The press conference of the Minister of Economy, Luis Caputo, and the head of the BCRA, Santiago Bausili, last Friday in which they presented the second economic phase of the program for the sanitation of the public accounts sowed more doubts than certainties in the Argentine market. On Monday, the Actions and the bonds They responded with a drop which was tempered today after the meeting of both officials with representatives of the main banking entities operating in the country.
The owner of Amcham He referred to the exchange rate jump recorded in recent days. “Here The key is for the government to find a dynamic to communicate to the markets what the details of phase 2 are.so that this active liquefaction process that has yielded its result and we have it in inflation, the reduction of inflation I mean, can now crystallize in the possibility of reversing the development of the economy through progressive growth,” he noted.
Speaking to CNN Radio, Diaz said that “the macro remains a challenge” to be solved by the Government and explained that “still There is a journey to be made to level and normalize the variables macroeconomic”.
The head of Amcham referred to the lifting of restrictions and spoke of “uncertainty” over the Government’s plan
The way in which the existing problems will be resolved is still unclear to the main players in the City, which creates uncertainty and raises the volatility. “Financial markets are always sensitive and Sometimes they require more certainty than a government can probably provide.“, said Diaz. At the same time, he considered that The market “also has to understand that the process will probably require a new phase and what is happening is that there is uncertainty about what the clear content of this future sustainability plan is.”
Doubts about the release from the trap and the exchange rate lag They also generate speculation. For Diaz, “both aspects are more than uncertaintywhich obviously creates it, I think that what it will do is that the recovery from the productive point of view will not be as accelerated as many expect.”
The CEO of Amcham He questioned whether the rise of the dollar should be understood by the government as a “message” towards its economic plan. “I don’t know if it’s a message to the government. The government will have to understand how long it will take from that differentiator that it has today in terms of the official dollar and the financial dollar and there you will have to articulate the measures you need to give new signals to the market,” he stressed.
He also referred to the eUpward trend in country risk above 1,500 points after the announcements of the new economic phase. However, he downplayed it because, he said, “Being at 1,300 or being at 1,600 from a financial point of view is the samesince you are outside the international credit market. It is like a thermometer, having a temperature of 37 degrees is not the same as having a temperature of 41, and that is worrying.”
Finally, Díaz focused on the productive side, an aspect that directly impacts American companies operating in the country. “From the productive perspective, which is what we normally handle, I would say that The concern is what the growth will be which is based on the real economy, the challenge is in the real economy,” he said.
Source: Ambito
