that has pushed four out of ten citizens into poverty. The voting process began at 8 a.m. local time (11:00 a.m. GMT) and is expected to close around 6 p.m. Preliminary results are anticipated to be announced around 9 p.m.
The economic crisis has prompted much criticism of the country's two major political blocs, the ruling Peronist coalition and the opposition’s conservative "Together for Change" alliance, paving the way for a potential surprise victory for a far-right liberal candidate. Competition within the "Together for Change" alliance is intense between Buenos Aires Mayor Horacio Rodríguez Larreta and his more hardline competitor, former Security Minister Patricia Bullrich. Both have vowed to continue austerity measures and further open markets.
Also among the candidates is liberal economist Javier Milei, who has garnered nearly one-fifth of the votes in pre-election polling. Milei seeks to transform the Argentine economy to rely on the dollar and close the central bank. Goldman Sachs noted in a memo: "The strong performance of the liberal candidate would also be a surprise and could lead to a heated race among three candidates in October."
Pollsters predict low voter turnout, despite penalties imposed on those who abstain from voting. Regardless of who wins in the general elections set for October, which may extend to a runoff in November, they will need to make crucial decisions to rebuild depleted foreign currency reserves, boost grain exports, and curb inflation. Argentine laws mandate that most adults participate in the primaries, making it an important experience ahead of the scheduled general elections, as it will provide a clear indication of whom the public prefers to lead the country.
