Milei backs Vox ahead of Spain election

Milei used a speech before business leaders and diplomats to rail against what he called the “sinister socialism of the 21st century,” saying Spaniards were living under a “shameful dictator” in Sánchez. He also praised Vox leader Santiago Abascal and Madrid regional president Isabel Díaz Ayuso, while pointedly skipping Alberto Núñez Feijóo, whose Popular Party is leading the polls.

That matters economically because Madrid remains a key link between European capital and Argentina, where Milei has spent much of his presidency pushing state retrenchment and deregulation. His line that “everything the state touches, it rots” reinforces the investment narrative around deeper privatization and a lighter regulatory footprint in Argentina, even as the country remains politically volatile.

The timing also heightens the stakes for European markets. Polling cited by Spanish media suggests the PP and Vox could secure a parliamentary majority together, a result that would likely please Spain’s right-leaning business base but intensify political polarization after years of Sánchez’s left-led coalitions.

Spanish markets were not directly reacting to the remarks, but the political backdrop is increasingly sensitive. Spain’s economic recovery, its role as a major European borrower and investor, and its status as a gateway to Latin America all make the election outcome relevant to cross-border capital flows.

Milei’s repeated interventions in Spanish politics show he is trying to build an international right-wing alliance rather than simply comment from afar. For investors, the key question is whether a stronger conservative bloc in Madrid would translate into more market-friendly policy — and whether the confrontation with Sánchez hardens into a broader diplomatic rift before the vote.