Argentina swears in new president Mauricio Macri

Argentina’s president Mauricio Macri has been sworn in, taking over from the country’s often divisive outgoing leader Cristina Fernandez.

Mr Macri, the former mayor of Buenos Aires who hails from one of Argentina’s richest families, took the oath of office in Congress in front of legislators, several Latin American heads of state and other dignitaries, like former Spanish King Juan Carlos I.

“Today a dream is being realised,” Mr Macri said as he took the oath.

The 56-year-old ran on promises to usher in an era of more civil discourse and roll back much of the Fernandez administration spending that many economists say has brought Argentina to the brink of another financial crisis.

Throughout his campaign, Mr Macri argued that measured free-market reforms would overhaul the struggling economy.

He also promised to be a leader “who listens more and talks less,” a clear dig at Ms Fernandez, who frequently blasted opponents during hours-long speeches.

Ms Fernandez, and before her late husband and predecessor, Nestor Kirchner, dominated Argentina’s political landscape for the last 12 years.

The power couple sharply increased spending on social welfare programs while raising tariffs in attempts to protect local industries and aligning the country with leftist leaders like late Venezuelan President Hugo Chavez and Bolivian President Evo Morales.

Mr Macri has promised to undo many of those policies and improve relations with the United States.

While his election victory represented a seismic change in Argentine politics, enacting his reforms will prove difficult.

He has inherited the country’s problems: Inflation at around 30%, dangerously low foreign reserves for the third largest economy in Latin America and a long-time spat with a group of creditors in the US that has kept Argentina on the margins of international credit markets.

Mr Macri will be wedged in by campaign promises to lift restrictions on buying US dollars.