Reuters reports via CNBC exit polls in Argentina show outsider Mauricio Macri will win the presidential run-off election held today. A non-Peronist center-right mayor of Buenos Aires, Macri is viewed as pro-business and pro-growth.
Incumbent President Cristina Fernandez was term-limited out of office as her second consecutive term is ending soon. Her hand-picked Peronist successor Daniel Scioli appears to be losing.
Peronism has been the long-time curse of Argentine politics. It's policies consist of protectionism verging on autarky, elaborate social welfare programs including government as employer-of-last-resort and corruption.
If Macri can put Argentina on a path like that taken by Chile, market-oriented and private sector driven, both the country and the region will be better off. It remains to be seen whether Macri will have sufficient legislative support to enact what he's promised.
An Argentina for whom no one need cry would be a wonderful achievement for Macri. His is a country of enormous (as yet unfulfilled) promise.
