Mauricio Macri took over as president of Argentina at a difficult time for the country. The legacy of the previous administration was severe economic problems. The inflation rate was over 30 percent, although the official figure was lower. Despite high taxes, the state experienced a budget deficit. There were strict restrictions on currency exchange transactions.
The prerequisites for all these disasters were created in 2001, when the state defaulted. After several years of litigation in international courts, the sovereign debt was restructured. However, one of the largest Latin American economies still could not get out of the crisis. Mauricio Macri promised positive change and a new era.
Early years
The future president was born in 1959. His father was a construction magnate and owner of a group of companies. He hoped to make his son a worthy heir to the family business. Mauricio Macri received a bachelor's degree in civil engineering from the Catholic University of Argentina. His professional career began in one of his father's firms as an analyst. Macri subsequently performed in the family holdingresponsibilities of general manager and vice president. He attended the University of Pennsylvania and Columbia Business School for additional education.
The biography of Mauricio Macri includes a rather extreme episode. He was kidnapped in 1991 by corrupt officers of the Argentine Federal Police and held in captivity. According to unconfirmed reports, he was released after the payment of a multi-million dollar ransom by relatives.
Political career
In 2003, Mauricio Macri founded a centre-right party called the Striving for Change. He hoped to create in the political arena an alternative to the statesmen who discredited themselves after the default. The economic crisis in 2001 was accompanied by riots that the government failed to prevent.
The political views of Mauricio Macri were formed under the influence of the events of that time. Tight foreign exchange controls did not reduce government spending and did not save the population from inflation and falling living standards. Macri puts forward the opposite idea of the need to liberalize the economy.
In 2007, the future president of the country was elected mayor of Buenos Aires. In this position, Macri worked on urban public transport issues and law enforcement reforms.
Activities as president
The 2015 presidential election required a second round for the first time in Argentina's history. Macri won.with a very small margin from his opponent. After officially taking office, he fulfilled his promises regarding the reduction of state regulation of the economy. Exchange controls were abolished and the Argentine peso floated freely. The only way for the government to intervene in the situation on the market was the intervention of the Central Bank. This decision caused delight among economists, but the national currency depreciated by 30 percent.
During the first two years of Macri's rule, liberalization did not lead to the desired results. There was no serious economic recovery, inflation and unemployment remained high. Tariffs for utilities have increased several times.
Foreign relations
Many people perceive Macri as a pro-Western and pro-American politician. However, in practice, he refrains from sudden turns in relations with other countries. Cristina Kishner, Mauricio's predecessor in office, developed economic cooperation with Russia. During her reign, dozens of contracts were concluded between the two countries, including in the field of nuclear energy. Mauricio Macri's statements about Russia are vague. Without abandoning the idea of economic partnership, he is trying to achieve more favorable contract conditions for Argentina. It is worth noting the decrease in political support for Venezuela and other leftist Latin American governments under the current president. This may indicateintent to cooperate primarily with the United States and the European Union. Perhaps Mauricio Macri thinks of Russia as a secondary economic partner.
Private life
The new president of Argentina has been married three times. His first wife was Yvonne Bordeu, the daughter of a famous racing driver. The couple have three sons. After the divorce, Macri married Isabel Menditegui in 1994, a fashion model by profession. Relations in the family quickly went wrong, but officially their marriage lasted until 2005. The first lady of Argentina was destined to become the current wife, businesswoman Juliana Awada. Macri met her in 2010, and soon the wedding took place. They had a daughter, who was named Agustina.
