Milei is the new president-elect of Argentina: renowned lawyers react to the libertarian’s victory

The ultra-liberal candidate defeated the Minister of Finance Sergio Massa on the ballot on Sunday, November 19

The news of Javier Milei’s victory in the elections in Argentina surprised the political establishment, but also the legal sector. Upon hearing the news of the libertarian’s victory with 55.69% of the votes, many prominent lawyers expressed their opinions on the future of the country’s politics.

Pablo Artagaveytia of Marval, leading Argentine law firm, shared his views on Monday: "Yesterday, Argentines voted for a democratic change of high impact in the region that seeks to change the traditional way of doing politics. The road will not be easy, but the hope expressed at the polls invites us to believe", said the partner of the firm and member of the Corporate and Mergers & Acquisitions practice area.

Hugo Bruzone, partner of Bruchou & Funes de Rioja and head of the Banking Law and Capital Markets Department, stated: "Milei’s victory by more than 11% over his opponent Massa exceeded all forecasts".

"Massa, who had come first in the general elections of October with 36.68% of the votes, obtained 44.39% of the votes in the second round, far behind his rival".

"It remains to be seen whether this resounding victory will give him the necessary political backing to implement the ambitious pro-market reform plan he expressed during the campaign, given that he will not have parliamentary majorities of his own", added Bruzone.

Among the measures proposed by Milei are the dollarization of the economy, the privatization of public enterprises such as oil company YPF, the abolition of the Central Bank, and the end of foreign exchange restrictions.

María Alexia Aurelio, founding partner of Aresco Abogados, said: "Argentina took a bet on change. It will surely be difficult and hard to implement it, but society has shown its willingness to try".

Juan Javier Negri, founding partner of Estudio Negri & Pueyrredon, pointed out: "I believe that Milei’s voters do not agree 100% with everything he proposes, but they are 100% against everything Massa defends and represents".

"Massa, the current Minister of Finance in Alberto Fernández’s administration, has been hit electorally by the serious economic situation in Argentina, where inflation today exceeds 140%. In addition, the debt renegotiation agreement with the International Monetary Fund is another issue that the next government will have to resolve".

Alejandro Gordano, an Argentine partner at Shearman & Sterling in New York in the Capital Markets practice, said: "It was a well-attended election that showed a clear majority of people with a desire for change. From a legal perspective, it is encouraging that President-elect Javier Milei has repeatedly stated that private property will be respected, and the rule of law upheld."

"It is important to focus on execution as there are many challenges ahead. Argentina has a lot of good and well-prepared people, so I am confident that a positive change is possible, and that we in the legal profession can contribute to make it happen.", concluded Gordano.

Horacio Vianello of BC | F | PZ Abogados in Buenos Aires, commented: "The election result in Argentina sends a clear message: its people are looking for a different path to the model that the country has been following since 2003, even different to the gradualism project proposed by Mauricio Macri when he won the elections in 2015. However, the election result is not a "blank cheque" for Milei and his proposals, neither on the part of the electorate nor on the part of the members of Congress who take office alongside him. The scenario is composed of different shades of the Argentine political spectrum, both in the National Congress and in the Provincial Governorships. Milei will have no majorities of his own and will face low territorial power alongside the governors. The Argentinean economic context, although far from ideal in the short term, has indicators and potentialities in the medium term that are favourable for the president-elect, which may allow for a lasting change in Argentina’s political paradigm."

Author: Marina Vanni