The president-elect himself has warned that the risk of default is high. Mr Bolsonaro did not attend Mr Fernández’s inauguration, sending his vice-president instead.The Macri government is proud of having ended the economic isolation that Ms Fernández imposed on Argentina. She had been expected to run directly against conservative President Mauricio Macri during the October election.Security agents cordoned off the federal courtroom in Buenos Aires as Fernández arrived to face charges of heading “an illegal association” for embezzlement involving public works projects during her 2007-2015 presidency.
Alberto Nisman, a prosecutor who was murdered in 2015, had indicted Mr Zannini. That may mean that salaries will rise by less than Mr Fernández has implied.The biggest question is how quickly the new team plans to cut inflation and generate the primary fiscal surplus, ie, before debt-service payments, needed to repay what remains of Argentina’s debts, including to the IMF. Alberto Fernández served as head of Cristina Fernández’s Cabinet for the beginning of her time in power and many wonder if the new vice president will wield outsized power in the new government. But there is no hiding the frostiness. Alberto Fernández seeks to bolster state coffers with tax raid on country’s most powerful industry ... Argentina must preserve anti-corruption legacy. The annualised inflation rate exceeds 50%. As attorney-general Mr Zannini, who was released from jail in 2018 and denies all charges, will lead the government’s anti-corruption unit as well as its team of lawyers.Mr Fernández has already signalled that he is not concerned about the alleged misdeeds of his senior officials. Mauricio Macri, the outgoing president, was the first non-Peronist since 1983 to end his term in office without tumult on the streets. (AP Photo/Marcos Brindicci)Connect with the definitive source for global and local news Mr Fernández has promised to put the economy “back on its feet”. He was forced to seek a record $56 billion bailout loan from the International Monetary Fund to try to tame the crisis.The trial is happening “because Macri knows that without it, Cristina wins,” Nelson Chiavetti, a Fernández sympathizer said outside the courtroom.Fernández is accused of receiving bribes on public works contracts in the southern province of Santa Cruz for Lazaro Báez, a businessman who was close to her and her late husband. He has proposed that Argentina defer payment of both interest and principal for the next two years to give the government the means to kickstart the economy. The budget deficit is expected to exceed 4% of GDP this year; the government’s overall debt stands at 93% of GDP. She denies any wrongdoing and she remains a highly popular if divisive figure among Argentines.“A new trial where I should have never been summoned is beginning,” Fernández said on Twitter. Her running mate, who also served as Cabinet chief during her late husband’s presidency, is now one of the at least 150 witnesses in the case.“Cristina will be able to prove that the charges are false,” Alberto Fernández told reporters.
In separate cases, Fernández faces formal investigations into allegations of money laundering and criminal association during her administration and that of Nestor Kirchner, her late husband and predecessor.Although several former Argentine presidents have faced trials, Fernández is the only one to do so while having a clear chance of returning to power.The weekend announcement that Alberto Fernández — no relation — would instead lead the ticket shook up the election race and forced political parties to rethink their strategies.Analyst Roberto Bacman of the Buenos Aires-based Center for Public Opinion Studies said that Fernández’s announcement shifted the spotlight from the trial and softened her image before the judges.“It’s not the same, the photo (of her) sitting on the bench as a candidate for president, as the photo of Alberto Fernández on some act on the campaign trail,” he said.Many voters are frustrated by Argentina’s recession and one of the world’s highest inflation rates and blame Macri for policies that they say have deepened the crisis. The incoming foreign minister, Felipe Solá, has signalled “re-engagement” with Nicolás Maduro, Venezuela’s leftist dictator, who will now be less of a regional pariah. Argentina’s new president, Alberto Fernandez, made a conciliatory inauguration speech, in which he called for national unity and promised to defend democracy and human rights. The country’s net foreign-exchange reserves are just $12bn, about three months’ worth of imports. Instead, austerity further weakened the economy, driving voters to Mr Fernández. Bond prices suggest the markets are expecting a haircut—a discount on the securities’ face value—of nearly 50%.Mr Fernández would buttress a debt restructuring with other growth-boosting measures. The peso tumbled more, pushing inflation still higher.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.
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