The former Minister of Economy also criticised those who deny the causes of the economic situation and attribute them to conspiracies, stressing the importance of economic fundamentals over individual statements.
Former Minister of Economy, Hernán Lacunza, He strongly criticized Javier Milei’s analysis of the exchange rate lag and the current economic situation in Argentina. The former official’s statements come at a time of high economic tension, following the announcements by the economic team that it is sticking to its exchange rate strategy.
Lacunza highlighted the concern that arises from hearing an authority that blames others for current problems.When one listens to an authority, a person responsible for addressing this problem and always blames the otheris more worrying because the diagnosis is wrong,” he said in an interview with Radio Mitre Córdoba.
According to Lacunza, the economic situation It is not uncontrollable and does not require drastic correction.but the problem lies in the perception of the persistence of the problem. “It is not that it is a very significant delay that needs to be corrected, Even if it is incipient, the problem is that if we all perceive that in addition to being incipient, it will be persistent“, he explained.
Lacunza also criticized those who deny the causes of the economic situation and attribute them to conspiracies, stressing the importance of economic foundations over individual statements.Neither the dollar, nor bonds, nor prices, nothing reacts to someone’s statement“, argument.
Statements do not influence the market
The former minister highlighted the little influence of the statements on the market and how they do not have a significant impact on their own. “Imagine that anyone, por more important, it may be influencing a dollar or gap quote, Whatever you say on the radio would be absurd because people don’t just listen to you and then run out to buy a dollar; there are reasons behind it,” he added.
These criticisms by Lacunza come in a context of economic uncertainty. Last Friday, Caputo and Bausili announced the beginning of a “second economic stage” after the approval of the Ley de Bases and the fiscal package in Congress. Among the measures announced are the zero deficit plan and the “zero emission” objective. To implement these measures, the government began to manage the transfer of the debt from the BCRA to the Treasury so that it can take charge of the payment of interest on monetary liabilities.
However, these announcements did not calm the market. In fact, it was quite the opposite and in the first days of the week, bonds and stocks fell, while parallel and financial dollars rose due to the uncertainty and lack of details and credibility of the plan.
Source: Ambito
