Argentines headed to the polls on Sunday, after a year of twists and turns in a ...
BUENOS AIRES - Argentines headed to the polls on Sunday, after a year of twists and turns in a dramatic election race that has been chastening for conservative President Mauricio Macri, who trails well behind Peronist rival Alberto Fernandez in opinion polls.
The ballot - which many have already called for Fernandez - is effectively a referendum between Macri’s tough-love austerity and the “social contract” of the left-leaning opposition, whose populism has lured voters, hurt badly by a snarling economic crisis. It also reflects a shift toward the left around the region where conservative reformers are facing the challenge of slowing growth sparking anger about poverty and inequality.
That result - and the sharp market crash that followed - radically altered the dynamic of the race, pushing the country further into economic crisis and making Macri the underdog in an election that most had thought would be a close-run affair.The economy has taken center stage with the country in the grip of recession for most of the last year, the outlook for growth darkening, annual inflation over 50%, job numbers down and poverty up sharply.
Conservative incumbent Macri won backers with plans to reform Argentina’s notoriously closed economy with trade deals and a successful push to lure foreign investment into energy projects and infrastructure. Fernandez won the primary by almost 16 points, a feat which if repeated on Sunday would hand him the presidency outright, without needing a second round run-off.
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