After three years of President Mauricio Macri’s center-right government, he was defeated by the Peronists in the October 2019 elections. Currently, the real power play is not so much between the government and the parliamentary opposition as within the government itself, that is between the moderate and radical wings of Peronism. The former is represented by President Alberto Fernández, the latter by his Vice President Cristina Fernández de Kirchner.

Argentina faces deep-rooted structural problems. After the primaries in August 2019, the peso devaluated, the inflation and poverty rate increased significantly, and foreign debt rose to 90% of GDP. The measures to fight the COVID-19 pandemic further stalled economic activity.

President Fernández pushed an emergency fiscal consolidation package through Congress and offered a series of investment promotion programs. However, the ongoing lack of consensus inside the government has undermined efforts to restore the market and public confidence. Measures to fight the COVID-19 pandemic were enacted exclusively by decrees, thus circumventing checks and balances.

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