Demonstrators hold a banner reading "Take Macri away, leave us the dollars" during a partial strike against the economic policies of the government of Argentina's President Mauricio Macri on April 30, 2019. Voters' displeasure over incumbent Macri's austerity program could lead to a victory for former populist President Cristina Fernandez de Kirchner in Argentina's November runoff election.
Less than six months before the first round of Argentine presidential voting, the future is looking uncertain for investors, bondholders and other private sector stakeholders exposed to Argentina. The main source of risk in coming years is a familiar face: Polls suggest populist former President Cristina Fernandez de Kirchner stands a good chance of being elected president in the second round of voting on Nov. 24. The runoff will likely be a head-to-head battle between Fernandez and the business-friendly incumbent President Mauricio Macri, and a recent poll of that scenario showed the former president beating Macri by about 7 points. Such an outcome threatens to make the country's regulatory environment more challenging for the private sector while providing little relief for Argentina's financial woes.
