Mauricio Macri took over as president of Argentina during a difficult time for the country. The previous administration inherited severe economic problems. The inflation rate exceeded 30 percent, although the official figure was lower. Despite high taxes, the state experienced a budget deficit. There were strict restrictions on currency exchange operations.
The prerequisites for all these disasters were created in 2001, when the state defaulted. After several years of litigation in international courts, sovereign debt has been restructured. However, one of the largest Latin American economies still could not get out of the crisis. Mauricio Macri promised a positive change and a new era.
early years
The future president was born in 1959. His father was a construction tycoon and owner of a group of companies. He hoped to make his son a worthy heir to the family business. Mauricio Macri holds a bachelor's degree in civil engineering from Catholic University of Argentina. His professional career began in one of his father's firms as an analyst. Subsequently, Macri served in the family holding as general manager and vice president. For further education, he attended the University of Pennsylvania and Columbia Business School.
Mauricio Macri's biography includes a rather extreme episode. He was abducted in 1991 by corrupt officers of the Argentinean federal police and kept in prison. According to unconfirmed reports, he was released after relatives paid a multi-million dollar ransom.
Political career
In 2003, Mauricio Macri founded the center-right party, entitled "Pursuit of Change." He hoped to create in the political arena an alternative to statesmen who had discredited themselves after default. The economic crisis in 2001 was accompanied by riots that the government failed to prevent.
Mauricio Macri's political views formed under the influence of the events of that time. Tight exchange controls did not reduce government spending and did not save the population from inflation and falling living standards. Macri puts forward the opposite idea of the need for economic liberalization.
In 2007, the future president of the country was elected mayor of Buenos Aires. In this post, Macri dealt with issues of urban public transport and law enforcement reforms.
Presidential Activities
The election of the head of state in 2015 for the first time in the history of Argentina required a second round. Macri won by a very marginal margin from his rival. After taking office, he fulfilled his promises regarding the reduction of state regulation of the economy. Currency control was abolished and a free floating rate of the Argentine peso was introduced. The only way the government intervened in the market situation was the intervention of the Central Bank. This decision was a delight among economists, but the national currency depreciated by 30 percent.
During the first two years of Macri's rule, liberalization did not produce the desired results. There was no serious economic recovery, inflation and unemployment remained high. Tariffs for utilities increased several times.
International relationships
Many people perceive Macri as a pro-Western and pro-American politician. However, in practice, he refrains from sharp turns in relations with other countries. Christina Kishner, Mauricio's predecessor in the presidency, developed economic cooperation with Russia. During her reign, dozens of contracts were concluded between the two countries, including in the field of nuclear energy. Mauricio Macri's statements about Russia are vague. Without abandoning the idea of economic partnership, he is trying to achieve more favorable conditions for contracts for Argentina. It is worth noting the decrease in political support for Venezuela and other left-wing Latin American governments under the current president. This may indicate an intention to primarily cooperate with the United States and the European Union. Perhaps Mauricio Macri thinks of Russia as a secondary economic partner.
