Economy Minister Sergio Massa had lunch this Thursday with the leadership of the Argentine Industrial Union (UIA), who arrived with serious concerns and left with “greater calm.”
Faced with the businessmen’s claim, Massa anticipated what the next measures will be to solve the lack of dollars, high interest rates and record inflation, and anticipated that there will be “two stages” in the macroeconomy ahead of the elections.
Next Friday a resolution will come out to improve the problems in imports and the “Qatar dollar is under analysis.”
While foreign currency from the “soybean dollar” continues to rain down, the Central Bank (BCRA) recovers reserves awaiting “1-O” and suffers the onslaught of the governors.
The dose of ibuprofen had an effect and after three weeks the producers sold 9 million tons, which meant a liquidation of more than US$5.4 billion for the exporters. Time was bought and, for now, a major crisis was averted.
The truth is that in the market they say that the mood has calmed down, after the ups and downs of the Guzmán-Batakis-Massa transition. But nothing else. With this it is not enough.
On top of that, it seems that many more dollars will not arrive, apart from those from the Fund and IDB, since Massa’s announcements of negotiations with international banks to make “Repos” (loans to the BCRA against guarantee) came to nothing.
“That’s why Sergio didn’t even go to New York, read Wall Street, because he had nothing to do or say. Because the banks asked for bonds in dollars under foreign law and the BCRA did not have many”, commented a former official.
In the end, many bonds were going to be necessary for a few dollars, given the low parities of Argentine securities. What is most worrying now is the inflation rate, because it climbed almost to the ceiling without mega-devaluation or tariff hikes.