Explained | What's the deal with Argentina presidential elections?

Argentina elections have generated quite an interest. Along with the usual politicalese, the elections are witnessing a former rock musician upending every calculation and giving tough fight to the top contender while the country faces inflation that has already hit 138 per cent mark. As one of the largest and major countries in the South America continent, political developments and issues in Argentina are well worth taking note of. Are we witnessing rise of another Bolsonaro? Or will the power in the country would firmly remain in the clutches of the political elite? Let's check.

So what are the main issues facing Argentina?

Issues of economy dominate the public mind. With 40 per cent of the population in poverty amidsky-high inflation, the ordinary Argentinian is certainly not in a comfortable financial position.

To date, Argentina has been bailed out by the International Monetary Fund (IMF) no less than 22 times. The country is struggling to repay debt to the IMF.

The economy continues to worsen. Whoever wins, will have to work hard to keep the economy afloat. According to a prediction by JPMorgan, inflation in Argentina may hit 210 per cent by the end of this year. However, the Central Bank of Argentina thinks it will be around 180 per cent.

Both figures are extremely high any way you look at the situation.

Climate Change is another topic that has gained importance in political arena especially the historic droughts Argentina experienced this year. Amid pre-existing high inflation, the droughts also pushed food prices skywards further.

The issue of abortion rights has also gained political colour. Argentina's Congress legalised abortion up to the 14th week of pregnancy in 2020. Abortion was allowed even beyond the 14th week in case of rape or risk to the mother's health.

Who are the top contenders to become Argentinian president?

The first round of voting took place on October 22. Argentina's current Economy Minister Sergio Massa (51) bagged the top place by bagging 37 per cent votes. Javier Milei (53), a former rock musician and economist, finished second with 30 per cent votes.

Now, the two candidates will face each other in run-off vote next month which will decide who will be the president.

Massa is largely seen as an 'establishment' candidate while Milei is considered an 'outsider' who has been able to command a huge following to be able to become a serious contender for the post of president.

Till recently, Milei was considered a dark horse but his performance in primaries before the first round vote (he finished on top) prompted many to say that hecan stage an upset.

Milei favours drastically cutting down public spending by the government. To drive this point home, he has even appeared on rally stage with a live chainsaw, underlining his intention to 'cut-down' public spending. His flamboyant style of campaigning has led many to draw comparisons between him and former US president Donald Trump.

Like Trump's 'Make America Great Again' baseball caps, Milei supporters sport 'Forces of Heaven' caps.

Milei, who represents the Libertad Avanza coalition, claims that he joined politics after a 'calling from God'. Milei is riding the anti-establishment wave. He has been able to capitalise on the anti-incumbency factor and public anger against the political class.

However, his critics argue that Milei is offering simplistic solution for complex problems. For example, if government spending for public welfare is reduced drastically, it is sure to hit pockets of the public which already reeling under record-high inflation.

Moreover, Milei has several controversial positions on key issues that may deter people from following him.

He is against abortion and calls it "murder". He wants to make it easy for people to own guns and even sell organs. He has argued that burning of fossil fuels does not lead to Climate Change. He has called Pope Francis an "evil on Earth". This may not go down well in Christian-majority country like Argentina.

Sergio Massa on the other hand, has an image of a pragmatist. His position as economy minister in Peronist government may make him look bad especially when the inflation is sky-high. But there is a possibility that people may view him as a 'steady hand' and as person fit to be in top position just when the country is going through a rough phase.

Watch | Argentina elections: Javier Milei fails to win first round of presidential election

Although he has not been able to control inflation or stop slide of Argentinian Peso, his tax cut measures have proved to be popular with the public.

He is seen politically as a centrist.

Prior to first-round results, there were widespread predictions that Milei would win and not Massa. But Massa won defying the odds and unifying a fractured Peronist coalition. The unexpected victory is sure to boost his camp and the government for the final showdown, slated to take place next month.

Argentina is a regional power in South America, and a major non-NATO ally of the US. Its Human Development Index (HDI) is second-highest in Latin America after Chile. With South American trade-bloc Mercosur poised to negotiate and sign trade deal with the European Union, result of Argentinian election may well influence the contours of global economy and even politics.

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