When they want to tell you that they are important and only they know the reality of the Argentine economy, time shows them that they are completely wrong and that they know nothing about real growth in a country like ours since they are only desktop experts with Excel forward.
In December 2023, all of us who understand the Argentine economy we said and confirmed that All devaluation passes into 100% prices and the most vulnerable sectors of our society had to be compensated. Always the most vulnerable sectors of our society are those who have fixed incomes, that is, to understand them, the workers in a dependency relationship and our dear retirees/pensioners, later the most vulnerable children along with cancer patients and, above all, taking care of health cases. mental.
As a result of this they did everything backwards: They removed special high-cost and oncological medications leading to the death of more than 60 patients with cancer and/or rare diseases, they took away free medications from retirees/pensioners to set up a useless bureaucracy to try to recover them and thus they did not even give the total amount they had, they devalued/depreciated the peso from $360 to $800 for each US dollar for a total of 118% and since January they applied the crawling peg (microdevaluations) of 2% monthly throughout 2024 generating 30% during the year and accumulated since December 12, 2023 283% against a CPI index of 25.5 for December 2023 – since the devaluation took place 72 hours after closing its measurement and there were already new prices on December 15, 2023 – doubling the 12.8 of the previous November and if we add the 117.8% annual 2024 we get a 273% of almost total displacement in prices –pass through as many like to call it in English.
We can establish that there is still a lack of movement in public energy services and as always the adjustment variable is neither more nor less than the salaries that increased in the order of 65-70% in 2024 versus the inflation of 117.8% and that with the lowers the crawling peg from 2 to 1% monthly just to slow down inflation In line with this, joint approvals will be obtained in the order of 20% against an estimated inflation of 45/50% annually as a result of continuing to subject the population to the useless sacrifice of an economic depression greater than that of 2024.
In conjunction with this we find ourselves at the end of phase 2 of the financial plan typical that we described last December 29, for which They destroy the savings of entire families alleging and generating a false sense of financial security by offering you to use those savings in US dollars that you were able to generate in previous administrations to make current purchases through purchases with debit cards and lose them without the possibility of recovering them in the midst of an economic depression such as the currently self-generated.
Phase 3 already began when the current Minister of Economy – the former Messi of finance, as Marcos Peña defined him – proposed that Go to the banks to get credits since now they are going to start granting them to you in dollars because it is cheap. With which we can paraphrase the presidential spokesperson when he said “they ran out of gasoline.”
What they don’t tell you is that the IMF will soon be asking for another devaluation of 60 to 100% of the current value of the exchange rate and that he is no longer in office (remember what he did in 2018) to be able to grant them a credit of fresh dollars, even if it is in SDRs, at the end of next March since he cannot roll back the situation to the undelivered dollars for the 2018 agreements since they were closed when refinancing their repayment with the Extended Facilities Plan granted in 2021.
They also do not tell you how they would be intervening in the stock exchange markets. (stock exchange, through DOLAR MEP and CCL) and they do that both with the REPO of US$ 1,000 million granted by 5 international banks that they hope to keep the complete operations of the BNA as well as part of the minimum reserves from laundering and the debt bonds that the FGS owned, which when they received it had an equivalent equity of close to US$66 million and does not offer information from the November 30, 2024 to date. Given that The same government admitted to the IMF that they were intervening in all exchange rate markets.to which the IMF added as a condition that it must release the exchange restrictions (stocks) and let it float freely.
As a corollary of all the above as a whole we may find ourselves sooner rather than later with combined social situations of the crises of 1989 and 2001although both ended in the same way but with parts of each of them interspersed with the aggravating factor that using the salary variable as an anchor can end the middle class in our country.
Since The middle class is the only one that could collaborate in moving society forward through the fee-free university access that we have had since 1949 until today, although many of them hate it for not having been able to pass exams and/or having been expelled from it, but previously the workers’ children were found there and/or vacationing in the same places that they used.
Source: Ambito
I am Pierce Boyd, a driven and ambitious professional working in the news industry. I have been writing for 24 Hours Worlds for over five years, specializing in sports section coverage. During my tenure at the publication, I have built an impressive portfolio of articles that has earned me a reputation as an experienced journalist and content creator.
