By Nicolás Misculin

BUENOS AIRES (Reuters) -A resounding electoral defeat for Argentine President Javier Milei in the country’s most populous province could force him to build political alliances, casting doubts on the government’s ability to carry out its program of fiscal austerity.

Sunday’s Buenos Aires provincial election saw the center-left Peronists crush the ruling La Libertad Avanza party with 47% of the vote to a distant 33%, as voters sided with the socially focused opposition over Milei’s strict austerity.

Buenos Aires’ main stock index fell some 12% in afternoon trading on Monday, while the wholesale peso tumbled 5% and over-the-counter bonds slid 4%.

The vote in Buenos Aires province – which accounts for nearly 40% of the South American nation’s total electorate – is widel

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