Argentina President Kirchner set to begin 2nd term

Argentina's President Cristina Kirchner kicks off her second four-year term, intent on bolstering the country's economy by promoting industry and consumer spending despite the crisis in Europe. "Nothing and no one can force us to change course," Kirchner said Wednesday, the last official day of her first term as president of the vast South American nation of 40 million. The 58-year-old Kirchner was re-elected on October 23 with 54 percent of the vote -- the strongest mandate for an Argentine president since the end of the 1976-1983 dictatorship. Kirchner, still mourning the death more than a year ago of her husband and predecessor Nestor, is due to deliver her inauguration speech before lawmakers and foreign dignitaries at 3:00 pm (1800 GMT). The president's re-election came in the face of a divided opposition, allowing her party to win back control of the Congress, lost over a long battle with farmers, and maintain its majority in the senate. Kirchner has since chosen a new cabinet chief, Juan Manuel Abal Medina, and a new economy minister, current Finance Secretary Hernan Lorenzino, while keeping most of her other key ministers. Although the political winds may be blowing in her favor, Kirchner is facing a far more difficult economic context than during her first term due to the fallout from the world financial crisis, including the eurozone debt crisis. "The global crisis is a threat here as it is everywhere else," said Rosendo Fraga, of the Nueva Mayoria institute. The government has slashed costly energy and transport subsidies, while taking draconian measures to slow capital flight, which has put a dent in Argentina's foreign reserves. Economists estimate capital flight has neared $68 billion over the past four years, including $22 billion this year alone.