Argentina: 1 — IMF: 0

Argentine president Mauricio Macri has decisively lost his bid for reelection, showing that the the people of Argentina have gotten sick of the myth of expansionary austerity:

Argentina’s Peronists swept back into power on Sunday, ousting conservative president Mauricio Macri in an election result that shifts Latin America’s No. 3 economy firmly back toward the left after it was battered by economic crisis.

Peronist Alberto Fernandez had 47.79% of the vote, ahead of Macri’s 40.71%, with more than 90% of ballots counted, putting the center-left challenger over the 45% threshold to avoid a runoff and win the election outright.

Macri, speaking at his election party, conceded the race and congratulated Fernandez. He said he had invited Fernandez to the presidential palace on Monday to discuss an orderly transition, seen as essential for Argentina’s shaky economy and markets.

Here’s hoping that this is the beginning of a trend.

The standard neoliberal prescriptions create little more than misery.


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