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  • Presidential candidate Alberto Fernandez and running mate former President Cristina Fernandez de Kirchner celebrate after election results in Buenos Aires, Argentina Oct. 27, 2019.

    Presidential candidate Alberto Fernandez and running mate former President Cristina Fernandez de Kirchner celebrate after election results in Buenos Aires, Argentina Oct. 27, 2019. | Photo: Reuters

Published 28 October 2019

Regional presidents were quick to recognize Alberto Fernandez's victory and send messages of congratulations. 

Argentina's President-elect Alberto Fernandez arrived at the presidential palace in Buenos Aires on Monday for a meeting with outgoing incumbent Mauricio Macri where the two are expected to discuss the potentially tricky transition of power as financial markets watch closely.

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Argentina: Progressive Fernandez Wins Presidency, Defeats Macri

Peronist Progressive Fernandez swept into power on Sunday, ousting conservative leader Macri in an election result that shifts Latin America's No. 3 economy firmly toward the left amid swirling economic crisis and rising debt fears.

Fernandez faces a major challenge to revive Argentina's economy, mired in recession for much of the last year, while fending off a rising mountain of debt payments amid concerns the country may be forced into a damaging default.

Investors, who have been following the twists and turns of the election closely, will now be on the lookout for signs from Fernandez about his likely economic policies and the make-up of his economic team.

The Argentine peso opened 0.4 percent stronger on Monday. Just before local markets opened, traders said Argentina's central bank was set to auction US$50 million at 59.999 pesos per dollar to help stabilize the currency.

Argentinians find the country headed in a likely different direction after the almost four-years of Macri, who pushed for pro-market neoliberal policies that spearheaded an economic crisis for the past two years. 

"The truth is that I am happy with the change, we did not want to keep going with the same government and hopefully things change a bit now for everyone because it was bad," said Ramora Perez, 61, in Buenos Aires.

On Monday, markets and the peso were mostly muted, helped in part by the conciliatory tone between the two candidates and their meeting, as well as tighter controls on currency brought into effect in the early hours of the morning.

Argentine officials are preparing for tough negotiations with creditors over US$100 billion in sovereign debt that has become painfully expensive for the country.

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