Argentina’s ambitious ‘superminister’ takes on economic crisis

By Eliana Raszewski and Lucila Sigal

BUENOS AIRES (Reuters) – Requested about Sergio Massa, Argentina’s new “superminister” for the financial system, many Argentines understand him as an opportunistic politician with limitless ambition.

However Massa’s political acumen, honed over 4 many years of party-hopping activism, can also be broadly seen as key to rescuing Argentina’s financial system, which has been ravaged by sky-high inflation, crippling debt in addition to power overspending.

Earlier this week, the 50-year-old lawyer and former congressional chief for the ruling center-left Peronist coalition was sworn in as financial system chief by President Alberto Fernandez. Massa’s transfer is broadly seen as a stepping stone to a future presidential run, however provided that he can rapidly present outcomes.

To do exactly that, the newly dubbed “superminister” insisted on broad powers earlier than accepting the daunting activity, together with management over the agriculture, manufacturing and commerce secretariats, which have beforehand acted independently.

“He is a really succesful particular person, exceptionally ready. However he is additionally an enormous pragmatist, and that is why he determined to type an alliance with the federal government,” mentioned legislator Margarita Stolbizer.

In 2017, Stolbizer joined forces with Massa in a Senate run towards leftist Cristina Fernandez de Kirchner, the nation’s highly effective vp and former president, who’s now a key Massa backer.

His resourcefulness gave him what his predecessors had been unable to acquire: the thumbs-up from the vp to hold out extra orthodox cost-cutting insurance policies, which Fernandez de Kirchner had spurned when proposed by others previously.

His resourcefulness gave him what his predecessors had been unable to acquire: the thumbs-up from the vp to hold out extra orthodox cost-cutting insurance policies, which Fernandez de Kirchner had spurned when proposed by others previously.

Massa’s backing by all of the ruling coalition’s warring factions offers him a leg up in contrast together with his fast predecessors, longtime Economic system Minister Martin Guzman in addition to his short-lived successor, Silvina Batakis, in keeping with political analyst Carlos Fara.

“The disaster has made everybody extra pragmatic, and that enables Massa to suggest issues that absolutely would not have been accepted from Batakis and even much less so from Guzman,” mentioned Fara.

On Wednesday, Massa introduced a collection of austerity measures, plus strikes designed to spice up dwindling overseas reserves, throughout his first day on the job.

SUPERHERO?

Massa started his political profession within the late Eighties within the conservative Union of the Democratic Heart celebration.

From 2002 to 2007 he was a Peronist authorities official and later mayor of Tigre, a suburban space exterior Buenos Aires the place he lives. He then turned chief of employees of then-President Fernandez de Kirchner, however resigned after lower than a 12 months.

In 2013, Massa based a brand new celebration known as the Renewal Entrance, which ultimately joined forces with different Peronist factions to create a center-left group that went on to defeat ex-President Mauricio Macri’s coalition within the 2019 election.

Over the previous decade, Argentina’s tough and tumble politics, amplified by the deepening financial disaster, have taken a toll on Massa’s reputation.

Practically 55% of individuals maintain a detrimental view of Massa, whereas about 63% say they’d by no means vote for him if he ran for president, in keeping with a current survey from Administration & Match picture consultancy.

Because the nation limps to subsequent 12 months’s presidential election, Massa shall be put to the final word check. A profitable efficiency as superminister shall be essential for his personal future political prospects – to not point out very important for the near-term well being of South America’s second-biggest financial system.

“Massa is so bold. He is dreamed all his lifetime of being president,” mentioned businessman Gregorio Feldman.

“He’ll find yourself both a superhero or get eaten alive.”

(Reporting by Eliana Raszewski and Lucila Sigal in Buenos Aires; Extra reporting by Hernan Nessi and Belen Liotti in Buenos Aires; Writing by Kylie Madry; Enhancing by Matthew Lewis)