Latest news with #Kirchnerism
Yahoo
2 days ago
- Business
- Yahoo
Argentine market traders cautiously cheer 'future without Cristina'
By Walter Bianchi and Rodrigo Campos BUENOS AIRES/NEW YORK (Reuters) -Argentine traders cheered on Wednesday a court's political ban on populist former President Cristina Fernandez de Kirchner, a powerful but divisive politician who often clashed with investors and creditors. The country's Supreme Court on Tuesday upheld a ruling against the former president, who was sentenced to six years in prison and banned from holding public office for fraud, rejecting an appeal by the leader of the Peronist opposition. "All investors fear a return to Kirchnerism. A future without Cristina.... clears the outlook," said Mariano Sardans of local financial firm FDI Gerenciadora de Patrimonios, citing high-spending, interventionist policies under the Peronists. "The specter that always looms over investors is Kirchnerism and Argentina's falling back into policies of that nature." Current market-friendly libertarian President Javier Milei has been well received by investors, helping boost equities and bonds since he took office in late 2023, ushering in tough austerity and a "zero deficit" drive. Legislative elections in October are seen as a test of his popularity. A positive result in those ballots will help ensure the success of some of his investor-friendly reforms. Fernández, the government's strongest opposition figure, will now be barred from running for a seat she sought in Buenos Aires Province. Sovereign dollar bonds were trading slightly higher on the day while the benchmark S&P Merval stock index fell over 1% after rising more than 4% on Tuesday. Other analysts were more cautious, warning about tough economic challenges ahead, including rebuilding foreign exchange reserves. "The impact on the market will most likely be limited, since the Supreme Court's ruling doesn't solve Argentina's macroeconomic problems," said Roberto Geretto, an economist at local firm Adcap.
Straits Times
2 days ago
- Business
- Straits Times
Argentine market traders cautiously cheer 'future without Cristina'
FILE PHOTO: Argentina's former President Cristina Fernandez de Kirchner looks on outside the Partido Justicialista (Justicialista Party) national building, after Argentina's Supreme Court upheld her guilty verdict for defrauding the state, in Buenos Aires, Argentina, June 10, 2025. REUTERS/Tomas Cuesta/ File Photo BUENOS AIRES/NEW YORK - Argentine traders cheered on Wednesday a court's political ban on populist former President Cristina Fernandez de Kirchner, a powerful but divisive politician who often clashed with investors and creditors. The country's Supreme Court on Tuesday upheld a ruling against the former president, who was sentenced to six years in prison and banned from holding public office for fraud, rejecting an appeal by the leader of the Peronist opposition. "All investors fear a return to Kirchnerism. A future without Cristina.... clears the outlook," said Mariano Sardans of local financial firm FDI Gerenciadora de Patrimonios, citing high-spending, interventionist policies under the Peronists. "The specter that always looms over investors is Kirchnerism and Argentina's falling back into policies of that nature." Current market-friendly libertarian President Javier Milei has been well received by investors, helping boost equities and bonds since he took office in late 2023, ushering in tough austerity and a "zero deficit" drive. Legislative elections in October are seen as a test of his popularity. A positive result in those ballots will help ensure the success of some of his investor-friendly reforms. Fernández, the government's strongest opposition figure, will now be barred from running for a seat she sought in Buenos Aires Province. Sovereign dollar bonds were trading slightly higher on the day while the benchmark S&P Merval stock index fell over 1% after rising more than 4% on Tuesday. Other analysts were more cautious, warning about tough economic challenges ahead, including rebuilding foreign exchange reserves. "The impact on the market will most likely be limited, since the Supreme Court's ruling doesn't solve Argentina's macroeconomic problems," said Roberto Geretto, an economist at local firm Adcap. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Yahoo
2 days ago
- Business
- Yahoo
Argentine market traders cautiously cheer 'future without Cristina'
By Walter Bianchi and Rodrigo Campos BUENOS AIRES/NEW YORK (Reuters) -Argentine traders cheered on Wednesday a court's political ban on populist former President Cristina Fernandez de Kirchner, a powerful but divisive politician who often clashed with investors and creditors. The country's Supreme Court on Tuesday upheld a ruling against the former president, who was sentenced to six years in prison and banned from holding public office for fraud, rejecting an appeal by the leader of the Peronist opposition. "All investors fear a return to Kirchnerism. A future without Cristina.... clears the outlook," said Mariano Sardans of local financial firm FDI Gerenciadora de Patrimonios, citing high-spending, interventionist policies under the Peronists. "The specter that always looms over investors is Kirchnerism and Argentina's falling back into policies of that nature." Current market-friendly libertarian President Javier Milei has been well received by investors, helping boost equities and bonds since he took office in late 2023, ushering in tough austerity and a "zero deficit" drive. Legislative elections in October are seen as a test of his popularity. A positive result in those ballots will help ensure the success of some of his investor-friendly reforms. Fernández, the government's strongest opposition figure, will now be barred from running for a seat she sought in Buenos Aires Province. Sovereign dollar bonds were trading slightly higher on the day while the benchmark S&P Merval stock index fell over 1% after rising more than 4% on Tuesday. Other analysts were more cautious, warning about tough economic challenges ahead, including rebuilding foreign exchange reserves. "The impact on the market will most likely be limited, since the Supreme Court's ruling doesn't solve Argentina's macroeconomic problems," said Roberto Geretto, an economist at local firm Adcap.
Yahoo
2 days ago
- Business
- Yahoo
Argentine market traders cautiously cheer 'future without Cristina'
By Walter Bianchi and Rodrigo Campos BUENOS AIRES/NEW YORK (Reuters) -Argentine traders cheered on Wednesday a court's political ban on populist former President Cristina Fernandez de Kirchner, a powerful but divisive politician who often clashed with investors and creditors. The country's Supreme Court on Tuesday upheld a ruling against the former president, who was sentenced to six years in prison and banned from holding public office for fraud, rejecting an appeal by the leader of the Peronist opposition. "All investors fear a return to Kirchnerism. A future without Cristina.... clears the outlook," said Mariano Sardans of local financial firm FDI Gerenciadora de Patrimonios, citing high-spending, interventionist policies under the Peronists. "The specter that always looms over investors is Kirchnerism and Argentina's falling back into policies of that nature." Current market-friendly libertarian President Javier Milei has been well received by investors, helping boost equities and bonds since he took office in late 2023, ushering in tough austerity and a "zero deficit" drive. Legislative elections in October are seen as a test of his popularity. A positive result in those ballots will help ensure the success of some of his investor-friendly reforms. Fernández, the government's strongest opposition figure, will now be barred from running for a seat she sought in Buenos Aires Province. Sovereign dollar bonds were trading slightly higher on the day while the benchmark S&P Merval stock index fell over 1% after rising more than 4% on Tuesday. Other analysts were more cautious, warning about tough economic challenges ahead, including rebuilding foreign exchange reserves. "The impact on the market will most likely be limited, since the Supreme Court's ruling doesn't solve Argentina's macroeconomic problems," said Roberto Geretto, an economist at local firm Adcap.
2 days ago
- Politics
Argentine Supreme Court upholds 6-year prison sentence for ex-President Fernández
BUENOS AIRES, Argentina -- Argentina's highest court upheld a six-year prison sentence for former President Cristina Fernández de Kirchner in a ruling Tuesday that permanently banned her from public office over the corruption conviction that found she had directed state contracts to a friend while she was the first lady and president. The explosive Supreme Court ruling left Fernández, Argentina's charismatic yet deeply divisive ex-leader, subject to arrest and sent her supporters pouring into the streets of Buenos Aires, Argentina's capital, and blocking major highways in protest. The court asked Argentina's security ministry to set up a detention center to hold 72-year-old Fernández. Her defense lawyer Carlos Beraldi told C5N, a television station in Buenos Aires, that he had requested Fernández be allowed to serve her sentence in house arrest given her age. The ruling bars Fernández from running in this fall's Buenos Aires legislative elections just days after she launched her campaign. Fernández, who dominated Argentine politics for two decades and forged the country's main left-wing populist movement known as Kirchnerism, after her and her husband, former President Néstor Kirchner, rejects the charges as politically motivated. During Fernández's eight years in office (2007–2015), Argentina expanded cash payments to the poor and pioneered major social assistance programs. But her governments funded the unbridled state spending by printing money, bringing Argentina notoriety for massive budget deficits and sky-high inflation. Critics blamed Argentina's years of economic volatility on Fernández's policies, and outrage over successive economic crises and the country's bloated bureaucracy helped vault radical libertarian President Javier Milei to the presidency in late 2023. The ruling dealt a severe blow to Milei's opposition during a crucial midterm election year. He celebrated the ruling, writing on social media: 'Justice. Period.' Fernández was embroiled in multiple corruption scandals during her tenure. She was convicted in 2022 in this corruption case, which centered on 51 public contracts for public works awarded to companies linked to Lázaro Báez, a convicted construction magnate and friend of the presidential couple, at prices 20% above the standard rate in a scheme that cost the state tens of millions of dollars. The high court rejected Fernández's request for the court to review her prison sentence in March. In a resolution obtained by The Associated Press, the court said that the prison sentence 'does nothing more than to protect our republican and democratic system." The Kirchner governments carried out 'an extraordinary fraudulent maneuver' that harmed the interests of the government and resulted in the embezzlement of roughly $70 million at the current exchange rate, the resolution said. Supporters of Fernández and her political movement blocked main roads into Buenos Aires and stormed the offices of Argentina's two main cable networks that are widely considered critical of the ex-leader, Channel 13 and Todos Noticias, smashing televisions, vandalizing cars and shattering windows. There were no injuries reported. Fernández rejected the decision, calling the court justices 'puppets' of those wielding economic power in the country. 'They're three puppets answering to those ruling far above them," she told supporters in a rousing speech outside her party's headquarters. 'It's not the opposition. It's the concentrated economic power of Argentina's government.' Gregorio Dalbón, one of Fernández's lawyers, vowed 'to take this case to all international human rights organizations.' Fernández has questioned the impartiality of the judges. She claims her defense didn't have access to much of the evidence and that it was gathered without regard to legal deadlines.
