Let’s Change – Cambiemos – led by former Buenos Aires Mayor Mauricio Macri, won Argentina’s presidential run-off by less than 3 per cent of the popular vote. Headlines in Europe, the United States and Latin America heralded the opposition coalition’s victory as marking a reversal of the ‘pink tide’ – the swing to the left that has dominated South American politics for the past two decades. There were loud sighs of relief that Argentina would return to international norms and leave behind the populism that had been the hallmark of the governments of Nestor Kirchner (2003-2007) and his successor and widow Cristina Fernandez de Kirchner (2007-2015). Some even suggested that Mr Macri’s election would transform the continent’s role ...

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Dr. Joseph S. Tulchin
Part of Mrs Kirchner’s populist-nationalist stance was her refusal to negotiate with hedge funds holding defaulted Argentinian bonds – the so-called holdouts. Even after the holdouts won a US lawsuit in 2012, she pilloried them as ‘vulture funds’
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