The former Banco Nación, Carlos Melconian, questioned the “day -to -day logic” of the Government of Javier Milei: warned that disinflation is a “patch” without a tax anchor, denounced indebtedness to swell reserves and warned that the dollar is still intervened under cepo.
The economist Carlos Melconian provided a critical and philositable look on the current economic situation of the country, questioning Javier Milei’s government for his approach to debt, reserves and exchange rate. In an analysis that combined technical and political aspects, he warned about the dangers of short -term economic decisions and the lack of institutionality.
“This week the deflation was celebrated, 1.5 % inflation was discussed, but we continue in a logic of day -to -day analysis of the short term. Argentina needs to plant a fiscal flag, a new institutional framework. Today we are seeing patches, blender, chainsaw … but aimless”Melconian said by Rivadavia AM 630, pointing against improvisation and lack of a comprehensive plan.
Asked about the accumulation of reservations and the new debt, it was overwhelming: “Welcome to the club. This is not new, it started in August 2022. We already saw this movie. It is not true that the debt is to accumulate reservations without impact. There is lack of reservations, there is future indebtedness and that cannot be covered. And the most worrying thing is that Those who are in command take it in the blood. They are the same characters. Indebtedness comes natural to them. And that, in the long run, is a drug that ends badly. ”
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Carlos Melconian warned about the dollar and maintenance of the stocks for companies
On the exchange rate, he denied the idea of a free market: “Today the dollar is not free of flotation. The stock is followed. The most important actor in demand is missing, which is the government itself. There is no real market. And in the meantime, it is announced that they will place one billion dollars per month … why do they do not need them? That is not genuine strengthening of reserves, it is credit. It’s like spending with the card without knowing if you’re going to pay. ”
In his speech he also underlined the need for political institutionality: “Argentina has to rebuild its political fabric. It cannot be that each economic step is taken without thinking about institutional architecture. This is more than economy, it is also political. The government speaks alone, it is enclosed, it does not sit down to discuss who thinks differently. And it is difficult to correct the course.”
Finally, Melconian was skeptical about the official narrative that puts all the weight in the “inheritance received”: “already. Do not tell me more than we save from hyperinflation. If you are going to talk about the present, talk about the present. Argentina needs to get out of eternal short -term and focus on a medium and long term reconstruction. If not, we are on our way to collapse again. ”
Thus, the former head of the National Bank marked his critical position against the current economic direction and left the urgent need for both economic and political reconfiguration to avoid a new structural crisis.
Source: Ambito
