Argentina Elects Pro-Business President; Big Change Expected

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By Bloomberg

Argentina voted for deep change on Sunday, electing the center-right opposition leader Mauricio Macri to be president in an end to 12 years of leftist populism, setting the stage for economic liberalization, a warming of relations with the U.S. and political reverberations across Latin America.

Macri won 51.4 percent of the vote against 48.6 percent for the ruling party’s Daniel Scioli, the National Electoral Council said, with more than 99 percent of ballots counted. At Macri’s headquarters late Sunday, his supporters danced and cheered for "Macri Presidente,” as he told them “a wonderful new stage begins for Argentina.”

The next morning, Macri reiterated that he would eliminate exchange controls, called on the central bank to aid the transition and said he would name his cabinet as soon as possible. The slump in international reserves represented a problem for Argentina and the new government would have to... (Read More)

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