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| Argentina's Fernandez hands over power | |
| (34 minutes 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 felt 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 a host of economic problems including inflation running at almost 15%, officials figures show. | 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. | 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. | 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 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. |
| 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. |
| She insisted the handover took place in Congress, while Mr Macri wanted it to happen at the presidential palace. | 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 to settle the matter. | 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 has been temporarily transferred to Senate Speaker Federico Pinedo, who will act as head of state for 12 hours until Mr Macri's inauguration. | |
| Meanwhile, the official Twitter account for the Argentine presidency, @CasaRosadaAR, has been turned into a "Twitter tribute" to Ms Fernandez and her late husband, Nestor Kirchner. | |
| The new man's "to do" list | 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 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. | 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. | 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. | 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. | 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. | 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 | Challenges for the new president |
| Ms Fernandez and 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. |