Argentina’s left-leaning candidate Alberto Fernandez won the presidential election in the first round yesterday bringing to an end the crisis-plagued rule of market-friendly incumbent Mauricio Macri.

Fernandez, a 60-year-old law professor, got 47.36 percent votes crossing the threshold for outright victory.His win also caps a remarkable political comeback for ex-president Cristina Kirchner, who will be the vice-president.

Fernandez vowed to end sharp divisions between his Peronist movement and supporters of the business-friendly incumbent. The incumbent Mauricio Macri conceded defeat and invited Fernandez for breakfast to begin the transition process. The return to power of protectionist Peronists comes amid a lengthy recession and a debt crunch, raising market fears of a possible default on a 57 billion dollars IMF loan.