The unexpected victory of Argentina's Libertarian candidate Javier Milei in the primary elections on August 13 has sent shockwaves through the country's markets. Milei, an outsider who promises to close the central bank and replace the peso with the dollar, defied all predictions and won the most votes in the primaries. This surprising outcome reflects the growing public disenchantment with the leftist-populist tide that has swept Latin America in recent years.

Milei's political platform is one of the most right-wing in Argentina's recent history. He admires former President Trump and former Brazilian leader Jair Bolsonaro, and if elected, he plans to dollarize the economy, strengthen ties with the United States and Israel, and denounce communist dictatorships. While it's uncertain whether Milei will win the upcoming October elections, his victory in the primaries indicates a shift away from the left-leaning politics that dominated the region in recent years.

The "Pink Tide" that saw the rise of left-leaning leaders in Latin America has lost momentum. Leaders like Gustavo Petro in Colombia, Gabriel Boric in Chile, Pedro Castillo in Peru, Andres Manuel Lopez Obrador in Mexico, and Luiz Inacio Lula da Silva in Brazil have either left power or are facing challenges to their influence. Milei's unexpected success may be a sign of a broader trend of anti-incumbency and a growing disillusionment with traditional political parties in the region.