Argentina News: What Does the Upcoming Elections Mean for South America?

The upcoming elections could spell political change for the South American country that has seen an economic drought for the past few years. In fact, South America's second-largest economy has seen different economic policies last twenty years that Argentina can now come with its own comprehensive glossary.

According to BBC, the country has seen both economic and political drama which caused Argentina to plummet into chaos -- with Argentina being politically volatile as well as financially bankrupt. In 2001, violence ensued and Argentina had three different presidents in just two weeks.

Further down the line, Argentina had become one of the fastest-growing economies in the world, with the help of rising global commodity prices as well as a partly successful debt-restructuring plan. Argentina had already surpassed its pre-crisis level in 2005.

However since 2011, Argentina is seeing economic troubles once again with the rise of unemployment rates and high inflation being one of the chief factors of slow economic growth.

The Argentinian presidential election is to be held next week. It will be a battle between current Argentinian president Cristina Fernandez de Kirchner hand-chosen candidate, Daniel Scioli and crowd favorite Buenos Aires mayor Mauricio Macri who is of the opposition party. The upcoming elections will prove to be a chance for citizens to choose what path they would take to solve the country's economic problems.

Both Scioli and Macri have promised the Argentines change. Both presidential candidates agreed that Argentina needs to open up its economy to trade once again. Both candidates also propose having a less controlled currency.

Macri is expected to change the economy by taking more drastic measures, while Scioli's adjustments would be more conservative and slower in pace.

Argentina, Brazil and Venezuela are all facing tough times in both economics and politics and have found themselves to be at a crossroads. 

In light of the presidential elections, Macri seems to remain unscathed following a series of presidential debates held last Sunday after Scioli struggled to land a knockout punch, Reuters reports. Scioli has also expressed dismay over the number of undecided voters, which greatly affected her numbers.

"There was no clear blow that defined the debate," political risk strategist Francisco Resnicoff said. "Scioli needed a clear win. A close call doesn't help him."

Many voters coming from the lower-income strata find favor in Scioli's  promises to secure salaries and pensions, but closing Macri's lead will be tough.

"Macri came out on top because the debate did not change the election's course," said political analyst Rosendo Fraga.