Juan Cruz Díaz, managing director at Cefeidas Group in Buenos Aires: “Given the three-way tie of the primaries, a runoff was likely. However, Sergio Massa’s performance was unexpected considering the sharp economic deterioration that took place before the election. After coming third in August, the economy minister successfully mobilized governors, mayors and trade unions to exploit the Peronist movement’s historical territorial capillarity and regain control of the provinces lost in the primaries. This was complemented by a solid narrative in which he filled the existing vacuum at the center of the political spectrum and portrayed himself as a moderate and consensual candidate. His narrative also capitalized on the existing fear in many sectors of society of Milei and his proposals. Facing the runoff, the 33.34 percent of people who voted for neither Massa nor Milei will play a key role, especially the six million who voted for Patricia Bullrich. Although the Juntos por el Cambio (JxC) candidate is…”