Argentina’s Peronists sweep back into power as Macri ousted

Presidential candidate Alberto Fernandez and running mate former President Cristina Fernandez de Kirchner celebrate after election results in Buenos Aires, Argentina - Reuters 

BUENOS AIRES (Reuters): 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 centre-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.

Fernandez, speaking afterwards alongside running mate Cristina Fernandez de Kirchner, said he would meet Macri and collaborate with the outgoing leader “in any way we can”.

“The times ahead are not easy,” he told cheering supporters at his election party. “But of course we will collaborate in everything we can, because the only thing that concerns us is that Argentines stop suffering once and for all.”

Raucous crowds cheered at Fernandez’s election headquarters, with the mood far more muted across the city at Macri’s election camp, even though his “Together for Change” coalition performed much more strongly than many polls had expected.

A candidate needs 45% of the vote, or 40% with a 10-point lead over the runner-up, to avoid a second round.

Fernandez had been the heavy favourite since winning a landslide victory in primaries in August. He extended that lead in pre-election opinion polls.

The vote will have far-reaching implications. Argentina is one of the world’s top grain exporters, is stirring the energy world with its huge Vaca Muerta shale field and is on the cusp of restructuring talks with creditors over $ 100 billion in debt.