“Yesterday I had a very positive call with Minister Luis Caputo”, The posting of the Treasury Secretary begins, Scott Besent, in an attempt to calm the waters in Argentina. Again the United States goes out to support and give a message to the market by stating “A desired that in the next few days the team of Minister Caputo comes to DC (Washington) to advance significantly in our discussions in person on the options to provide financial support.”
This way, leaves open the possibility that financial aid arrives before October 27 Unlike what is indicated in its previous post.
President Javier Milei, last night in radio statements, recalled the aid that the United States will provide: “The swap, which allows us possibility that they buy debt in the primary market.
And then highlight Besent’s role: “ The truth was that it was very strong to hear the things he said, the truth that the way in which he also presented the program we are closing. Because now he announces it and now we are with the details, with what would become the small print and the reality is that it is very interesting to have this possibility of someone who has that management of the situation. ”
This Wednesday There were intense efforts from the economic team and contacts with the dispatch of the Treasury Secretary, to resume conversations that indicated from Washington, they had cooled.
Immediately, in official circles It is considered that hardly the presidents Trump and Milei want to maintain the meeting scheduled for October 14 with a exchange crisis in Argentina in the background, where they speculate that the treasure could make an announcement before that date.
The new Besent post will be a test to see if it achieves the effect of the markets, although some operators say that the phrase that is heard the most today is “Show me the money” (Show me the money) in reference to the aid.
“The Argentine government is not collaborating with everything we need to help them ”, They point out in Washington. They insist that “we were explicit that Argentina must ensure governance conditions” say in the US capital. It happens that the Republican Administration is paying costs for the announcement of help to the Government of Milei.
The best known is the criticism of the American Sojeres producers who complained about assistance to a competitor. A no less fact is that many of these producers are located in the so -called “swing states”, that is, those states where voters do not have a clear party alignment and usually fluctuate between Democrats and Republicans.
On a smaller scale, but relevant, US officials received with “Deep disgust” the decision of the governor of Chubut, Ignacio Torresto terminate the contract with Red Chamber, the US fishing company that manages the former Alpesca. The company denounced arbitrariness and warned about legal insecurity.
“It is unusual, at the same time that they ask us for help attack one of our companies,” They are scandalized in Washington. It would have served any explanation that came from the Executive Power in that it is a provincial problem. “The Americans are simple, they don’t care where the conflict originates, all they know is that they are helping Argentina and it is a government problem how this outrage solves,” they say.
Continuing with the line of thought of the Americans, close to the White House comment that, after the electoral defeat in the province of Buenos Aires, the expectation in these circles is “WHAT RUES AN A HEAD”that is to say that the government is expelled to those who have responsibility in the unfavorable resultsituation that did not happen.
Milei delegated Karina The electoral assembly and no one believes in the Casa Rosada that the president does not even think about displacing it. In addition, they say that the president is bitter by the hardships that his sister is happening after being “publicly written from false complaints of corruption.”
The level of reservations
After a first respite, after Besent said that his country will do “Everything necessary” To help the management of Javier Milei, in recent days the demand for dollars generating new turbulence.
The official explanation of these tensions goes through “the Kuka risk”, that is, the fright that causes in investors the possibility that Peronism returns to power, thus encouraging the escape of capital. However, among analysts is Vox Populi that, After the elections there will be a modification of the exchange regime that will mean a devaluation.
The country lacks reserves and the latest calculations show that maturlates with multilateral organizations and debt titles and letters with privately add up to US $ 2,700 million in the remainder of the year to which more than US $ 4,500 million in January must be added. For 2026 they win for these concepts more than US $ 18,000 million.
Given the lack of reservations and the lack of alternative sources, the country should return to the international financial market to roll its debt, which demands a country’s loss. But for this spread to reduce, a devaluation of the weight that enables the Central Bank accumulates reserves (and thus solvency) is considered necessary.
In addition to American support, The Minister of Economy, Luis Caputo “took out a rabbit from the galley” by bringing to zero the withholdings to the grains (causing a massive liquidation of exporters) and driving recently applied some new standards of exchange control for natural persons (the last was the prohibition of negotiating currencies to virtual wallets).
However, all these actions were not enough to contain the demand for dollars and in market media it is estimated that the run is not likely to mengue to the extent that the Treasury Palace does not manage to change expectations.
Source: Ambito
