Argentina's Peronist left returns as Fernandez is sworn in
BUENOS AIRES - Argentina’s Peronist leader, Alberto Fernandez, was sworn in as president on Tuesday, marking a shift to the left for Latin America’s No. 3 economy as the country fights rampant inflation, credit default fears and rising poverty.
In an hour-long speech he criticized rising rates of hunger and poverty and said the country needed to revive growth to escape from “virtual default” after a period of painful austerity under outgoing conservative Mauricio Macri. In the historical Plaza de Mayo square in the center of Buenos Aires supporters gathered opposite the pink-hued Casa Rosada palace, waving banners and beating drums while food vendors grilled “choripan” sausages in the summer heat.
Supporters hope Fernandez can tackle annual inflation running above 50%, poverty approaching 40% amid recession, and tricky restructuring talks over around $100 billion in sovereign debt with lenders including the International Monetary Fund. Many investors have been worried about Fernandez ushering in greater state intervention, as happened under Fernandez de Kirchner during her back-to-back administrations.Fernandez, a political operator who burst into the limelight just this year, will need to balance varied demands of his broad Peronist coalition and pressure from Macri’s weakened, though still influential, party.
France Dernières Nouvelles, France Actualités
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