Argentina's Peronists return as Alberto Fernandez takes office
Argentina’s new President, Alberto Fernández, took office today, a sharp gear shift from conservative Mauricio Macri as the Latin American country firefights rampant inflation, credit default fears and rising poverty.
The 60-year-old center-left Peronist politician was sworn in by lawmakers in the Congress building at noon (1500 GMT) before swearing in his newly appointed ministers at the Casa Rosada presidential palace.
Fernández’s arrival marks a return of Argentina’s powerful left-leaning Peronist political flank, including his divisive Vice President Cristina Fernandez de Kirchner, a rockstar populist who clashed with investors and landowners during her twin terms between 2007-2015.
The new administration is expected to usher in growth-focused policies after unpopular austerity under Macri, which could strain already depleted state coffers.
Supporters hope Fernández can tackle inflation running above 50%, poverty at 40% amid the worst recession in two decades, and tricky restructuring talks over around $100 billion in sovereign debt with lenders - as well as a record, $45 billion bailout granted to Macri last year by the International Monetary Fund.
"The Argentina we seek is one that grows with inclusion," Fernández said during his inaugural address. "One that promotes production rather than speculation."
At: https://www.reuters.com/article/us-argentina-politics-inauguration-idUSKBN1YE128
Argentina's new president, Alberto Fernández, signs the congressional visitors' register upon arriving today for his inaugural as Vice President Cristina Fernández de Kirchner looks on.
The pragmatic Fernández, 60, inherits a debt crisis and a near-depression from his neo-con predecessor, Mauricio Macri.
Economic stimulus and debt renegotiation will top next year's agenda, along with the need to navigate an openly hostile Bolsonaro regime in neighboring Brazil (Argentina's closest partner) and an uncertain relationship with U.S. President Donald Trump.
Trump's support for Macri, a longtime friend, included forcing the IMF to lend Argentina a record $45 billion - a debt most analysts consider unpayable without a rescheduling.
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I certainly hope they can manage. I know their foreign bondholders do as well - to say nothing of the country's working-class majority, who've lost 20% or more of their incomes.
And kudos for catching the news about Fernández driving himself from his apartment to Congress - in his locally-made Toyota Corolla no less.
Your knowledge of fine detail - even about subjects most find too foreign to be interesting - never ceases to amaze me, Judi.
Fernández, a law professor, had a modestly successful law practice that went out of business under Macri - like so many businesses in general.
That'll definitely be job one for them: turning the domestic economy around before too many more businesses go under. Just like in the U.S. when Obama took office, you'll recall - but a lot worse (you can imagine!).
So many demands, and so many hopes. No easy task.
