The surprising success of President Mauricio Macri’s political coalition in key Argentine provinces in a primary election has strengthened its position heading into October’s midterm legislative vote and given a boost to its pro-business economic reforms.
The primary election of August, 13 served as a referendum on President Macri’s administration and Cambiemos, his governing coalition in Congress. As a snapshot of voting intentions come October, Cambiemos strengthened its position nationwide, winning in 11 of the 24 districts.
The clearest example was evidenced in the Province of Buenos Aires, which pitted Esteban Bullrich against former President Cristina Kirchner. Mrs Kirchner had been widely expected to defeat Esteban Bullrich, the candidate of current President coalition. However, Bullrich virtually tied Kirchner in the Senate race which is seen as a major win for Macri. Even if she dismisses the corruption accusations as politically motivated.
A second-place finish would still grant Mrs Kirchner, a Senate seat, which would give immunity from arrest, although not from trial. Under Argentina’s election system, the winning party in each Senate race gets two of the province’s three seats, with the remaining seat going to the second-place finisher.
Short term results, Argentina’s stocks and currency markets were bolstered on 08/14/17 by the positive performance of Macri’s coalition. Those results have to be confirmed now in October.