Opposition leader Macri ousts free-spenders from power in Argentina

Conservative opposition challenger Mauricio Macri won Argentina’s presidential election on Sunday, bringing to an end more than a decade of free-spending leftist populism with a promise to open up the ailing economy to investors. Weary of outgoing President Cristina Fernandez’s confrontational style and protectionist policies that hobbled growth, Argentines warmed to Macri’s pledges to liberalize Latin America’s third biggest economy and stamp out corruption. With the count nearly completed, Macri won 51.5% of the vote in the run-off election to 48.5% for ruling party rival Daniel Scioli, a smaller margin of victory than expected.

This is the beginning of a new era that has to carry us toward the opportunities we need to grow and progress.

President-elect Mauricio Macri

Macri first became a household name as president of Boca Juniors, one of Argentina’s biggest soccer clubs, before entering Congress and later heading City Hall. His win may send shockwaves through South America’s other left-leaning governments, such as Venezuela and Brazil, which are also grappling with the end of a decade-long commodities boom and accusations of financial mismanagement.

Macri’s win signals a decisive break with the Kirchner-Fernandez legacy of creditor confrontation and economic mismanagement.

Gary Kleiman, Washington-based emerging markets analyst