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Claudio Zuchovicki questioned Luis Caputo’s plan with the banks: “They did not solve the problem”

Claudio Zuchovicki questioned Luis Caputo’s plan with the banks: “They did not solve the problem”
Claudio Zuchovicki questioned Luis Caputo’s plan with the banks: “They did not solve the problem”

The financial analyst spoke about Caputo and Santiago Bausilli’s proposal to the banks, the rise of the dollar and market sentiment.

The Economist Claudio Zuchovicki analyzed the economy, the jump in parallel dollars and the announcement of Luis Caputo and Santiago Bausillipresident of the Central Bank, which raised doubts in the financial market.

The exit from the exchange rate trap

“To devalue and lift the currency controls, and for the dollar to go away, today you need credibility and strong political power. And Credibility is something you have to achieve over time. But we Argentines don’t even believe in ourselves,” Zuchovicki said.

In this sense, he added: “Milei has an important social validation, but he does not dominate politics. We spent six months talking about whether the Bases Law would be approved. There uncertainty in Argentina, and the uncertainty “paralyzes”.

What he said about the blue dollar

On the blue dollar soared, which this week in just 48 hours rose $65, the analyst noted that “The blue dollar has no rules to respect, and generally a change rate is a state of mind. When you are highly strung, You always want to buy when it goes up and you want to sell when it goes down. This reflects a state of mind.”

Regarding the announcements made by Caputo at the end of last week, Zuchovicki emphasized: “Caputo’s announcements They did not solve the problem, but instead changed the debtor. Now it is not the Central Bank that owes you any more, but the Treasury.”

Speaking to La Red radio, he added: “They issued a bond for a year and a half, and at that maturity I will still have to pay the interest. And in the meantime the bonds can go up or down, but I am no longer renewing trust every day”.

Why did the Government issue

Consulted by the monetary emission, The analyst considered that “They issued a lot for two reasons: First, they did it for the season of the purchase of the liquidation of the thick harvest of the field. They did not issue money to expand.”

“And they also issued because every time a fixed-term deposit or a money market deposit was made, that money was first placed via Leliq, and then via a transfer to the Central Bank, and whoever took the money had daily due dates from the Central Bank,” concluded Zuchovicki.

Source: Ambito

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