Argentina’s presidential election is turning out to be a real nail-biter. In a political landscape that has been dominated by the Peronist establishment, libertarian economist Javier Milei has shaken things up with his strident language and harsh criticisms of socialism.

On Sunday night, Argentinians went to the polls to cast their votes. The outcome was unpredictable, but it was clear that Milei would be a top contender – and he did not disappoint – much. His supporters were hoping for a decisive knockout blow against leftist establishment candidate Sergio Massa. But the results turned out differently, and now, the two contenders will face off in a runoff election next month.

Argentines went to the polls Sunday night in the first round of the presidential election which saw iconoclastic libertarian frontrunner Javier Milei face off against center-right former Minister of Security Patricia Bullrich, and current left-wing Minister of Economy Sergio Massa.

While most political observers expected Milei and Massa to face off in a second round, surging anti-establishment rage had led some to at least contemplate the possibility of a first-round Milei knock-out blow.

That scenario failed to materialize, as establishment candidate Sergio Massa overperformed: with 89% of the vote in, Massa led with 36.3%, followed by Milei with 30.2%, while Bullrich trailed in third at 23.8%.

Milei was expected to fare better. Massa's strong showing now sets up a hotly contested second round matchup on November 19, which will largely hinge on the decision made by nearly a quarter of Argentines who backed Bullrich.

Argentinian law says that a candidate needs to win at least 45 percent of the vote in the first round to become the next president, or 40 percent of the vote, with a 10-point lead over the second-place contender. Massa is leading Milei by only six points.

Now, the campaign will heat up once again as Massa and Milei try to appeal to the electorate. It will definitely be a hard-fought race because many Argentinians are dissatisfied with their government, a sentiment that Milei has harnessed to make his case for free markets, the slashing of state agencies, and lower taxes.

Patricia Bullrich, the third-place contender, did not have much positive to say about the current frontrunner.

Patricia Bullrich, a conservative former security minister, came third with 23.8%.

Following the result, Ms Bullrich turned on the first-placed Sergio Massa saying that "I will not congratulate someone who has been part of the worst government in Argentina's history".

What would happen if Bullrich threw her support behind Milei? If most of her supporters go in his direction, then the libertarian candidate will have a much better chance of defeating Massa.

Still, the fact that Milei did not handily win on Sunday might seem disappointing to those who were looking forward to having the world’s first libertarian head of state. RedState’s Jennifer Van Laar theorized that some in Argentina “overinflated Milei’s chances in this election to try to scare people off from voting for him,” which is certainly a possibility given the fact that the establishment, including major media outlets, seem to be terrified at the prospect that Milei could become the next president. Still, Van Laar also noted that “only 36 percent like the current regime and 54 percent voted against it,” which means “Milei’s prospects are good.”

Western media outlets have repeatedly attacked Milei, referring to him as “far-right” or “Argentinian Trump.” In a rather bizarre move, The Guardian called him a “potty-mouthed outsider.”

It is clear that the left-wing intelligentsia around the world are watching this race closely and are crossing their fingers, hoping that he loses. I suppose that in this way, Milei does have something in common with former President Donald Trump.

Right now, it is difficult to predict who will emerge victorious. But it is clear that the stakes are high for Argentina, which has suffered more than its share of economic woes. Who will be the victor? I suppose we shall find out next month.