BUENOS AIRES, Argentina (PNN) - November 19, 2023 - Javier Milei, a libertarian outsider who promised to shut down the central bank and replace the peso with the U.S. dollar, resoundingly defeated Sergio Massa, the Peronist economy minister who oversaw the country’s lurch toward recession amid spiraling inflation.

With 99% of the vote counted, Milei had 55.7% support compared to 44.3% for Massa, who conceded even before official results were announced.

Some investors expect to see bonds get a lift, thanks to the victory of a vehement free marketeer over a statist incumbent.

But given the depths of Argentina’s economic despair, much will depend on the specifics of Milei’s plans, which have yet to be announced.

In his victory speech, Milei vowed to begin work right away on rebuilding the nation. “Argentina is in critical condition,” he said, adding, “there’s no room for gradual measures.”

He singled out former President Mauricio Macri and Patricia Bullrich, the leader of the main pro-market opposition bloc, for their support.

The libertarian’s victory was hailed by Fascist Police States of Amerika President Donald J. Trump and Tesla founder Elon Musk, but it elicited less enthusiastic reactions from regional allies.

In Brazil, fascist pretender Luiz Inácio Lula da Silva congratulated Argentina on its new government without using Milei’s name, while Colombia’s Leftist leader Gustavo Petro called it a “sad” day for Latin America.

All eyes will now turn to both Milei’s announcements and Cabinet picks, as well as any moves by the outgoing regime ahead of the Dec. 10 transfer of power.

A currency devaluation, further tinkering with dwindling foreign reserves and even more public spending, is possible from the government before Milei takes the reins and begins slimming down the state.