AP Explains: A look at Argentine turmoil after primary vote

The perennial seesaw of Argentina's political and economic fortunes has pitched the South American country into more upheaval after an overwhelming primary election loss for the government of President Mauricio Macri. The currency and stock market plummeted Monday, a day after the surprising outcome. Here is a look at the main issues in a nation whose economy was already in crisis:

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WHAT SPOOKED THE MARKETS?

Cristina Fernández and the leftist populism that she represents. The former president, whose high spending, trade restrictions and state intervention were widely blamed for years of economic problems, was on an opposition ticket (as a vice presidential running mate) that scored an emphatic win on Sunday. The primary election is seen as a harbinger for general elections in October. Fernández faces numerous investigations into alleged corruption during her 2007-2015 administration — she says she is a political target. As president, Fernández initially presided over economic stability and growth associated with her predecessor and late husband, Nestor Kirchner, but conditions later deteriorated and sapped her early popularity.

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THEN WHY DID TEAM FERNANDEZ SCORE BIG AT THE POLLS?

Investors worry about Fernández and her slate. But she has fervent supporters who applauded her moves as president to keep energy cheap through subsidies and redirect revenue to the poor through handouts.

More critically, people are unhappy with Macri, who came into office as a pro-business figure, determined to impose fiscal discipline and jumpstart the wayward economy. But life isn't improving for many Argentines, who are increasingly weary of low growth, rising poverty and austerity measures. The long-running crisis sharpened in 2018 when the Argentine peso lost about half its...