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Challenger Mauricio Macri Wins Argentine Presidential Runoff

By Juan Forero and Taos Turner

Argentina’s President-elect Mauricio Macri will open up the economy and be very welcoming to foreign and domestic investors, comments AS/COA’s Susan Segal upon his runoff victory.

 

BUENOS AIRES—The conservative mayor of Buenos Aires, Mauricio Macri, was elected president of Argentina on Sunday, in a win seen as a rejection of departing leader Cristina Kirchner’s interventionist economic policies and a turn to the right after 12 years of leftist rule.

With 90% of votes counted by the electoral authority on Sunday night, Mr. Macri, the candidate of the Let’s Change opposition coalition, had 52.2%, ahead of ruling-party candidate Daniel Scioli with 47.8%. Mr. Scioli acknowledged “the will of the people” in a dramatic speech late Sunday.

Minutes later, Mr. Macri, in a victory speech before euphoric crowds, said, “Today is a historic day,” adding, “We need to build an Argentina with zero poverty. A marvelous phase is beginning for Argentina.”

The winner’s platform resonated with an electorate weary of a stagnant economy and high inflation. Mr. Macri, 56 years old, promised to revive the economy after a drop in commodities prices halted growth and rising government spending fueled inflation. The country faces recession next year, according to the International Monetary Fund.

“He will open up the economy and be very welcoming to foreign investors and domestic investors,” said Susan Segal, president of the New York-based Council of the Americas, a policy group that closely follows business issues here. She offered praise for Mr. Macri’s economic advisers. “They understand the world and they understand why it is important for Argentina to be integrated into the global economy....”

Read the full article here.

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