On June 28, the Treasury will face a debt maturity of almost $600 billiona real challenge that looks more reckless from the recent drop in the price (and demand) of assets in pesos adjusted by CER (inflation).
Regardless of the explanations given or the hypotheses considered, Minister Guzmán prepares a clamp operation. Although the first step last week consisted of a rise in the interest rate by the Central Bank at 300 basis pointsthe second part (beyond the conversations of the brand new crisis table that also make up the brand new minister Daniel Scioli and the head of the Central Miguel Pesce) has a direct relationship with the potential applicants for the bonds that Guzmán must renew at the end of this month.
There is concern. An adverse signal could once again lead to a strong demand for dollars in the stock market. That is why Guzmán summoned the two main banking chambers to debate – the verb falls short – the conditions of what will be the next debt auctions that the Treasury needs.
The objective, ultimately, is that those pesos serve the Treasury to finance its deficit and comply with what it has promised with the International Monetary Fund (IMF).
Source: Ambito
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