Argentina’s president, Mauricio Macri, was always going to face an uphill battle to secure a second mandate. The currency and economic crisis in 2018 culminated in a record $56.3bn IMF bailout. Much of the public support that swept this pro-reform leader to power four years ago has evaporated.

But even against this backdrop, the scale of Macri’s defeat in this weekend’s primaries, seen as a dry run for October’s first round presidential vote, took everyone by surprise.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00.