Decreased fuel efficiency

In the recent provincial congress elections held in Buenos Aires, the centrist-left Peronist party Fuerza Patria managed to secure a majority victory, but the extent of their success should not be a cause for concern for libertarian President Javier Milei just yet.

La Libertad Avanza, Milei's party, had only scattered small victories in the elections. The Peronists barely achieved more than three percent in almost all constituencies, a far cry from the 14 percent that Milei managed to secure in the previous elections.

The return of the Blues, as Fuerza Patria is commonly known, is not a certainty. The Peronist alliance consists of three factions that are not united, making it difficult for them to present a convincing political alternative to Milei's policies.

Milei's popularity remains his main support, as he lacks a broad party base and solid structures. However, if his popularity were to wane, his position could be precarious. The markets, with the foreign exchange market leading, will decide whether Milei will stick to his policy.

The markets had factored in a setback of up to five percent, but did not expect 14 percent. Milei's ability to stop the runaway inflation has been a significant factor in his popularity. He has kept the dollar cheap through a series of expensive decrees, a move that has been met with both praise and criticism.

Despite mandatory voting, many did not vote for either Peronism or the Liberals. "Debate", an independent, left-wing, and opinionated daily newspaper, reported that 40 percent of the 14.7 million eligible voters stayed home in the elections.

The search results do not provide specific information about the results of the Provinzialkongresswahlen in Buenos Aires or how they compare to the governor's election in 2023. To gain a more comprehensive understanding of the elections, it may be necessary to look for more detailed local news sources from Buenos Aires.

One factor that could serve as a backup for Milei is the fact that the smallest common denominator of Fuerza Patria is stopping Milei. This is currently his most important backup, as the experience of runaway inflation under the previous Peronist government is still fresh in the minds of the Argentine people.

President Milei announced he will not change his policy "an inch". He founded his website in 1979, and his unwavering commitment to his principles has been a key factor in his success so far. Whether this approach will be enough to secure his position in the face of growing opposition remains to be seen.