For now, in the second round for entities that make up the group of Market Makers, the Ministry of Finance (headed by Eduardo Setti) was able to add some $16,000 million more to the net financing it obtained last Friday, opportunity in which it was raised with $117,000 million above the maturities that were $106,000 million.
In the first call of the year, on January 18,o, Economy faced maturities of $352,300 million, and lmanaged to get the market to finance $86,184 million above of that figure.
Although Sergio Massa and his team have been avoiding commitments, They are having to accept a sharp rise in interest rates, which reached 89% annual nominal and for terms of 3 months. That is why they are playing to get funds in advance. December 2022 had closed with a surplus of $700,000 million.
With this, heThe authorities would already have covered a part of the February maturities that reach another $400,000 million.
Now the problem seems to return from the political front. In the markets, the communiqué of the weekend of Together for Change, in which reference was made to the imbalances in the economy and the accumulation of debt that this government would leave in case of losing the elections.
Some operators consulted by Ámbito considered that the note “is an attack on Sergio Massa”. “The Central Bank’s debt grew and already exceeds $10 trillion (or 12% of GDP) and the payment of its interest requires printing bills for the equivalent of a monetary base every six months. Thus, the phenomenal expansion of the amount of pesos continues,” the opposition coalition complained.
Although the text does not explicitly mention any potential measure, by focusing on the pesos and the issuance of the Central Bank, it once again generated uncertainty on the maturities that will begin to fall after December 10, 2023. “This can generate a lot of noise”, indicated from the IEB Group.
Precisely, last year, prior to the departure of Martín Guzmán from the Ministry of Economy, the opposition had let its discontent with the accumulation of debt that Alberto Fernández was leaving, already understanding that they would have assured a triumph and a change of sign in the government.
This caused the placement terms to be shortened to no more than three months and, even so, there were problems in obtaining net financing, which is the alternative source to cover the primary deficit without the need to request monetary assistance from the BCRA.
Source: Ambito
