Javier Milei may have swept into Argentina's presidential palace, the Casa Rosada, on Sunday, but his brand-new political party, Liberty Advances, didn't make nearly as much progress. The party won around 40 seats out of 257 in the lower house, and just eight out of 72 seats in the Senate. That means the political neophyte will need to find ways to build alliances in Congress if he's to achieve anything at all. Some of his most controversial suggestions, such as shutting down the central bank, would likely require constitutional change, for which he would need two-thirds majorities in Congress - which seems a long way off. The main opposition parties, led by Mauricio Macri and Patricia Bullrich, supported Milei in the second round and will be the starting point for building any alliances in Congress. But they themselves are fracturing - perhaps that's an opportunity? - UBS Strategy
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