Argentina heads for run-off vote after Peronists fend off Milei

The news: Argentina's incumbent Peronists coalition defied expectations to lead the country's general election on Sunday, setting-up a run-off vote between Peronist Sergio Massa and radical libertarian Javier Milei. Polls had predicted Milei would win, Reuters reports.

The numbers: Massa won 36% of the vote ahead of Milei, on roughly 30%, and establishment conservative Patricia Bullrich, who was on 23.8% with 90% of votes counted. For a candidate to win outright they would have needed 45% of the vote or 40% and a 10-point lead.

The context: The support for the Peronists surprised observers, particularly since the vote followed inflation climbing to its highest levels since 1991. Annual inflation in Argentina, the second-largest economy in South America after Brazil, is currently 138.3%. Milei is proposing radical moves to try to fix Argentina's economic issues, including dollarising the economy and slashing the size of government.