The election result in Argentina is bad news. It seems that Argentines have grown tired of looking for a place in the world, as emphasized in a masterly Aristarain tape, and have made disenchantment their homeland. The overwhelming triumph of Peronism in the presidential elections has much more of a vote of punishment for the outgoing Macri than of confidence in the promises of his successor, Alberto Fernández. And it will help to further destabilize a Latin America already quite inflamed by populist fires. Fernández was chosen by former president Cristina Fernández to give a more moderate and presentable image of Kirchnerism, which left the country in a comatose state and with countless cases of corruption that also corner her.

After four years in office, Macri's inheritance leaves things even worse than how he found them. The hard adjustments and the prescriptions that it has imposed, spurred by the IMF, have not served either for the country to reverse the runaway inflation or to correct the unsustainable deficit and debt. Unemployment grows, severe poverty rates have skyrocketed and the devaluation policy has proven ineffective. Peronism had it easy to stir the waters of populism and regain the presidency, and its remedy is going to be worse than the disease.

The irrespirable polarization that Argentina suffers leaves no room unfortunately for third parties that could give a new impetus to a country of such potential and with so many resources. Argentines do not deserve, as if it were a biblical curse, an eternal condemnation of pens, international embargoes and an economy in neutral for a decade. Investors and markets have serious concerns about the return of Peronism, whose recipes have caused both damage and ruin in the past, especially at a time of global slowdown in which the national crisis is going to accentuate. Spain is especially concerned, because ours is the second foreign country with more investments there, just behind the US. More than 300 companies have a strong presence in energy, communications or banking, among other sectors. In fact, our banks have the highest exposure to Argentina accumulate in their balance sheets.

Thus, it is even offensive that José Luis Rodríguez Zapatero celebrated Sunday in Buenos Aires the triumph of Peronism with the display of his own victory. The former president should understand that his proximity to all the populisms of the region, starting with the Chavista, damages the image of our country. Nor was the effusiveness with which Sanchez greeted the Kirchner triumph. Our companies still tremble to remember such recent episodes as the expropriation of Repsol from its Argentine subsidiary by Cristina Fernández. There is little to celebrate in Argentina.

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  • Argentina
  • Spain
  • José Luis Rodríguez Zapatero
  • IMF
  • Alberto Fernandez
  • Argentina Elections
  • Pedro Sanchez
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