The government believes that Domingo Cavallo Talk to him International Monetary Fund (IMF). Rumia, too, that it is the IMF that marks the “lyrics” on the benefits and deficits that the president’s economic model holds Javier Milei.
A source of the Palace of Finance indicates that former Minister of Economy hurt, since he said that the stocks will not be lifted in 2025 although the IMF injects new resources, which, for the Government, put greater pressure on the conditions that must “accept ”The Casa Rosada on the part of the staff of Kristalina Georgieva.
It is known that what the IMF cannot say openly, usually deposit it in the mouth of its “inorganic.” Another equal hurtful message was Cavallo’s request to Eliminate the “Blend dollar”just at a time where government interventions are record, to which it added an additional order to continue the decline in retentions to the field.
In short, for the Cavallo government “the IMF request” calculated ” Humor has changed Or, in any case, what some call the “Bullish feeling” for Argentine assets has been lost. To make it clear, Cavallo wrote that the Government loses dollars (which does not have) and that Javier Milei’s economic program should concentrate on adding reservations, not to maintain the reduced exchange gap.
You will not devalue and the dollar linked offer that had to be resurrected
The nervousness could be seen not only in the numerous interviews of the president but also of Minister Luis Caputo whose axis remains the mantra “you will not devalue”, but also in the falls of actions and bonds and in the consequent rise of the country risk that cross the 700 points again In ascending sense. Bad news, for now, for the strategy of making debt over just at the time the conditions of the agreement with the IMF are negotiated. Reason one source: “The IMF requested three things and none of the three can be guaranteed by the Government”. The agency would have requested to unify the exchange rate, accommodate parity at a higher level and agree on the new agreement in the Nation Congress.
But what was the gesture that evidenced the change in investors’ humor? The tender that will take place today. This week $ 6.6 billion (from the T2X5 and LECAP S14F5) and for the specialists, is that, in the batch offered, there are no interest rate with long maturities, but short -term emissions and, above all , indexed assets, either to the evolution of the dollar. The analysis must incorporate an additional record, since Minister Luis Caput Way, it could be repeated if, as it appears, investors decide not to renew the instruments in spite of the wide range of conditions that were not seen for a long time.
The BCRA buys dollars but cannot accumulate them
Add to all this other not less. With the dollar in the $ 1,100 area, the BCRA was able to buy about US $170 million yesterday, but when the balance ended, the product of government interventions, It was negative at $ S40 million. Were they exporters dollars? In the City they argue not. The main reason behind the purchases of the BCRA were the emissions of two negotiable obligations for a total of US $ 193 million that were settled in the Mulc in exchange for pesos, which allows the government to make currencies.
Last but not least, a fact that we share in the field yesterday was caught, that is, that President Donald Trump increased the import tariffs of steel and aluminum and, which, despite the alleged closeness With President Javier Milei (who today travels to the US and will be seen with Trump), that measure will also affect Argentine exports, although Tenaris has production in that country.
Source: Ambito
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