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Argentina's Fernandez bids emotional farewell Argentina's Fernandez bids emotional farewell
(about 4 hours later)
Argentina's outgoing President Cristina Fernandez de Kirchner has made an emotional farewell speech to supporters in Buenos Aires.Argentina's outgoing President Cristina Fernandez de Kirchner has made an emotional farewell speech to supporters in Buenos Aires.
She urged people to take to the streets if they feel betrayed by the new centre-right government. She urged people to take to the streets if they felt betrayed by the new centre-right government.
Conservative Mauricio Macri, who won a run-off election last month, is due to be sworn in as president later.Conservative Mauricio Macri, who won a run-off election last month, is due to be sworn in as president later.
Mr Macri inherits problems including high inflation and a low level of foreign currency reserves. Mr Macri inherits a host of economic problems including inflation running at almost 15%, officials figures show.
Other experts put it much higher, at nearly 25%. Argentina has suffered badly from a slump in commodity prices and foreign currency reserves have plummeted, making attracting external investment difficult.
Argentina defaulted on its debts last year for a second time in a dispute with hedge funds.
The new Argentine leader has promised a new era of change and reconciliation.The new Argentine leader has promised a new era of change and reconciliation.
Addressing tens of thousands of cheering supporters outside the La Casa Rosa presidential palace in Buenos Aires, Ms Fernandez defended her record. Addressing tens of thousands of cheering supporters outside the Casa Rosa presidential palace in Buenos Aires, Ms Fernandez defended her record.
"We believe in what we have achieved so we need to have a positive attitude to ensure that these things will not be destroyed," she said."We believe in what we have achieved so we need to have a positive attitude to ensure that these things will not be destroyed," she said.
"When you feel that those who you trusted and voted for have betrayed you, take up your flags," she added."When you feel that those who you trusted and voted for have betrayed you, take up your flags," she added.
Protocol disputeProtocol dispute
Ms Fernandez is to skip Thursday's swearing-in after the two became embroiled in a row over the ceremony's location.Ms Fernandez is to skip Thursday's swearing-in after the two became embroiled in a row over the ceremony's location.
It will the first time since the end of Argentina's military dictatorship in 1983 that a president has not attended the inauguration of a successor. She insisted the handover took place in Congress, while Mr Macri wanted it to happen at the presidential palace.
Mr Macri sought a court injunction affirming that Ms Fernandez's term ended at midnight on Wednesday. Mr Macri sought a court injunction affirming that Ms Fernandez's term ended at midnight on Wednesday to settle the matter.
During her speech, Ms Fernandez joked: "I can't talk much because after midnight I'll turn into a pumpkin."During her speech, Ms Fernandez joked: "I can't talk much because after midnight I'll turn into a pumpkin."
Power will now be transferred to the new president by Senate Speaker Federico Pinedo, who is acting act as temporary head of state for 12 hours. Power will be temporarily transferred to the new president by Senate Speaker Federico Pinedo, who will act as head of state for 12 hours.
The new man's "to do" list
The current administration has been repeatedly accused of being less than transparent about key statistics such as the real rate of inflation.
The soon-to-be president has repeatedly said he could not yet expand on the detail of his economic plans until he was able to ascertain exactly how critical the situation was.
While his middle-class supporters will be expecting a more liberal economic climate, less well-off working class Argentines will be hoping the new administration protects welfare programmes introduced by the previous government.
Mr Macri indeed promised to be a "president for all Argentines", knowing the powerful labour unions will become restless if economic reform turns out to mean cuts.
Without saying so directly, Mr Macri made it abundantly that Ms Fernandez's combative style had damaged Argentina's image abroad.
Rebuilding relations with neighbours in Latin America and allies further afield, is another job at the top of his "to do" list.
Challenges for the new president
Ms Fernandez and her late husband, Nestor Kirchner, held power in Argentina for 12 years.Ms Fernandez and her late husband, Nestor Kirchner, held power in Argentina for 12 years.
She is revered by some Argentines for expanding welfare benefits, nationalising some companies and introducing new civil rights such as gay marriage.She is revered by some Argentines for expanding welfare benefits, nationalising some companies and introducing new civil rights such as gay marriage.
But critics say she created a culture of handouts and clogged Latin America's third-largest economy with interventionist policies.But critics say she created a culture of handouts and clogged Latin America's third-largest economy with interventionist policies.
Mr Macri - the outgoing mayor of Buenos Aires and a former president of football club Boca Juniors - defeated Ms Fernandez's preferred candidate Daniel Scioli by 51.4% to 48.6% in a run-off vote last month.Mr Macri - the outgoing mayor of Buenos Aires and a former president of football club Boca Juniors - defeated Ms Fernandez's preferred candidate Daniel Scioli by 51.4% to 48.6% in a run-off vote last month.
He is the first centre-right leader to come to power since Argentina returned to democracy.He is the first centre-right leader to come to power since Argentina returned to democracy.
Mr Macri has not detailed his economic policies, but said that he will need to implement swift and radical changes in order to win back market confidence.Mr Macri has not detailed his economic policies, but said that he will need to implement swift and radical changes in order to win back market confidence.
However, Ms Fernandez's party still holds the most seats in the legislature and could make it hard for him to implement big changes.However, Ms Fernandez's party still holds the most seats in the legislature and could make it hard for him to implement big changes.