Argentina's new president seeks growth to repay debts

In his inaugural speech, Fernandez highlights different approach after economic austerity

As Alberto Fernandez was sworn in as president of Argentina on Tuesday, many expect that the 60-year-old Peronist politician can revive the South American country's economy from decades of stagnant growth that has resulted in rising poverty and inflation.

Fernandez is facing an urgent challenge to repay the country's sovereign debt after a currency crisis last year led to a $57 billion bailout from the International Monetary Fund, or IMF.

In his emotional hourlong inaugural address to Congress on Tuesday, he confessed that his country "has the willingness to pay the debt, but it lacks the capacity to do so".