Argentina’s President-elect Macri vows to end 12-year hedge fund battle

A further drop in hard currency holdings could complicate Macri's plans to start dismantling capital controls and trade restrictions, which he says are needed to spur growth, beat down double digit inflation and narrow a gaping fiscal deficit.

Macri's opponents warn his proposal to lift quickly controls on the currency and unify the exchange rate will trigger a "mega-devaluation", while his plans to eliminate export taxes on wheat and corn will dent dollar flows into the state coffers.

Economist Ricardo Delgado estimated Macri would need to have credit lines worth $10 billion in place "to soften the cost of the corrective reforms".

Macri is scheduled to hold talks with leftist Fernandez in a closed-door meeting later Tuesday and seek an orderly transition before he takes office on Dec. 10.

The meeting occurs a day after Macri called on the central bank's leadership, including its president, Alejandro Vanoli, to step aside so his government could appoint a team it trusted.

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