This recent wave of trouble was sparked by elections on September 7, when Mr. Milei’s party fared worse than anticipated against the opposition Perónists. “Markets have begun to worry that the ghost of Juan Perón is preparing a comeback,” the Wall Street Journal’s Mary Anastasia O’Grady reported on the day of the voting. Despite Mr. Milei’s success balancing the budget, largely via spending cuts, those who fed at the public trough “want to go back to the old way of doing things,” she added. Investors feared Mr. Milei would abandon the “defense of the peso and let it plunge,” Bloomberg reported. After all, Mr. Milei had called on the hustings to drop the debased peso.