I am willing to pay whatever costs I have to pay.

The president Javier Milei reaffirmed this afternoon his commitment to fiscal balance in pursuit of the sanitation of public accounts and said he was willing “to pay the costs he has to pay” in order to maintain the zero deficit. “It is an achievement that we have not abandoned nor will we abandon,” he said. He also talked about deflation and the stocks.

During the BCRA Monetary and Banking Conferences 2024the boss of State reviewed the economic situation of the country when the Government took office last December and valued the improvement in accounts nationals that they carried out together with Luis Caputo, to whom he said that the books “will remember him as the best Minister of Economy in Argentine history.”

“One of the things that broke our eyes was what was happening with the inflation at the beginning of December. As they took the first two weeks, the rhythm became 7700%. We were on the verge of a macroeconomic collapse,” he said and denounced: “We had remunerated liabilities that the previous government, intentionally, moved to one-day positions. It was not coincidental. It could explode in one day.”

In defending his economic policies, the President accused Peronism of seeking “that everything would blow us up quickly” to “return to power in January”, when the entire fiscal imbalance would be cleaned up. “They wanted to return to a cycle of endless populism,” he continued.

In that sense, defended having applied an immediate adjustment on state accounts and remunerated liabilities of the BCRA. And he questioned those who accuse him of having passed on the cost to society through the devaluation December, when the exchange rate jumped 118% and inflation skyrocketed: “I am amused by the comments of analysts saying “Milei devalued”. If the gap was 200% and reserves were negative in almost US$12 billion I did not devalue. The devaluation was there. “It was a matter of being honest.”

Javier Milei defended deflation, supported the economic plan and spoke about the stocks

Milei He highlighted that the measures taken at that time allowed progress towards the goal of zero deficit. “The economic program was so solid that in one weekend the IMF gave us the possibility of moving forward, with reservations, for example that it was impossible to reach zero deficit. We proposed to achieve it by the end of 2024. I remember economists saying that it was impossible to make an adjustment of more than one point of GDP. We demonstrated to the Fund the consistency of our program.

In this regard, The libertarian economist reiterated his defense “at any cost” of fiscal balance. “It is an achievement that we have not abandoned nor will we abandon.”

“When it had to be put on the table when the populists wanted to break our accounts, we did what we had to do, regardless of the impact it could have on my image,” he said and added: “I did not come to take care of my image and to lead a political life.. I came to fix Argentina’s problems and I am willing to pay whatever costs I have to pay. If I have to veto the retirees and the frauds who defend their jobs through the figure of the universities, I will do it because my commitment to fiscal balance is unwavering”.

In that sense, he celebrated that the General Sindicature of the Nation (SIGEN) will function as an audit body for the national universities and maintained that “the jets are in danger.” “Today the ruling came out, we are going to be able to audit them, the jets are in danger,” he said.

In another passage of the dissertation, He attacked the economists who speak against the deflation and maintained that “it is a return of income the rest of the population against the State.” “That is very good,” he added, contradicting those who propose that both inflation and deflation They are harmful processes for an economy.

The head of state also referred to the eventual departure of the stocks to the dollar, by repeating that he does not know when it will materialize and that “It will depend on the agents’ decision.”

“When do we get out of the stocks? Time belongs to God…it will depend on the agents’ decision. When observed inflation tends towards induced inflation, the money overhang will disappear (monetary surplus). There the exchange rates and the inflation rate converge, and as I resolve the issue of stocks and, if there is no excess supply of pesos, I can open the stocks even if I do not have dollars. You have to see this mechanic. That day we are going to open the stocks. When it will be, I don’t know,” he closed.