New President of Argentina: New man - new policies?

Mr. Alberto Fernandez won more than 47% of the vote, far surpassing incumbent President Mauricio Macri with 33% of the vote. With this result, according to Argentine election law, any candidate who gets more than 45% of the vote or from 40% and a 10% difference, will become the winner in the first round. However, taking on a new role in the context of Argentina's economy falling into a serious recession, the new President will certainly have a difficult term!

Strange but familiar

In recent days, the Argentine public has focused on the presidential candidate ticket of Mr. Alberto Fernandez, clearly not because of this character himself. Because accompanying him is Ms. Cristina Kirchner - Former President and now candidate for Vice President. The Argentine public and politics are probably too familiar with the face of this female politician, but not with Mr. Alberto Fernandez!

Incumbent Argentine President Mauricio Macri (left) and opposition candidate Alberto Fernandez during a live debate ahead of the presidential election, in Buenos Aires. Photo: AFP/VNA

Born in 1959 in Buenos Aires, Alberto Fernandez entered politics in the early 1980s. During this time, Alberto also completed a law degree at the University of Buenos Aires.

Perhaps not many people know that the name Alberto Fernandez was the head of the 2003 election campaign of former President Nestor Kirchner - husband of Mrs. Cristina Kirchner, also a former President but in a later term. Mr. Alberto later held the position of Chief of the Cabinet of President Nestor Kirchner.

After supporting Nestor, Alberto went on to run the presidential campaign of the President's wife, Cristina Kirchner, in the 2007 election. However, when Cristina was elected, Alberto resigned from the new administration in 2008, criticizing the new President for leading a bad government. However, Alberto's relationship with the Kirchner family seems to have not ended.

The presidential ticket of Alberto Fernandez and former President Cristina Fernandez de Kirchner. Photo: AP

In May this year, an announcement that surprised the public was that Ms. Cristina Fernandez de Kirchner officially returned to the race but as a candidate for Vice President and running with Mr. Alberto Fernandez for the position of President. It is worth mentioning that Ms. Cristina Kirchner's presidential term nearly 10 years ago ended with many bad legacies, and she herself had to face many corruption allegations. Explaining this latest decision, Mr. Alberto Fernandez defended his partner and said that continuing to confront each other would only be a mistake.

Until his election as President, Mr. Alberto was still a politician with little real influence in Argentine politics.

Basically, Mr. Alberto is considered to be quite decisive, has a strategic vision and has contributed a lot to the success of the government of former President Nestor Kirchner. Although he has not shown much, the new President of Argentina is also considered to be a capable and moderate person. But there is also another reality, until he was elected President, Mr. Alberto was still a politician who did not have much influence in Argentine politics. Along with that is a big question in the ticket with the controversial former President, Ms. Cristina Kirchner!

Supporters of new President Alberto Fernandez. Photo: Financial Express

OLD WINE IN NEW BOTTLE?

His predecessor Mauricio Macri is leaving office with a legacy of a depreciating peso, a record annual inflation rate of more than 57%, a public debt of $323 billion, a budget deficit of 3.6% to 5.3% of GDP, and a 35% rise in the number of people living below the poverty line. Fitch, the international credit rating agency, has recently downgraded Argentina's credit rating from "B" - high investment grade - to "CCC" - which means it is likely to default.

Angry with these “shameful achievements”, but the public has not forgotten, Mr. Macri took over the position of President when Argentina was struggling with unstable fiscal policy for many years, after defaulting in 2014. This was the period when Argentina was under the management of former President Cristina Fernandez de Kirchner and is now preparing to return to politics as Vice President to support new President Alberto Fernandez.

Mr. Alberto Fernandez celebrates after winning the presidential election. Photo: AP

Of course, voters voted for Mr. Fernandez, not Ms. Cristina! They placed their hopes on his management ability as he did when he was Chief of the Cabinet during the “golden” period in the 2000s. Responding to voters, in his speech after the victory, Mr. Alberto affirmed that there would be many changes in policy on a series of issues such as salary increases, improved benefits or pensions for workers.

But Mr. Alberto himself must have realized that the Argentine voters' votes were largely due to disappointment with the old government, and they could turn their backs on any other government if it continued to make empty promises or make mistakes.

Meanwhile, analysts say that with an economy as deep in crisis as Argentina, it is impossible to come up with policies that can immediately revive the economy. And even if they could, it would take more than one term to implement long-term policies. The failure of his predecessor Macri could be said to be due to not having enough time. Therefore, this reality is putting too much pressure on new President Alberto.

Argentine President-elect Alberto Fernandez. Photo: Reuters

Furthermore, many opinions warn that the rise of Peronism with the new President Alberton as its representative is a risky venture for Argentina. Because according to unwritten tradition, in times of crisis, Peronism is chosen as a last resort. That means voters simply choose the less bad option! Therefore, whether the expectations of the Argentine people are in the right place, all will need time for the new commander-in-chief, the new President Alberto Fernandez, to show his ability in the next 4-year term.