Polls open as Argentina votes in presidential election

Voting got underway Sunday in Argentina's presidential election after a campaign dominated by the economy with center-left Peronist candidate Alberto Fernandez favored to oust market-friendly President Mauricio Macri.

Opinion polls point to a crushing victory for the 60-year-old Fernandez, whose running mate is ex-president Cristina Kirchner.

Some put his lead at almost 20 points, which would be enough to win the presidency outright in the first round.

The polls opened at 8:00 am (1100 GMT), with results expected at about 9:00 pm -- three hours after voting ends.

"I'm looking forward to Monday, Fernandez and Cristina are coming back," said Sergio Esteves, a flower-seller in central Buenos Aires.

The likely 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 IMF loan.

The peso fell 5.86 percent in the week before the elections, and the week ended with the dollar at 65 pesos.

Fernandez has insisted his government would not default, but rather seek to renegotiate the terms of the loan, and sought to reassure voters that their bank deposits would be safe under his administration.

Since Fernandez's crushing victory in August primaries, which made him the favorite for the presidency, Argentine savers have withdrawn around $12 billion from their accounts.

Whoever wins must reach a consensus to navigate a polarized Argentina out of the crisis.

SS