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New Argentine leader faces inflation

BUENOS AIRES — Argentine President-elect Mauricio Macri on Monday began laying out how he would confront problems in Latin America's third largest economy, including soaring prices and high government spending that are a legacy of outgoing President Cristina Fernandez.

Macri won a historic election victory late Sunday, putting an end to 12 years of ''Kirchnerismo,'' a movement aligned with the poor led by Fernandez and her late husband and predecessor, Nestor Kirchner.

Macri, the outgoing mayor of Buenos Aires who will assume the presidency Dec. 10, said a key task is just spelling out the true nature of problems such as 30 percent inflation and government spending that many private economists warn is not sustainable.

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Macri said that instead of a single economy minister, he would build a cabinet with six ministers assigned to specific areas of the economy.

Macri reiterated his promise to lift unpopular restrictions on buying US dollars and thus eliminate a booming black market for foreign currencies that creates distortions in the economy.

Associated Press