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Bureau of Export Development
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Madison, WI 53707-7970
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Vol. 8 #6, July 2009

Argentine Election Results
Photo of Nestor and Christina KirchnerArgentina’s government suffered major losses in congressional elections that many viewed as a national referendum on Néstor Kirchner and Cristina Fernández de Kirchner, the husband and wife team of immediate past and current Presidents of Argentina.  Mr. Kirchner lost in his bid for a seat in the lower house of Congress to Francisco de Narváez, a congressman from a rival faction within the Peronist Party.  Mr. Kirchner resigned as leader of the party on June 29, 2009, a day after the elections.

Rural regions, once bastions of support for the Kirchners’ Peronist Party, have grown highly critical of the government starting in mid-2008 when the government introduced a sliding scale export tax on numerous agricultural products that rose with global prices.  Farmer protests shut down highways and the proposal was eventually defeated by one vote in Congress, cast by the country’s vice president.  Other controversial economic policies of the government included the nationalization of Aerolíneas Argentinas, and the takeover of billions of dollars in private pension funds.  A severe drought also adversely affected Argentina’s economy.  As economic conditions worsened, capital flight became an issue.

Mr. Kirchner took office in May 2003 after a series of interim presidents had failed to solve the severe economic collapse that had struck Argentina in 2000/2001.  Mr. Kirchner refused to negotiate with bondholders over billions of dollars in debt and announced the cancellation of Argentina's debt to the International Monetary Fund in full and offered a single payment.  Mr. Kirchner’s bold moves played well with the Argentine public and kept his popularity rating high.  Rather than run for re-election in 2007, Mr. Kirchner stepped aside in favor of his wife, Cristina Fernández.  He remained an important strategist for the government and was expected to seek the presidency again following his wife’s term.

The Kirchners’ supporters lost in the major provinces of Buenos Aires, Córdoba, Santa Fe and Mendoza, as well as Mr. Kirchner’s home state of Santa Cruz.  Nationally, they won just 29.6% of the vote, less than most analysts had predicted.