The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Argentina: Macri defuses Cristina’s bomb

Cristina Fernández de Kirchner has left a toxic legacy for newly elected president Mauricio Macri. Asset prices were buoyed by his election victory the mid-term outlook for the Argentine economy is brimming with potential, but he must get through the next six months unscathed and consolidate a weak political base.

Mauricio Macri headshot-R-300x400

Fernandez de Kirchner headshot-R-300x400

Cristina Fernández de Kirchner blinks first, as president Mauricio Macri takes charge

“It’s like an atomic bomb – cut the wrong wire and… ” says Rodolfo Santangelo, one of the two founding partners of M&S Consultores – an economic consulting firm in Buenos Aires. He leaves the rest of simile hanging in the air, but the point is made: Macri is inheriting a dire situation and making reforms will be complicated.

The point is re-made again and again by members of Buenos Aires’ business community. Alejo Costa, Puente’s head of strategy, likens Macri’s task to a game of stack-crashing game Jenga: “Sequencing is important. Macri will have to be extremely precise about making movements, otherwise everything might collapse.”

The gloomy consensus about the next six months (tough and likely recessionary) is offset by the positive mid-term outlook (huge potential). Optimism rests on Argentina being a large, resource-blessed country with a skilled workforce and a balanced economy that has low leverage and that has been waiting for years for the right regulatory and financial environment to attract investment – both international and domestic.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree