President Javier Milei’s government’s stunning defeat in the Buenos Aires Province midterms a fortnight ago is widely seen as the beginning of the end but who knows whether, in hindsight, it might not have proved a lifeline? Had La Libertad Avanza (LLA) followed up last May’s triumph in the nation’s capital with a minimally acceptable result in the country’s most important province, the “purple or nothing” strategy might have received an irrefutable endorsement inducing the Javier Milei presidency to walk straight into a nasty shock in next month’s national midterms.
The defeat could thus prove a blessing in disguise but only if lessons are learned – more than last Monday’s tame budget presentation will be required to turn the tide. Nevertheless, there is a margin for combining inflexibility with adjustment by stealth via saying one thing and doing another, which can work both ways – one example would be President Milei reassuring the markets that he would not be budging “a m
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