On October 26, La Libertad Avanza consolidated its electoral dominance and Javier Milei established himself as the central leader of the new political landscape. However, after the euphoria of the victory, the so-called “iron triangle” of the Government – Karina Milei, Santiago Caputo and Guillermo Francos – is going through its moment of greatest tension. Caputo, main campaign strategist and link to Donald Trump, aspired to occupy the Chief of Staff. From his operational role, he influences sensitive areas such as the former SIDE, Customs, DGI, Justice and Health, and sought to concentrate power to negotiate with the governors the Base Law II and the 2026 Budget. His objective was to become a kind of “prime minister” of the president.
But Karina Milei, Secretary General of the Presidency and key figure in the inner circle, stopped this advance. In the 48 hours after the elections, he reaffirmed Guillermo Francos as Chief of Staff and sent him to strengthen bridges with Peronist governors. According to a phrase that circulates in the Casa Rosada, “power and only power: Santiago has too many boxes, and that makes us uncomfortable.” Francos, a moderate Peronist leader, with experience at Banco Provincia during the Scioli administration and at the IDB under Alberto Fernández, functions as a counterweight: he is a negotiator, lacks presidential ambitions and maintains direct alignment with Karina. He himself confirmed it: “The President never commented to me about this. I am still in my position.”
The movement included another significant gesture: the vindication of the Menem clan, historically opposed to Caputo. Martín Menem, head of the Chamber of Deputies, consolidated a bloc critical of the advisor, accompanied by Francisco Paoltroni – previously expelled for his internal clashes. After being displaced in September to make room for Caputo, Eduardo “Lule” Menem regained influence thanks to Karina.
Although Caputo maintains international relevance and prominence in Washington, his margin of internal action is reduced. The message is clear: in the Milei project, internal loyalty prevails over electoral revenue. The cabinet is now seeking stability to advance negotiations with the IMF and maintain governability. The unknown is how long the current scheme will last. The libertarian internal sentiment, far from dissipating after the victory, threatens to deepen and strain the architecture of official power.
