Argentina: Cristina Fernandez hands over power

    Argentina: Cristina Fernandez hands over power

    Dec 10, Buenos Aires: Argentina's outgoing President Cristina Fernandez de Kirchner has made an emotional farewell speech to supporters in Buenos Aires urging people to take to the streets if they felt betrayed by the new centre-right government.

    Addressing tens of thousands of cheering supporters outside the Casa Rosa presidential palace in Buenos Aires, Fernandez defended her record.

    She is revered by some Argentines for expanding welfare benefits, nationalising some companies and introducing new civil rights such as gay marriage, news reports said.

    Conservative Mauricio Macri, who won a run-off election last month, is due to be sworn in as president later.

    Macri inherits a host of economic problems including inflation running at almost 15 percent, official figures show. Other experts put it much higher, at nearly 25 percent.

    Argentina has suffered badly from a slump in commodity prices and foreign currency reserves have plummeted, making attracting external investment difficult.

    Argentina defaulted on its debts last year for a second time in a dispute with hedge funds.

    The Oslo Times


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