Argentina's president-elect Alberto Fernandez vowed on Monday to 'turn the page' on the IMF-backed policies of incumbent Mauricio Macri, after voters weary of rising poverty and inflation swept the left back to power in Latin America' No.3 economy. Argentina's electorate voted overwhelmingly on Sunday to ditch the economic liberalization and austerity of conservative Macri, which has left the commodities-rich nation teetering on the brink of a $100 billion debt restructuring, and turned instead towards the Peronist left. The two leaders held brief talks on Monday about a transition of power, with Fernandez vowing to take the country of over 44 million people in a vastly new direction to the business-friendly reform agenda espoused by his predecessor, a staid former magnate with close ties with the United States. "We began to turn the page today. This page (of Macri) will be forgotten and we will start writing another story on December 10 when we arrive with Cristina in government," Fernandez said after his election win, referring to his divisive running mate Cristina Fernandez de Kirchner. The return of the Peronists, and populist ex-president Fernandez de Kirchner, has startled some in Argentina and beyond, concerned that reforms to open Argentina more to global markets could be undone. Markets on Monday were mixed, still uncertain how to respond to the result with many questions unclear. Argentina's central bank moved swiftly in the early hours of Monday to tighten capital controls during the transition and the peso closed 0.65% stronger. In the parallel black market, the local currency was more volatile, having fallen as low as 77 to the dollar, while Argentine over-the-counter bonds dipped 1.6% on average. How Macri and Fernandez work together over the next few weeks will be key. With talks looming with creditors over $100 billion in debts, reserves are dwindling, inflation is sky-high and rising poverty is sparking anger. "I'm worried because I already went through Cristina's government and it was very hard for farmers," said Sergio Storti, 58, a grains and cattle farmer in the bread basket province of Buenos Aires. Markets are watching closely to see where Fernandez, a dark horse candidate who was a relative unknown until earlier this year, stands on key policies that could impact the peso, which crashed in August after he secured a landslide win in a primary vote. In a bid to soothe markets, Fernandez and Macri signaled with their meeting on Monday that they would work together during the transition until the new government takes over in December. Treasury Minister Hernan Lacunza told reporters the two leaders had shared a "good dialogue" and there would more meetings between the two teams in coming days. -Reuters
