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Argentina taps leftist as economy minister after abrupt exit of predecessor

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Markets will be watching for clues on how Silvina Batakis plans to navigate a divided ruling coalition that ended Martin Guzman’s tenure

Argentina President Alberto Fernandez tapped leftist economist Silvina Batakis as the country’s new economy minister after her predecessor’s sudden resignation deepened a political crisis that has been hurting its finances and markets.

The second woman to serve as the nation’s economic chief, Batakis was the economy minister of Buenos Aires province, the largest in the country, from 2011 to 2015 under then-governor Daniel Scioli, who recently became production minister. She was serving in a second-tier role in the nation’s interior ministry.

It remained unclear if Fernandez would make other cabinet changes. Central Bank chief Miguel Pesce told Bloomberg News he will stay in his role.Markets will be watching for clues on Batakis’s economic agenda, the IMF programme and how she plans to navigate a divided ruling coalition that ended Guzman’s tenure.

Analysts pointed to Batakis’s lack of experience formulating major economic policies or negotiating with the IMF. She could also represent a turn towards far-left economic policies.

 

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