No re-election seek

President Alberto Fernández announced on April 28 that he will not run for second term in office, increasing uncertainty ahead of the October elections and throwing the race for the Casa Rosada wide open.

“Next December 10, 2023, is the exact day on which we celebrate 40 years of democracy,” said the Peronist leader in a seven-minute video posted online. “On that day, I will hand over the presidential sash to whomever has been legitimately elected at the ballot box by popular vote.”

The president’s withdrawal from the race comes with Argentina in the grip of runaway inflation and another bout of economic and financial instability. 

The dollar has soared to record highs against the peso on parallel exchange rates in recent days and Central Bank reserves are running worryingly low. Foreign currency inflows have been decimated by the country’s worst drought on record and soaring inflation is crushing purchasing power, with consumer prices up 104 percent over the last 12 months.

The first round of Argentina’s presidential election is scheduled to take place on October 22, with a possible run-off on November 19. Tickets must take 45 percent of the vote or 40 percent and hold a 10-point difference over their rival to win outright.

Offering a balance of his administration, Fernández said in his statement that he had taken office facing an “extreme situation,” with Argentina afflicted by high inflation and heavy indebtedness. 

“I have to focus my efforts, commitment and heart on solving the problems of Argentines,” insisted the president, ending the mini-review.


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