Argentina’s first-ever runoff election came after Macri narrowed a 10-point difference with Scioli in August during primary elections that included all parties.
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Macri’s supporters swarmed to the Obelisk in the heart of Buenos Aires’ theater district for a giant street party as subdued ruling party candidate Daniel Scioli conceded defeat.
“Argentina’s big problem today is that for four years there has been no growth, for four years no jobs have been created, and now we have to get the country moving”, Macri said, according to Reuters.
Analysts say Macri may struggle to push his reforms through a hostile Congress.
His success will lie in his ability to secure ad hoc alliances with lawmakers loyal to another defeated presidential candidate, Sergio Massa.
Macri has promised to split with the protectionist economic policies carried out by the Kirchner governments since 2003.
Macri will also likely encounter fierce resistance in Congress, where he doesn’t have majorities in either chamber.
Macri campaigned on promises to reform and jumpstart Argentina’s economy, and went into Sunday’s race as the front-runner after his unexpectedly strong showing in the October 25 first round that forced a runoff against Scioli.
“There won’t be an Economy Ministry but rather a Finance Ministry and six members of an economic cabinet so that they can study and look at the state of the national accounts”, Macri said.
Macri reiterated his promise to lift unpopular restrictions on buying USA dollars and thus eliminate a booming black market for foreign currencies that creates distortions in the economy. It was hard to predict such a victory for Macri even a few months back.
Mr Macri was favoured by investors and Argentine asset prices were expected to rise on Monday. Kicillof and Fernandez have named nine of the ten directors on the central bank’s board in the past year, including bank president Alejandro Vanoli.
“Above all I want to thank Mauricio (Macri), because he trusted me and I know that he is committed to a government for everyone”, She said. Macri would need congressional approval to remove him from office, though he can sack him by presidential decree if a congressional chamber cites wrongdoing.
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Reflecting on her time in power as she cast her vote, Ms Kirchner said Argentina has “never had a period of government with this level of social and economic stability”. On the campaign trail, he sometimes talked about being kidnapped in the early 1990s, an experience he said helped him understand the needs of others and he credits with pushing him into politics. His slogan in the current Presidential elections was “Let’s change; change is possible”. Mr. Macri has said he will seek to suspend Venezuela from the Mercosur bloc, a sub-regional free trade group – a move Uruguay and Brazil would staunchly oppose.
