Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Alberto Fernández at his Dec. 10 inauguration ceremony in Buenos Aires. Photo: Mario De Fina/NurPhoto via Getty Images

Newly inaugurated President Alberto Fernández seeks to pull Argentina out of its economic slump, but has yet to reveal how he will do so while balancing demands from vying political factions.

Why it matters: Fernández emerged as the latest standard bearer of the heterogenous Peronist movement after proving himself a deft political operator, but his approach to governance is just beginning to take shape. His rise marks a leftist resurgence that could redraw Latin America’s geopolitical map and create new tensions in U.S relations with the region.

Background: Historically a left-wing, trade union–based movement, Peronism underwent a market-friendly shift during Carlos Menem’s presidency (1989–1999) before swinging back to the left under Nestor Kirchner (2003–2007) and Cristina Kirchner (2007–2015). That evolution has yielded a party of starkly contrasting views on the economy.

  • Since the campaign, Fernández has been dogged by persistent questions about whether he or his vice president — former President Cristina Kirchner — will call the shots.
  • The party’s largest congressional bloc is under Kirchner's sway. Fernández seems to be hewing toward a center-left position to avoid alienating other groups.

Where it stands: Fernández has described Argentina's skidding economy as in "virtual default," despite a record $57 billion IMF bailout loan.

  • Bond prices rose as markets reacted favorably to signs of a restructuring proposal that eased fears of an outright debt moratorium.

What to watch: Fernández appears to be calling for a standstill, hoping he can buy time to stimulate demand and brighten growth prospects while keeping the IMF and other investors at bay.

  • The new economic minister is viewed as a Fernández-Kirchner consensus pick, but his lack of government experience leaves lingering uncertainty.

Between the lines: Argentina's economic policies could have an impact on ties with the U.S., the IMF's largest shareholder.

  • Meanwhile, President Trump has added pressure with his threat of aluminum tariffs. And one of his top Latin America advisers publicly expressed displeasure with the presence of several left-wing leaders at the inauguration ceremony, including a high-ranking, U.S.–sanctioned official from Nicolás Maduro's government.

Michael McCarthy is a research fellow at American University’s CLALS, an adjunct professor at George Washington University's Elliott School for International Affairs, and the founder and CEO of Caracas Wire.

Go deeper

4 hours ago - Politics & Policy

First look: The LCV's $4M ad buy

A screenshot from a new League of Conservation Voters ad supporting Rep. Stephanie Murphy.

The League of Conservation Voters and Climate Power are aiming another $4 million worth of ads at centrist House Democrats, urging them to support the climate provisions in President Biden’s $3.5 trillion budget reconciliation package, Axios has learned.

Why it matters: Progressive groups are trying to counter the onslaught of conservative money pouring into swing districts. Both sides are trying to define Biden’s Build Back Better Agenda and pressure lawmakers to support — or oppose — the legislation scheduled for a vote in the House this week.

4 hours ago - Politics & Policy

Shutdown Plan B

Illustration: Sarah Grillo/Axios

The Senate will hold a futile vote Monday night — just 72 hours before a potential shutdown — on a House-passed bill to fund the government through Dec. 3 and raise the debt limit.

Why it matters: The bill is going to fail. Period. But then comes Plan B: A "clean" continuing resolution — stripped of language about raising the debt limit — that Democrats spent the past week preparing, Axios is told.

Glenn Youngkin's play: Forever- and Never-Trumpers

Glenn Youngkin in Harrisonburg, Virginia, on Friday. Photo: Win McNamee/Getty Images

Standing on a flatbed hitched to a John Deere tractor in red Rockingham County, Virginia, Glenn Youngkin decried California liberalism and bashed his rival, Terry McAuliffe. He also encouraged early voting. Two words he avoided: Donald Trump.

Driving the news: Youngkin, the Virginia Republican gubernatorial nominee, is mounting a serious challenge to McAuliffe — a former governor and veteran of Democratic politics. Axios caught up with him on Friday in Harrisonburg, Virginia.