Briefings & Intelligence

26-11-2015: Latin American Weekly Report

  • LatinNews

Macri triumph heralds biggest regional power shift in a decade

Mauricio Macri will become president of Argentina on 10 December ending 12 years of Kirchnerismo. The economic, political and social implications of Macri’s run-off victory against Daniel Scioli on 22 November are enormous. Macri is promising a profound economic reform, the removal of exchange rate controls, and the restoration of credible institutions. Move too fast and he will face social unrest; too slow and he will face political discontent. The scale of the economic challenge will be all the greater because of the political challenge confronting Macri. The big power shift in Argentina was only at the executive level. Even if he succeeds in keeping his loose Cambiemos coalition together, Macri will have a minority in both chambers of congress where a hostile Kirchnerismo will remain the dominant force.

Macri overcame historical precedent. It is the first time that a centre-right candidate has triumphed in Argentina; other than hiatuses under military rule, Peronists and Radicals have governed for most of the last century. Kirchnerismo (2003-2015) held sway for longer than any political dynasty in Argentina since 1853. While the Unión Cívica Radical (UCR) forms a key part of Macri’s Cambiemos coalition, providing him with the national presence that he lacked, the senior partner will be his Propuesta Republicana (PRO) party, formed only a decade ago.

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