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[NEWS] Argentina elects center-right president, ending 12 years of leftist...

KIRCHNERISM, and promising a new era of free-market liberalism.


President Cristina Fern?ndez de Kirchner and her handpicked candidate, Daniel Scioli, who lost the election to Conservative opposition leader Mauricio Macri
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Conservative opposition candidate Mauricio Macri has won Argentina's presidential election, ending 12 years of leftist rule.Macri promised that a "marvellous" new era was starting for the country after he won the run-off vote on Sunday.

Duration: 5 minutes :)




READ THE NEWS FROM THE ASSOCIATED PRESS:


'Kirchner era' ends with opposition win in Argentina
By PETER PRENGAMAN | Associated Press

BUENOS AIRES, Argentina (AP) -- President-elect Mauricio Macri's promises to [highlight]revitalize Argentina's sagging economy with free-market reforms[/highlight] and [highlight]improve strained relations with the United States[/highlight] resonated with voters, carrying him to a historic win that ended 12 years of often-conflictive rule by President Cristina Fernandez and her late husband.

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But when the business-friendly opposition candidate takes office Dec. 10, [highlight]he will inherit a country with around 30 percent inflation, near-zero economic growth and entrenched government social spending that private economists warn is not sustainable.[/highlight] He also lacks majorities in either chamber of Congress to pass his deep reforms.

"Macri will begin his mandate in a difficult political position," wrote Daniel Kerner from the Eurasia Group, a political risk consultancy. "He will have to make difficult economic adjustments and face serious political constraints."

With 98 percent of the vote counted from Sunday's election, Macri had 51.5 percent support compared to 48.5 percent for ruling party candidate Daniel Scioli, Fernandez's hand-chosen successor. Scioli conceded defeat and Macri claimed victory.

[highlight]"Today is a historic day,"[/highlight]Macri crowed while his supporters celebrated. [highlight]"It's the changing of an era."[/highlight]

The era he hopes to end is that of Fernandez and her late husband and predecessor Nestor Kirchner who rewrote Argentina's social contract and dominated the nation's political scene with a mix of patronage, charisma and withering attacks on opponents. Fernandez battled international creditors, had strained relations with Washington and allied her country with late Venezuelan President Hugo Chavez and his successor Nicolas Maduro.

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During the election campaign, Macri vowed he would listen more and talk less than Fernandez.

[highlight]Addressing thousands of supporters late Sunday, Macri said his presidency would not be about "revenge" or "settling scores," but rather helping the country progress.[/highlight]

"I feel so happy because today we put an end to the mafia" of ruling party rule, said Felisa Sanchez, a Macri supporter waving an Argentine flag. "They claimed to be Robin Hood helping the poor with social welfare plans when the poor are really helped with jobs and education."

But fulfilling his campaign promise to reform Argentina's economy may prove difficult.

[highlight]Macri, 56, has pledged to lift unpopular controls on the purchase of U.S. dollars and thus eliminate a booming black market for currency exchange. Doing that would likely lead to a sharp devaluation of the Argentine peso. With foreign reserves around $26 billion, low for such a large economy, the government would desperately need an immediate infusion of dollars.[/highlight]

That could come from many different places, but ultimately would require structural changes to a largely protectionist economy, solving a debt spat and developing warmer relations with the United States and other nations.

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[highlight]He has also vowed to jumpstart the economy by lifting many tariffs, lowering taxes and attracting foreign investment.[/highlight]He promised to solve a long-standing New York court fight with creditors in the U.S. who Fernandez called "vultures" and has refused to negotiate with, which kept Argentina on the margins of international credit markets.

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Duration: 2 minutes :)

A good introduction to Argentina by looking at its geographic challenges.

Comments

  • kel1guykel1guy PEx Influencer ⭐⭐⭐
    Nice they finally woke up and got tired of the same thing we have put up with since the Spaniards got the boot here. Maybe someday the Philippine MASA will realize dynasties / name recognition means the fleecing of your wallet or purse of pesos. I.e we should not have family names like Roxas, Aquino, Binay, Cayetano etc etc.... repeatedly elected. Every time that name recognition happens resulting in another family member entering the political arena we lose buying power and our human capital pool does not fare well. As long as 20 percent of the population absorbs 95 percent of the countries wealth here... we will be stuck in the LP "straight path to the bank" mantra of a rut for the elites and oligarchs while the middle class and the poor get hoodwinked again and again.
  • Adore_Deli_GinAdore_Deli_Gin PEx Influencer ⭐⭐⭐
    :naughty:

    I'm in charitable mode today, so I have an advice to these guys.
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    "Mysterious" Fire Hits Argentine Ministry Of Finance, Destroys Years Of Prior Regime's Files


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    "If you play with fire, you get burned," apart from if you are an official in the Argentine government it would appear. Just days after Argentina threw out the Peronists, who have ruled almost non-stop in the three decades since the end of military rule, The Ministry of Finance suffered a mysterious fire in its computer center, [highlight]catastrophically (and coincidentally) destroying the prior-regime's files.[/highlight]

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