So who is in the running?
- Far-right upstart Javier Milei -
The surprise showing by outsider Javier Milei, who came first in primary elections with more than 30 percent, was described by local media as a "political tsunami."
Milei is a 52-year-old economist who surged to prominence in 2021, with his radical proposals shaking up the political scene of a country facing rampant inflation and soaring poverty.
Vowing to "kick the ass" of the "thieving and useless political caste" that has been running the country, he has said he plans to get rid of the central bank, ban abortion and make it easier to buy guns.
He also believes climate change is a lie, and wants to open up the market for the sale of organs.
The brash Buenos Aires lawmaker is often compared to former US President Donald Trump and Brazil's ex-leader Jair Bolsonaro.
With his disheveled hair and thick sideburns, Milei dreams of returning Argentina to being a "world power," harking back to its wealthy days at the beginning of the 20th century.
After decades of politics dominated by the populist Peronist movement -- heavy on state intervention and welfare programs -- the country's economy has lurched between debt defaults and inflationary crises.
Milei has vowed to take a "chainsaw" to the public services and put an end to "this aberration called social justice, synonymous with budgetary deficit."
The libertarian, who describes himself as an "anarcho-capitalist," has touched a nerve among a populace weary of the traditional parties.
"I did not come here to guide lambs, I came to wake up lions", is his motto.
Single and childless, he is known for his love of dogs, and owns several large mastiffs.
- Sergio Massa, beleaguered economy minister -
Since he took office a year ago, Sergio Massa has overseen Argentina's economy as it hit annual inflation levels of 115 percent and historic poverty levels of around 40 percent.
Nevertheless, the 51-year-old lawyer-turned-politician was chosen as the best option to run for the presidency for the center-left Peronist ruling coalition, which has grown deeply unpopular.
In 2008 and 2009, he was chief of staff to then-president Cristina Kirchner.
The two had a bitter falling out but reconciled for 2019 elections won by President Alberto Fernandez with Kirchner as his vice-president.
In July last year he was named "super minister" of a portfolio bringing together the economy, development, and agriculture ministries in a bid to calm the country's economic crisis.
While he managed to stick to International Monetary Fund budgetary requirements, he did not succeed in curbing inflation.
The opposition-aligned Clarin newspaper recently said he was a bit like a doctor "who has not cured the disease, but whose patient is not yet dead."
- Hardline opposition candidate Patricia Bullrich -
Patricia Bullrich, 67, who was chosen as the presidential candidate for the center-right opposition coalition, campaigned on the slogan "all or nothing."
She was seen as the more hardline candidate on the right, calling for a harsh audit of the country's plethora of social assistance programs, budget cuts, and the liberalization of currency exchange controls.
Bullrich has been involved in politics since adolescence, when she was a far-left activist during the turbulent 70s, and spent several years in exile under the country's military dictatorship.
She comes from a prominent and wealthy family, and has served in several governments, including as security minister under former president Mauricio Macri.
Argentina devalues peso after shock primary election result
Buenos Aires (AFP) Aug 14, 2023 -
Argentine monetary authorities on Monday devalued the peso by around 20 percent as the country reeled from the strong showing of far-right politician Javier Milei in a presidential primary election.
In a unique election format, all Argentines on Sunday voted for their favorite among 22 potential tickets, allowing parties to pick their main candidate while providing a key popularity test ahead of an October general election.
The libertarian Milei, a political outsider who has proposed dollarizing the country's battered economy, performed much better than expected, in what local media referred to as a "political tsunami."
Milei scored 30 percent of votes, ahead of the right-wing opposition candidate Patricia Bullrich who scored 28 percent, and the ruling center-left coalition's candidate Economy Minister Sergio Massa, who came third with 27 percent.
The result was seen as a rejection of the traditional political groupings, who have overseen decades of debt defaults, currency crises, and economic decline.
Year-on-year inflation has hit 115 percent, poverty has soared, and the value of the peso has plummeted.
Monday's devaluation saw the peso trading at 365.50 to the dollar, up from 298.50 on Friday.
The devaluation of the so-called official dollar rate is the largest in a single day since December 2015.
The informal market's "blue dollar" -- the most accessible to residents and businesses amid strict currency controls -- was trading at about 680 pesos.
- Tight three-way race -
President Alberto Fernandez is not seeking re-election.
The presidential election is thus shaping up to be a close battle between the top three finisher's in Sunday's primary.
"We have managed to build a competitive alternative that will put an end to the parasitic, thieving, useless political caste," said Milei in his victory speech.
The brash Buenos Aires lawmaker is often compared to former US President Donald Trump and Brazil's ex-leader Jair Bolsonaro.
Sporting disheveled hair and thick sideburns, he believes climate change is a lie and plans to get rid of the central bank, ban abortion and make it easier to buy guns.
Also in the running is former security minister Bullrich, 67, who has called for a harsh audit of the country's plethora of social assistance programs, budget cuts, and the liberalization of currency exchange controls.
Economy minister Massa has battled to reign in inflation, but has managed to make headway in negotiating the terms of the repayment of a $44 billion loan to the International Monetary Fund.
Argentina's Central Bank on Monday also announced a steep increase in its benchmark lending rate -- from 97 percent to 118 percent -- in its third big hike in five months.
The bank said the move would help cushion "exchange rate expectations, and minimize the repercussion on prices."
Dollar bonds and Argentine shares on Wall Street fell around 10 percent.
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