Thousands of Argentinians celebrate the nationalisation of YPF oil corporation. May 2013. Niels Wensted/Demotix. All rights reserved.
The ascendency of the pro-business conservative Mauricio Macri to Argentina’s Presidency on 10th December 2015 spells the end of 12 years of centre-Left Peronist governments.
Among the key milestones of Cristina Fernandez de Kirchner’s administration (2008-2015) and that of her husband Nestor (2003-07) were coordinating an impressive economic recovery since the 2001 debt default, drawing millions of citizens out of poverty and significantly reducing inequality. Pivotal to their economic success until 2012 was the achievement of twin fiscal and trade surpluses, brought about through a combination of redistributive policies and public investment that stimulated domestic demand, taxing multinational corporations’ exports to fund the expansion of social programmes for the poorest and benefiting from favourable global conditions which boosted its exports including high world commodity prices and strong Chinese demand for its soya.
