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President-elect Alberto Fernandez. Photo: Patrick Haar/Getty Images

Alberto Fernandez was declared Argentina's next president on Sunday night, leading to a likely showdown with creditors on Argentina's bonds.

What's happening: Fernandez has repeatedly called for a "reprofiling" of Argentina's $100 billion debt load — much of it taken on by current President Mauricio Macri — often invoking a default in Uruguay from 2003 as an example.

  • Argentina's economy is expected to begin recovery next year from an extended recession during which its currency fell from around 15-to-1 against the dollar to nearly 60-to-1, poverty increased dramatically and inflation sky-rocketed.

The intrigue: New IMF managing director Kristalina Georgieva has indicated she is amenable to continuing Argentina's bailout program — a record $57 billion package signed by Macri.

  • "The fault [for Argentina's current condition] is not in politics, but we also don’t live outside the real world in our function," she said during a Q&A session at the IMF's fall meetings earlier this month.
  • "What we are very committed to is to try to find a way we can be helpful to the Argentinean people," Georgieva said.

The big picture: There also appears to be appetite by Fernandez and Vice President-elect Cristina Fernandez de Kirchner, Argentina's president 2007–2015, for maintaining the program.

What's next: Investors have driven the price of the bonds to below 40 cents on the dollar, below the recovery value of Uruguay's bonds. This has some emerging market fund managers calling the bonds cheap and looking to buy.

  • However, others are staying away given Argentina's history of defaults and Kirchner's personal history of refusing to play ball with bondholders.

Go deeper ... Argentina election: Kirchner to return to office as VP after Peronist win

Go deeper

3 mins ago - World

Abbas announces first Palestinian elections in 15 years

Abbas is 85 and in the 15th year of a 4-year term. Abbas Momani/AFP via Getty

Palestinian President Mahmoud Abbas published a decree on Friday announcing the dates for parliamentary and presidential elections in the Palestinian Authority.

Why it matters: This is the first time in 15 years that such a decree has been published. The last presidential elections took place in 2005, with Abbas winning, and the last parliamentary elections took place in 2006, with Hamas winning.

Updated 9 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Coronavirus deaths reach 4,000 per day as hospitals remain in crisis mode — America has tuned out the coronavirus at the peak of its destruction — 1 in 3 people in L.A. County believed to have been infected with coronavirus.
  2. Politics: Biden taps ex-FDA chief to lead Operation Warp Speed amid rollout of COVID plan— Widow of GOP congressman-elect who died of COVID-19 will run to fill his seat — Joe Biden will seek nearly $2 trillion in COVID relief spending.
  3. Vaccine: Battling Black mistrust of the vaccines"Pharmacy deserts" could become vaccine deserts — Instacart to give $25 to shoppers who get vaccine.
  4. Economy: Unemployment filings explode againFed chair: No interest rate hike coming any time soon —  Inflation rose more than expected in December.
  5. World: WHO team arrives in China to investigate pandemic origins.
Dan Primack, author of Pro Rata
1 hour ago - Economy & Business

Trump blocks banks from limiting loans to gun and oil companies

Illustration: Sarah Grillo/Axios

Big banks are no longer allowed to reject business loan applicants because of the industry in which they operate, according to a new rule finalized on Thursday by the Trump administration.

Why it matters: Wall Street has curtailed its exposure to industries like guns, oil and private prisons, driven by both public and shareholder pressures. This new rule could reverse that trend.

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