This was raised by José Luis Daza, Vice Minister of Caputo, in a virtual talk organized by the Fiel Foundation. He argued that he is paying the mistakes of Cambiemos.
The Secretary of Economic Policy, José Luis Daza, He argued that the problems recorded by Javier Milei’s government for that down the country riskdespite the strong adjustment in the treasury accounts, They are due to the failure of the stabilization program of President Mauricio Macri. “
Daza expressed this idea, which is part of the diagnosis that the officials of the Treasury Palace talk, in a talk that virtually offered the partners of the Latin American Economic Investigations Foundation (faithful).
“When the president Macri comes to power there was a consensus in the world about the possibilities of Argentina. That consensus materialized in the fact that money from investors entered that he had never invested in emerging markets, “said the official. The Deputy Minister of Luis Caputo He added that “much of the bond emissions made by Argentines were led by funds that did not inves in emerging markets.”
“You had a huge amount of money that invested in the belief of President Macri. At this point in his administration he had substantially worse accounts we have. We had a substantial current account deficit of 6%. All cyclic numbers were worse than we have, however, the country was at 400 basic points, “he added.
Country risk and disappointment, Daza’s thesis
In that sense, the official said that “once again, The disappointment that international capital had with Argentina is having the account very serious “. “There is no awareness of the damage that has been done in these years,” he said.
The official admitted that “still We fail to access the markets to make the debt rollover And we are paying with the government savings. “In that sense, he considered that” ours Objective is to create the conditions to return to international markets. “
On the other hand, Daza acknowledged that the economy shows weak levels of activity that are due to “all political uncertainty” faced by the program, although he acknowledged that “it is also influenced by what is happening with the interest rate”
In another aspect, he admitted that the economic team decided not to buy reservations when entering the exchange bands, although they knew they were going to breach the agreement with the IMF. “At the time of leaving the stock there were many indicators that told us that inflationary expectations were disagree, “he explained.
Finally, he said that Argentina “It will go towards substantially lower inflation, which will converge with world inflation. “
Source: Ambito
