After more than a year of recession, he promised to "Get Argentina back on its feet". The new Peronist President, Alberto Frenandez, was invested Tuesday, December 10, at the head of a country in crisis, with rampant inflation and rising unemployment and poverty rates. Argentina "Has the will to pay" its external debt but has not "The ways to do it", he has already warned, calling on the International Monetary Fund (IMF) to develop a relationship "Constructive", during his inauguration speech.
According to Mr. Fernandez, the previous government of Liberal Mauricio Macri "Left the country in a virtual default situation", with a total public debt of $ 315 billion, nearly 100% of GDP. The IMF granted a three-year, $ 57 billion three-year loan to Argentina in 2018, but the president-elect decided to give up its last tranche of $ 11 billion to boost activity. when the Fund estimates that it should shrink by 3.1% this year.
Mr. Fernandez takes office while the seers of the economy are red. In addition to the fall in GDP, the year should end with inflation at around 55%, a poverty rate around 40%, unemployment at 10.4% and a devaluation of the currency of nearly 40%. During his four years in office, Mr. Macri has managed to raise the public deficit from 5% to 0.5% of GDP and almost doubling international reserves, currently $ 43.8 billion, against 25, 5 billion at the end of 2015.
A relatively peaceful country
After taking an oath in front of the Parliament, Alberto Fernandez received the presidential scarf from his predecessor in the midst of the cheers of his coalition members in the Chamber and his supporters in the street. In his first speech as head of state, he called on the Argentines to build a "New social solidarity contract" and "To go beyond the wall of hatred and resentment" which divides the country.
In addition to Cuban President Miguel Diaz-Canel, Paraguayan Mario Abdo Benitez, Uruguayan Tabaré Vazquez (outgoing President) and Luis Lacalle Pou (President-elect) were present. Absent the mark, the far-right Brazilian leader Jair Bolsonaro has finally decided to send his vice-president Hamilton Mourao to the reputation of moderate.
Alberto Fernandez, a 60-year-old lawyer known for his discretion and moderation, is the former chief of staff of former presidents Nestor Kirchner (2003-2007) and Cristina Kirchner (2007-2015) during his first year in office.
Despite the gloomy economic panorama, he inherits a relatively peaceful country, will have the Parliament on his side and time before him before the next repayment of the debt. Another sensitive issue that he will have to manage in this Catholic country and fatherland of Pope Francis: the decriminalization of the abortion, which had divided the Argentineans in 2018.
