Argentina's dominant Peronist political coalition outperformed expectations in Sunday's general election, taking a strong first place ahead of a far-right challenger. The surprise result sets up a divisive November runoff.
The ruling party's candidate, Economy Minister Sergio Massa, won nearly 37% of the vote, according to partial counts. He bested libertarian Javier Milei, who garnered just over 30%.
Pre-election polls had predicted a Milei victory. But Massa's messaging on social welfare apparently resonated with hard-hit voters despite sky-high inflation under the current administration.
The polarized runoff pits Massa's moderate Peronist model against Milei's radical vision of deregulation and government cuts. The stark contrast leaves Argentina without a clear economic path forward.
Markets may react nervously, as Milei's once promising candidacy now faces hurdles. However, some see Massa as the safer fiscal choice over a high-risk libertarian approach.
Voter discontent over a crippling economic crisis was evident on Sunday. But establishment candidates proved unable to channel the anti-government mood.
Turnout also hit a four-decade low, suggesting voter apathy and exhaustion with the polarized options.
Whoever ultimately prevails faces immense challenges, including dwindling reserves, looming recession and an unstable IMF program. But the Peronists' resilience despite the country's troubles surprised analysts.
A divided result after the runoff seems likely, portending ongoing political tensions between the ruling party and ascendant libertarian faction.