In any case, the Palacio de Hacienda will have to face a challenging year. According to data from the Sarandí consultancy, $12.9 trillion matures in the next seven months and two thirds of that liability is in the hands of private creditors. At the gates of an electoral process and before an eventual change of government, political signals become more relevant.
In the government, they closely follow the behavior of the opposition, but they point out that after the Juntos por el Cambio statement “there was no bullfight and the blue dollar even dropped.” Although they acknowledge that “bank shares fell” and link to this fact the Patricia Bullrich’s visit to the Association of Argentine Banks. According to sources that participated in the conclave, accompanied by her economic references, the president of Pro dismissed the idea of a default.
Parallel to this setback by the opposition in what more than one member of the Government called “plan chaos”, official sources confirmed to Ámbito that the Ministry of Economy began a negotiation with private creditors to reschedule the maturities of the second quarter of the year for 2024 and 2025. The measure aims to agree on an instrument that allows clearing the financial horizon of the electoral year.
“The debt can be sustainable depends on the perspective. To be sustainable, you have to be credible, it’s not that the debt is very large but it matures very quickly, in a very short term, so credibility is the central point, not so much the amount. But it is an election year and that complicates things,” said the head of Ferreres & Asociados, Orlando Ferreres in dialogue with Radio 10.
Another market source consulted by this means considered the operation being studied by the Government “viable”. He argued that the debt for its volume “is manageable.” Although he assured that there are other variables that worry the Executive, such as the potential outflow of investment funds that were “trapped” since 2019 and could generate tension on financial dollars and the exchange gap.
During a television interview over the weekend, Massa said that “the financial program not only has to serve to give stability to the price of financial dollars”, but also “to guarantee a process of recovery of the pesos that are on the street In this sense, he announced that “in the next few days some measures that we are going to take will be publicly known.”
The Minister of Economy maintained that he will gradually seek to “reduce the Leliq and the amount of pesos circulating in the financial system that produce a spiral.” and assured that “there is something that the Government can do to continue consolidating the path of sterilization of surplus pesos product of a country that had a loan in dollars with the Fund that had to be renegotiated and that did not have a capital market due to a very exhausting negotiation with the bondholders.