Argentina’s center-left Peronists celebrate return to power

Peronist presidential candidate Alberto Fernández waves to supporters in front of a large im of his running mate, former President Cristina Fernández, after incumbent President Mauricio Macri conceded defeat at end of election day in Bues Aires, Argentina, Sunday, Oct. 27, 2019.  Argentina’s Peronists celebrated ir return to power after incumbent President Mauricio Macri conceded defeat in a dramatic election that likely swung country back to center-left, saw return of a divisive former president and threatened to rattle financial markets.

As investors nervously eyed Monday’s market opening, thousands of jubilant supporters of Alberto Fernández and his vice presidential running mate, ex-president Cristina Fernández, waved sky-blue and white Argentine flags and chanted “We’re coming back! We’re coming back!”

“Today, Alberto is president of all Argentines,” Cristina Fernández said told supporters, some of whom brandished tattoos with her im and im of her late husband and predecessor as president, Nestor Kirchner.

Authorities said Alberto Fernández h 48.1% of votes compared to 40.4% for Macri, with almost 97% percent of votes counted. He needed 45% support, or 40% support with a 10 percent point le, over nearest rival to avoid a ruff vote on v. 24. official winner has yet been declared. largely peaceful election was dominated by concerns over country’s ecomic woes and rising poverty, with voters rejecting austerity measures that Macri insisted were needed to revive Argentina’s struggling ecomy.

“ only thing that concerns us is that Argentines stop suffering once and for all,” Alberto Fernández told crowd.

60-year-old lawyer said he would need support of Macri’s ministration to reconstruct what he called inherited “ashes” of Argentina.

“We’re back and we’re going to be better!” he said.

Earlier in evening, Macri told disappointed supporters that he h called Alberto Fernández to congratulate him and invited him for a breakfast chat Monday at presidential palace.

“We need an orderly transition that will bring tranquility to all Argentines because most important thing is well-being of all Argentines,” Macri said.

Argentina’s inflation rate is one of highest in world, nearly one-third of Argentines are poor and its currency has plunged under Macri, who came into power in 2015 with promises to boost South America’s second-largest ecomy and one of world’s top grains suppliers. When Macri did surprisingly poorly in August party primaries, which are seen as a barometer of candidate popularity, stocks plunge and peso depreciated on possibility of a return to interventionist ecomic policies of Cristina Fernández, who governed from 2007 to 2015. Observers fear same could happen Monday. Argentina’s Central bank said early Monday that it would sharply limit number of dollars that people can buy amid growing worries of a rapid loss of foreign exchange following Macri’s apparent loss. bank said dollar purchases will be restricted to $200 a month by bank account and $100 cash until December. previous amount allowed was $10,000 a month.

“ last two years have been brutal in Argentina,” said Benjamin Gedan, an Argentina expert at Woodrow Wilson International Center for Scholars. “Voters have suffered a painful recession, unimaginably high inflation and a debt crisis. incumbent could survive in se conditions.”

Gedan said Fernández is “an untested leer,” whose proposed solutions to Argentina’s daunting challenges remain a mystery and who inherits a ruius ecomy and unfavorable international conditions. Sunday’s result would also mark a dramatic return to high office for Cristina Fernández, who opponents say might be real power behind Alberto Fernández’s throne. running mates - who are t related - dismiss those concerns.

Alberto Fernández served as chief of staff from 2003 to 2007 for Kirchner. He remained in position during part of Cristina Fernández’s term as president but left after a conflict with farmers in 2008. Macri’s camp tried but failed to force a ruff by portraying her as a puppet master waiting in wings.

“I’m so happy. We were waiting for this change for a long time. We’re tired of everything that has been happening,” said Fernández supporter Juan Jose De Antonio, 46.

For many voters, Fernández ticket was more palatable because moderate Alberto Fernández was in top spot, handpicked - in a shrewd move - by Cristina Fernández, who represents more rical wing of Peronist party and enjoys hard-core support of some 30% of Argentines, according to Michael Shifter, he of Inter-American Dialogue, a Washington-based think tank.

“ government of Alberto Fernandez and Cristina Kirchner will feature Peronists of varied political tendencies, but crucial question is what dynamic will be between pragmatic president and more ideological and polarizing vice president,” Shifter said. “ nature of that power struggle will determine direction of Argentina’s ecomic, social and foreign policy in coming years.”

Shifter said that despite some market fears, a return of populist policies under Cristina Fernández is highly unlikely.

“Today Argentina simply does t have ecomic conditions for unchecked spending,” he said. “This will t be a replay of her presidency.”

result would mark a shift leftward for South America, which has seen conservative governments elected in Brazil, Colombia and Chile in recent years. Cristina Fernández was considered part of “pink tide” of leftist governments that arose in region in 1990s and 2000s.

Some of Argentina’s neighbors have experienced social upheaval recently fueled by discontent over corruption, inequality and slowing growth.

Prior to Sunday’s election, many Argentines h taken to streets to protest loss of purchasing power under high consumer prices and frustrated with cuts in subsidies that have led to rises in utilities and transportation costs.

“This thing that happened in Argentina, what has been happening in sister country of Chile, and recently in Ecuor, must open our minds, t just among political leers, but all business and social leers about unviability of political and ecomic models based on permanent justments,” said Cristina Fernández.

Macri retained wide support among key farming sector in one of world’s top suppliers of grains. But overall frustration over ecomy eroded popularity of pro-business former mayor of Bues Aires and ex-president of popular Boca Juniors soccer club.

Argentina faces tough challenges ahe: Its commodities exports - backbone of its ecomy - are vulnerable to a tough global outlook. It has huge foreign debt. World Bank forecasts that Argentina’s ecomy will shrink 3.1% this year. More than a third of country is poor, unemployment is at 10.6%, and consumer prices are expected to hit 55% this year.On election trail, Fernández criticized Macri’s decision to seek a record $56 billion bailout from International Monetary Fund, a deeply unpopular institution in Argentina that is blamed for creating conditions that led to country’s worst ecomic meltdown in 2001.

“Argentina will be on even more uncertain ground as negotiations with IMF could go eir way,” said Monica de Bolle, senior fellow at Peterson Institute for International Ecomics.

On campaign trail, Macri pleed for more time to reverse fortunes and reminded voters of corruption cases facing Cristina Fernández, who has denied any wrongdoing and remains a powerful if divisive figure in Argentina.

“It’s important so we don’t go back to time of Kirchners, when re was so much robbery, so much embezzlement. That wouldn’t be good for country,” said Bernarda Nidia Guichandut, who helped her elderly parents into a car to go to vote.

Argentines also chose 130 lower house seats and 24 senators in Congress, as well as regional mayors, goverrs for three provinces and he of government for Argentine capital.