The financial consultant javier timerman considered that the exchange of bonds promoted by the Ministry of Economy aims to obtain financing and does not constitute a “scam” for retirees.
“This is a purely accounting measure to seek financing. It is not a scam for retirees or to benefit someone,” the analyst said.
In radio statements, Timerman assured that if the Executive Branch resorted to other types of measures, such as issuing money, “Inflation would have escaped tremendously.”
“If you do not allow more flexibility in financial dollars, you run out of reserves or you cannot give dollars to importers and the economy, in an election year, closes you down even more,” he evaluated.
The consultant commented that as a result of the drought, the Government has fewer resources “and that is why it needed new financing”, while remarking: “There’s no reason to read it any other way.”
In other economists there are doubts
The Government formalized the presidential decree that orders the measure to public bodies, according to the official bulletin, with the idea of reducing exchange volatility, a situation that adds pressure on an inflation rate that exceeded 102% annually in February, according to the communication with the signature of all the ministers.
The title “in pesos to be received by public entities will be a new dual bond to 2036, which will pay as interest the maximum between CER (inflation) plus 3% or dollars (tied to the A3500 communication) plus 3%,” he said. the financial Group SBS.
Criticism multiplied by some analysts, basically because it affects the so-called Sustainability Guarantee Fund (FGS) of the pension system, with a technical calculation that foresees a cost with interest rates in the order of 45% in dollars.
“This swap is the same as throwing the garbage under the rug,” said economist Martín Redrado, while his colleague Juan De Pablo maintained that “the strength of (Economy Minister Sergio) Massa is threatening to resign.”
He International Monetary Fund (IMF) is evaluating the debt swap announcement made by Argentina based on the objectives of the agreed program for 44,000 million dollars, said a spokeswoman for the agency on Thursday.
Source: Ambito
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