The ultra-liberal economist Javier Millay, who promised on the campaign trail to apply “shock therapy” to Argentina’s economic woes, will be the next president of Latin America’s third-largest economy, his centrist rival, the Minister of Economy Sergio Massa.

Javier Millay, 53, “is the president elected by the majority of Argentines for the next four years,” said Mr. Massa, who came out on top in the first round of elections on October 22.

Moments after the first partial results were announced, the Peronist (center-left) coalition candidate told supporters gathered outside his campaign headquarters in Buenos Aires that he had called Mr. Miley “to congratulate him and to wish him luck.”

Javier Millay campaigned on radical shock-therapy promises, including abolishing the central bank, abandoning the peso and dollarizing the economy and drastically cutting public spending, which he said would go through a “chainsaw” — potentially painful reforms for a large part of the citizens. However, it has attracted sections of the population who say they have become despondent because of the deep economic crisis, with the main features being triple-digit inflation (approaching 150%), the continued devaluation of the national currency, the large foreign debt ($44 billion).

Mr Millay’s victory will transform – beyond Argentina’s political landscape – its foreign policy, as the next president says he wants nothing to do with “communists”, referring to Brazil and China, while seeking a closer relationship with the USA.

He has come out strongly against abortion, advocates loosening gun laws, and has vilified (Argentine) Pope Francis.

After the first round he secured the support of a part of the “classical” right, which may moderate his political program somewhat.