Mile is finally about to "hold on".
On September 7, the election results of the Provincial Parliament of Buenos Aires in Argentina surprised everyone.
The "Motherland Power" Alliance was impressive, and it won 47% of the votes, defeating Mile Freedom Progressive Party 33.9%, and more than 90% of the votes have completed the statistics, and the latter is unable to turn the situation around.
Just yesterday, the exchange rate of the Argentine currency peso against the US dollar had fallen to 1,425 to 1, a record low.
Not only that, the Argentine benchmark stock index also fell 13%, and the national risk index soared to 1,000 points, and the entire market was in a situation of bloodshed at any time.
It can be seen that although Mile is still insisting on his radical reform, everyone has been completely disappointed, and Argentina has once again come to the edge of the cliff...
Mile
Argentina encountered "Black Monday", and the market crashed across the board to a record
In the early morning of the Buenos Aires Stock Exchange, the numbers on the electronic screen kept beating, but they were all dazzling green.
At the moment the opening on Monday, the official Argentine peso exchange rate against the US dollar plunged sharply, plunging 7% at one point.
Although later barely recovered some of the lost land, it finally closed at 1,409 pesos to 1 US dollar, while the closing price of the previous day remained near 1,370 pesos.
Report
What is even more worrying is that the intraday exchange rate once hit 1,434 pesos to 1 dollar, a low of 1 that the Argentine peso has never seen since its birth.
The stock market performed equally.
The Argentine benchmark Melva stock index plummeted 12.1% throughout the day, and closed below the 200,000 point mark, setting the largest single-day decline since Mile took office in 2023.
The Argentine stock ETF listed on the New York Stock Exchange in the United States fell by more than 15%. Many foreign institutions chose to "cut their losses and leave the market" after the opening.
Daily trend of US stock benchmark stock index
In terms of the bond market, the Argentine benchmark dollar bonds that mature in 2035 are even more miserable.
The price fell 5.3 cents per dollar to 56 cents, and the yield soared to 12.8%, becoming the largest decline in the emerging markets that day.
Even old bonds that completed a $65 billion restructuring in 2020 showed their biggest single-day decline since trading.
From the exchange rate to the stock market and then to the bond market, the "three kills" of the Argentine financial market have made investors clearly feel that the credit of the Mile government is losing rapidly.
However, the crazy market plunge is not without trace.
All the fuses will point to the province of Buenos Aires last Sunday, the election result that exceeded everyone's expectations.
Mile
Key provinces lost in a "upset" and Mile's dream of turning the tables in the midterm elections was shattered
According to final data released by the Argentina National Election Commission.
In this election, the opposition party "Motherland Alliance" led a sharp lead with 47% of the votes, while Mile's Freedom Progressive Party only received 33.9% of the votes, with a percentage point gap between the two sides reaching double digits.
This result caught the entire market off guard.
You must know that Buenos Aires is not an ordinary province.
Buenos Aires Province
It is the most populous and economically developed region in Argentina, contributing 30% of the country's GDP.
More importantly, it gathers nearly 40% of the country's voters, and has always been the "vote base" of the opposition Peronism.
Mile himself has high hopes for this election.
He publicly stated at the campaign rally that the victory of Buenos Aires will lay the foundation for the October midterm elections.
After all, his Liberty Progressive Party only holds a few seats in the Senate and House of Representatives.
Mile
If you can win in this key province, you can win more governor allies and avoid the overthrow of the president's veto after the midterm elections.
But now, the "return dream" is completely shattered, the first move in the midterm election has become a bad chess, and Mile's reform has lost the most important political support.
Then the question is, isn't Mile's "shock therapy" very impressive? Why did the local people suddenly stop buying it?
The data is indeed "bright".
But the problem is that it has nothing to do with the people.
Mile
Shock therapy data are impressive, but people's livelihood is struggling on the "line of life and death"
I have to say that Mile is indeed a good player in making reports.
In July 2025, Argentina's single-month inflation rate fell to 1.9%, while when he took office in December 2023, the annual inflation rate was as high as 211.4%.
In 2024, Argentina achieved its first fiscal surplus in 14 years, and foreign exchange reserves rebounded from negative value to US$20 billion.
Report
Not only that, in the second quarter of 2025, GDP grew by 7.6% year-on-year, making it one of the fastest growing economies in the Western Hemisphere.
But these data seem "cold" in the eyes of ordinary people.
On the streets of Buenos Aires, last year, I could buy two large pizzas, but now 18,000 pesos are not enough.
In the first year of Mile's tenure, Argentina's poverty rate soared from 41.7% to 53%, and although it fell back to 38.1% in the second half of the year, it was still higher than the level before the reform.
Children eat free cooked food outside a soup restaurant
This means that nearly 18 million people in the country live below the poverty line.
The collapse of public services has made people even more dissatisfied.
University of Buenos Aires.
This top Latin American university, which has produced five Nobel Prize winners, has had to close 30% of its laboratories due to government cuts its education budget.
As for the professors, they have to teach 200 people without a microphone, and all students' chemistry experimental classes will be suspended.
The so-called reform results are nothing more than illusions obtained by the people for the cost of survival.
Mile
Vice President's rebellion + local "forced palace"
What is more fatal than defeat is the division within the Milei government.
In July 2025, Vice President Villaruel, an ally Mile chose to win over the military's support, suddenly turned against him.
As the Speaker of the Senate, she presided over the pension growth bill that Mile strongly opposed.
The bill requires the linkage of pensions to inflation, directly offsetting the results of Mile's reforms to cut public spending.
Report
What's more terrible is that Villaruel also united the governors of 18 provinces across the country to form the "Avengers".
Most of these provincial governors come from opposition parties, and they are dissatisfied with the Milei government's deduction of local financial appropriations.
In 2024, Milei cuts fiscal transfer payments to local governments by 50%, making it difficult for many provinces to pay even teachers' salaries.
In August 2025, the 18 governors jointly issued a statement announcing that they would reject all bills submitted by the Milei government in Congress, directly blocking the legislative channel for reform.
At the same time, Mile's support rate also fell to the dangerous range.
Report
August poll showed that Mile's approval rating fell below 40% for the first time, and the government trust index fell nearly 14% from July, setting a record low since his administration.
There are deputys who turn against each other and local forces to palace, and there are Congress obstructions outside. Mile's current situation has completely reached a staggering point.
Source screenshot
Conclusion
From the Black Monday when the peso plummeted, to the election defeat in Buenos Aires Province, to the tear-up in the field of people's livelihood and the infighting at the political level.
Mile and his radical reforms are gradually falling into a dead end.
He once wanted to use "shock therapy" to save Argentina, but he ignored the core of the reform, not the cold data, but the dignity of the people's survival.
Now, the "life and death barrier" of the midterm elections is right in front of us, Argentina's future is unresolved, and Mile's muddy roads need to continue to walk...
