On 27 October 2019, the Peronist presidential ticket of Alberto Fernández and Cristina Fernández de Kirchner obtained victory in the first round of national elections, with 8 per cent more votes than President Mauricio Macri, who was seeking reelection. After a brief interregnum of Macri's four-year term, the Peronists - who had previously been in government for 12 consecutive years - will return to power in December. This time they will govern within a severely constraining situation, far away from the commodities boom that boosted redistribution policies during the "pink tide."
Macri failed to deliver on his economic promises, and the coming government will face imminent debt services, in a context of high inflation. However, the elected and ruling presidents initiated the political transition with a cooperative attitude, facilitated by a calmed dollar after the adoption of strong controls to the exchange rate.
Despite unsuccessful economics, Macri was able to retain more than 40 per cent of the vote. He won in six provinces, four of which are among the most populous and economically dynamic. The more modern and better-off portions of the electorate, which were less affected by the crisis, also voted in support of a balanced distribution of power and checks on the executive.
Of the four governorships that renewed concurrently with the national elections, Macri retained just the City of Buenos Aires. He lost to the Frente de Todos the populous Buenos Aires province. The Peronists will govern in 14 provinces, of which 11 reelected their governors in spread elections throughout 2019.
A crucial factor is how President-elect Fernández will deal with internal rivalries, especially with his vice-president. It is likely that the internal opposition will check the president as much as the external one, which is a recurrent feature in Peronist governments.
Argentina has a long history of political instability, being particularly vulnerable under critical socioeconomic conditions. When stability is not a systemic feature, actors' strategies make the difference, and governing in hard times may be challenging, even for the party that has been used to deliver the longest spells in power. In 2019, the prospect of party alternation has helped to keep discontent away from the streets, but a slow (or non-existent) economic recovery will clash with impatient demands and expectations. Argentines may decide for party alternations in the midterm. In the short term, the maintenance of political cooperation seems crucial
