advertisement
Forums

 

AAPL stock: Click Here

You are currently viewing the 'Friendly' Political Ranting forum
Macri socked 48%-32% in primary by Argentine destroying Fernandez
Posted by: Steve G.
Date: August 12, 2019 07:07PM
How dumb can Argentines be? Christina Fernandez almost destroyed the country. This could be a bad sign of Monumental Stupid in October in Argentina and in 2020 in the U.S., You can't fix stupid.

Argentine markets fall as primary hints at Fernández return
[apnews.com]


BUENOS AIRES, Argentina (AP) — Argentine stocks and currency plummeted on Monday after Argentine President Mauricio Macri was snubbed by voters who appeared to hand a resounding primary victory to a populist ticket with his predecessor, Cristina Fernández.

The preliminary results from Sunday’s voting suggest the conservative Macri will face an uphill battle going into general elections in October and gives the populists who governed Argentina and butted heads with investors for most of the past two decades a strong chance of returning to power.


The result stunned financial markets which remember Cristina Fernández’s 2007-2015 government when she nationalized Spanish oil company Repsol’s stake in local company YPF, took over the private pension system and intervened heavily in the economy with exports restrictions and currency controls.

About a third of the Argentine companies that trade in U.S. markets lost half of their value Monday, but losses were extreme across the board with the Merval index dropping by 35% in mid-afternoon trading.

With 99% of polling stations tallied early Monday, official results gave the presidential slate headed by Alberto Fernández and his vice presidential running mate, Cristina Fernández, about 48% of the votes in a primary vote featuring 10 candidates. Macri and his running mate, Miguel Ángel Pichetto, had 32% — a wide margin that revealed the depth of Macri’s weakness, potentially positioning the Fernández team to win in the first round of a general election voting on Oct. 27.

To be elected president in the first round, candidates need to finish with at least 45% of the votes or have 40% and a greater than 10-point advantage over the nearest rival. If no candidate wins outright in October, there will be a November runoff.

“We’ve had a bad election and that obliges 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.”

Former Economy Minister Roberto Lavagna trailed far behind the two front-running slates with 8.4% of the votes, which is still potentially enough support to give him a kingmaker role in the fall.

The election functioned largely as a poll for the October vote. All of the parties already had their candidates chosen and the only practical result was to eliminate a few minor parties that got less than 1.5% of the overall votes from upcoming general election.

The pro-business Macri has the support of financial markets and Washington, but lost popularity amid a deep economic crisis that drove the inflation rate to nearly 50% last year. He says he is taking the necessary, painful steps to get the economy going after 12 years of leftist populism under Cristina Fernández and her predecessor and late husband, Nestor Kirchner.

But his pleas for patience while his economic reforms take affect fell on largely deaf ears as Argentines battle rising poverty and high inflation. A recent lending package from the International Monetary Fund that totaled upward of $55 billion was unpopular. Most Argentines blame the IMF for encouraging policies that led to the country’s worst economic crisis in 2001.

“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.

The Fernández ticket, whose two members are not related, contends Macri must be defeated so they can fight rising poverty and homelessness.

Alberto Fernández, who was Cristina Fernández’s chief of staff during her initial term in 2007-2011, expressed satisfaction with Sunday’s result and blamed Macri for the current market unrest.

“The markets are uneasy because of the situation created by this government,” Alberto Fernández told Radio 10. “All Argentines will accompany this effort but it is his responsibility.”

Cristina Fernández is currently facing a series of trials for corruption during her 2007-2015 administration. She denies the allegations.



Edited 1 time(s). Last edit at 08/12/2019 07:08PM by Steve G..
Options:  Reply • Quote
Re: Macri socked 48%-32% in primary by Argentine destroying Fernandez
Posted by: gabester
Date: August 12, 2019 09:59PM
That headline was newt-level lack of clarity, Steve.

And the populist fascisti takeover rolls on. Soon there will be nowhere left to turn.
Options:  Reply • Quote
Re: Macri socked 48%-32% in primary by Argentine destroying Fernandez
Posted by: Steve G.
Date: August 12, 2019 10:06PM
Quote
gabester
That headline was newt-level lack of clarity, Steve.

And the populist fascisti takeover rolls on. Soon there will be nowhere left to turn.

The headline was an exact description of what happened. If you did not know there was an upcoming primary election in Argentina, I am sorry. It has been in the world news for quite some time. Anyway, Macri may still win and Argentina will be spared the idiocy of yet another interation of Juan Peron.
Options:  Reply • Quote
Sorry, only registered users may post in this forum.

Click here to login

Online Users

Guests: 315
Record Number of Users: 52 on November 20, 2014
Record Number of Guests: 2330 on October 25, 2018