Argentina has an important challenge ahead: avoiding an escalation of the current economic crisis leading to a major social and political turmoil under the government
On the night of November 14, Argentine President Alberto Fernández euphorically celebrated an electoral defeat. Earlier that day, in the legislative elections, the ruling Peronist coalition –Frente de Todos– obtained only 33.5 percent of the national vote against 42 percent of the opposition coalition Juntos por el Cambio. Why was the president celebrating, then, apart from lifting the spirits of Peronist supporters?
Argentina’s ruling Peronist coalition -Frente de Todos- came close to collapsing after suffering a humiliating defeat in the September 12 primary elections, when it obtained only 32 percent of the vote nationally, against 42 percent for the opposition coalition, Juntos por el Cambio.
Mauricio Macri’s failure confirms that there seems to be no politically sustainable way to open up and reform Argentina’s economy. The long-term benefits of liberalizing, improving competitiveness and reducing fiscal spending might be clear in theory, but the immediate social costs of these policies are simply too high for Argentines to bear.
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