The president of Banco Comafi, Guillermo Cervinohighlighted the importance of debt swap proposed by the Minister of Economy, Sergio Massa by noting that “it’s going to be successful.”
“The swap is going to be successful and it’s okay to raise it because if there was no swap and the Treasury was forced to pay everything that was due instead of projecting 100%, inflation would skyrocket even higher“, he pointed.
Cerviño expressed himself in line with what has already been stated by the financial, public and private entities of Argentina, which are going to participate in the debt swap in pesos.
“I try to think as a country and not as a political party. There is an assumption that the current government will not win the elections again and, in that context, those who think they can win are angry because they think they got kicked out of trouble. Now, if I look at Argentina today, if there were no exchange, each time the refinancing terms of the Treasury debts would have been shorter and shorter,” he said and questioned himself: “So I ask who has the problem? We Argentines have it.”
The head of Banco Comafi explained that “there is a stock of debt and a budget that has a deficit of more than 2 percent. The operating deficit must be financed all the time plus real interest, not the nominal ones that are modified by the inflationary effect. That is why the debt swap has to be successful.”
expoagro
The entity came to the sample with its products with the highest arrival to the producer. “In the agricultural sector, leasing is a product that the bank is the number one giver. In this area, the wheels and agricultural machinery are relevant, “he said.
“We are a benchmark for producers or collectors who are interested in obtaining leasing financing. Comafi is also important in other products. There are those that have surplus liquidity and those that lack it, we help them place that surplus or vice versa if they have to finance a production”, he explained.
Cerviño specified that this contact can be made through the path of bank instruments or through the capital market. “The capital market is small, but, if the size of that market is compared with what it was about 4 years ago, it has grown a lot and Comafi has a relevant role. We are among the first primary issue negotiators and the trading of issues in the secondary market,” he said.
“We are also among the main guarantors of ON SMEs, which is a very agile regime to facilitate the SMEs can access the capital market and there the market is going with extremely attractive conditions,” he added.
Finally, he pointed out: “For Comafi, the agricultural sector is an actor that we are interested in accompanying and we put a lot of cards with special lines.”
Source: Ambito
