Mauricio Macri was the first non-Peronist since 1983 to end his term in office without tumult on the streets
ALBERTO FERNANDÉZ began his term as Argentina’s president on December 10th in unorthodox fashion. He drove himself and his girlfriend, Fabiola Yáñez, to congress for the inauguration in their second-hand Toyota. But citizens had conventional causes for trepidation, as well as something to celebrate. Mauricio Macri, the outgoing president, was the first non-Peronist since 1983 to end his term in office without tumult on the streets.
Mr Fernández wants to reverse the sequence that Mr Macri had in mind: he is betting that growth will lead to a revival of confidence rather than the other way around. To bring that about, he has assembled a team of economists with heterodox ideas, some of them veterans of Ms Fernandez’s disastrous presidency. But he has been vague about his plans, and that has added to the markets’ unease.
Mr Fernández would buttress a debt restructuring with other growth-boosting measures. He wants to raise public- and private-sector wages and pensions, and plans to keep a cap on utility prices that was due to expire at the end of 2019. Matías Kulfas, a central-bank official during Ms Fernández’s presidency, has been put in charge of a “ministry of productive development”, which will be responsible for production, trade, energy and mining.
Mr Fernández has tried to dispel the impression that his team will repeat the mistakes made by Ms Fernández, who fought with foreign creditors, presided over an excessive expansion of the public-sector payroll, raised trade barriers and levied punishing taxes on exporters. “This is Alberto’s economic team, and he will be in charge on this front,” says an adviser to the new president.
Ms Fernández also helped arrange the appointment of Carlos Zannini, one of her closest associates, to be attorney-general. Mr Zannini was held in preventive detention for his alleged role in covering up a deal that Ms Fernández had made with Iran to absolve it of blame for the bombing of a Jewish centre in Buenos Aires in 1994 in which 86 people, including the bomber, died. His trial has been delayed indefinitely.
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