The liberal economist stressed that not only should we see the Treasury bonds but also the Leliqs and passive repos of the Central Bank. And he indicated that the situation can be reversed “with a plan that recovers credibility”, although he warned that this also requires a certain political strength. Regarding the fiscal front, he believed that If Guzmán intends to improve confidence by lowering the deficit by raising taxes, “it cannot be recovered with that.”
On the other hand, the economist Roberto Geretto, of Fundcorp common funds, said that “the main thing is to see if the debt market in pesos is closed to the Government or they will be able to issue debt at reasonable rates.” “If it is closed, the macroeconomic deterioration is going to be very high, given that the program with the IMF becomes unfulfillable and the alternatives would be very costly,” he said. In that sense, he added that “in said scenario, before a maturity, the alternatives are to issue to be able to face it, reshape the debt or use bank liquidity via regulations.
Daniel Artan, of the Latin American Economic Research Foundation (FAITHFUL), He indicated for his part, that “the margins are shrinking, since it was expected that these problems would be more visible next year” “Everything seems to indicate that in this first year of the program none of the three goals with the IMF will be met,” he added.
Faced with the persistent rumor that in the face of a potential political change in the government next year, the measure of postponing maturities could be adopted, one of the main referents of the opposition, Hernán Lacunza, said that the economic team is “impotent” . Lacunza denied having raised the idea of a reprofiling, but said that “no statement, neither on nor off, neither in private nor in public, from any official or referent of the opposition, can compete with the facts.” “In the first 5 months, with an initial deficit of 3% GDP and annualized quarterly inflation bordering on 100%, spending grows 13% above inflation and income 2%,” said the economist on social networks.
For his part, the director of the Equilibra consultant, Diego Bossio, said that “Argentina has a very fragile financial situation”. “What you have to ask yourself is why Argentines and foreigners perceive the risk with Argentina,” Bossio said. In this regard, he said that “there is a gap prior to the exchange rate gap, which is the lack of reputation of the policy that has not been able to give clear signs of certainty in terms of compliance with the macroeconomic program.”
Source: Ambito
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