Government - Argentina's Macri Defeated
Argentinian voters delivered a sound rejection of austerity over the weekend by ousting pro-market incumbent President Mauricio Macri in favor of Left-wing populist Alfredo Fernandez and his running mate former President Christina Fernandez de Kirchner (CFK) who returns as Vice President.
Fernandez and Fernandez - who are not related - cleared the threshold to avoid a runoff election with 48 percent of the vote, while Macri came in next with 40 percent, followed by minor parties in the lower single digits.
"Hopefully those who were our opponents during these four years are conscious of what they're leaving behind and help us rebuild the country from the ashes," Mr. Fernandez said, referring to the mess he has to clean-up after four years of Macri's America-friendly neo-liberalism.
Since CFK left office the economy and the Peso have shrunk, inflation is above 50 percent, unemployment is worse than 10 percent, and more than a third of Argentina's population lives below the poverty line. There are breadlines all around Buenos Aires, including one within view of the presidential residence The Pink House, where Fernandez and Macri will meet on Tuesday to discuss the transfer of power.
"We need an orderly transition that will bring tranquility to all Argentinians, because the most important thing is the well-being of all Argentinians," Macri told supporters during his concession speech.
Macri took out a US$57 Billion loan from the International Monetary Fund (IMF) to plug the holes in the economy; Fernandez says he'll respect the deal, but the IMF could be loath to continue loaning cash if the new government throws the budget out of balance with social spending on healthcare, education, and other important programs that actually help people.