On Sunday, 11 August, Argentines soundly rebuked President Mauricio Macri’s reform agenda in the country’s primary elections, known locally as PASO. Opposition candidate Alberto Fernández, joined by former President and current Senator Cristina Fernández de Kirchner (no relation) as his running mate, came out on top with a 15-point lead. If repeated in Argentina’s general elections on 27 October, this result could usher in a fresh slate of populism that would bring a reversal to Macri’s pro-market policies. A spread of this magnitude was largely unexpected by investors, who had relied on faulty polling data that suggested a toss-up between Mr. Fernández and Macri.
Argentina’s Primary Election (PASO) Results
*Based on a participation rate of 76%. (Source: https://www.resultados2019.gob.ar/)