Scioli Hands Victory to Opposition's Macri in Argentine Runnoff

  • Macri has 53.1 percent with 74 percent of votes counted
  • Macri has vowed to end currency controls, cut export taxes

Argentina’s ruling party candidate conceded defeat to Mauricio Macri, even before official results from Sunday’s runnoff election were released, as exit polls gave victory to the opposition.

“The popular will has chosen a new president, Mauricio Macri. The people have elected an alternative," Scioli told supporters in his campaign headquarters.

The win for Macri, who has vowed to unravel Argentina’s currency controls and trade protectionism, ends 12 years of rule by Cristina Fernandez de Kirchner and her late husband.

The son of a construction tycoon who went on to become president of Boca Juniors soccer club before serving two terms as mayor of Buenos Aires, Macri has also said he will end Argentina’s financial isolation following the 2001 default by resolving a legal battle with creditors.

Investors had anticipated a victory for Macri, with bond yields falling to an eight-year low and the local stock market rallying to a record high last week.

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