The preliminary results from Sunday’s voting suggest the conservative Macri will face an uphill battle going into general elections in October. The result stunned financial markets.
Argentine stocks and currency plummeted Monday after Argentine President Mauricio Macri was snubbed by voters, who appeared to hand a resounding primary victory to a populist ticket that included his predecessor Cristina Fernandez.
“We’ve had a bad election and that obligates us to redouble our efforts so that in October we will continue with change,” Macri said in a late-night address. “I think it is very important a dialogue continues in this country, and that we continue explaining to the world what it is we want.” The pro-business Macri has the support of financial markets and Washington but has lost popularity amid a deep economic crisis that drove the inflation rate to nearly 50% last year and slashed Argentines’ purchasing power. He says he is taking the necessary, painful steps to get the economy going after 12 years of leftist populism under Cristina Fernandez and her predecessor and late husband, Nestor Kirchner.
“It’s clear that Macri’s weakest point is the management of the economy, despite the fact that it has improved in the last three months,” said Mariel Fornoni, director of the political consultancy Management & Fit.
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