Announcement Follows Political Strife and Economic Struggles

Argentina’s President Alberto Fernández announced on Friday that he will not seek reelection for a second term this year. This decision comes amid months of infighting within the ruling coalition as the country faces a fragile economy and soaring inflation.

In a video titled “my decision,” Fernández made his announcement clear, stating that he will hand over the presidential sash on December 10 to whoever is elected, expressing his hope that it will be a candidate from his political coalition. He acknowledged that “it is clear we did not achieve everything we set out to do” during his presidency and emphasized his desire to focus on addressing the problems facing Argentines.

Fernández’s unexpected announcement has significantly altered Argentina’s political landscape just months ahead of the August primaries and the October presidential election. His decision reflects growing pressure from coalition members, particularly allies of Vice President Cristina Fernández de Kirchner, who have urged him not to run in order to better strategize for the upcoming elections.

The president’s popularity has plummeted in recent months, with over 50 percent of children living in poverty and an annual inflation rate exceeding 100 percent. A March poll by Giacobbe & Asociados revealed that around 70 percent of Argentines view Fernández negatively, with only 10 percent holding a positive opinion of him.

Fernández’s announcement comes at a time of economic instability, marked by a sharp depreciation of the local currency and a significant drop in sovereign bond prices. As Argentina navigates these challenges, the political ramifications of his decision will continue to unfold.