scrutinizing Sergio Massa's move to reduce the exchange rate gap and avoid a skyrocketing financial dollar
After the immediate reaction,
with a slight fall in the parallel dollar and a strong jump in bonds, this Thursday, the Argentine debt falls
, despite the promise of "repurchase" that can prop up prices.
In the midst of a negative day for global markets, Argentine bonds fell this Thursday and the country risk, which after the announcement had managed to pierce the floor of 1,800 points, rose again.
The indicator measured by the JP Morgan bank settles at 1,864 units
At the same time, the Merval index, which ended its positive streak on Wednesday as part of profit-taking in global stock markets, extends its decline.
The main indicator of the Buenos Aires stock market falls 3.6% after noon
There are shares that lose up to 4.7% in the local market, as is the case of Aluar.
Argentine assets thus seem to have stopped their summer.
Doubts remain among investors regarding the reasons behind the government's move and its implicit costs.
"The main discussion about these measures centered on whether the financing of these operations is done using reserves or if they do so using SDRs and any remaining loans from international organizations," Cohen said.
Another point that raised suspicions was the high volume of operations that the shortest-term global bonds presented prior to the announcement.
"It seems that Massa's recorded message did not take the market so by surprise and there are suspicions about some leak of this initiative, which aroused the demand for these bonds," said an operator in strict off.
Many point out that with this repurchase of securities in dollars, Massa manages to launder something that market analysts have been observing for weeks: the persistent official intervention in the bond market to prevent the prices of financial contributions from skyrocketing.
More criticism of Massa's move with bonds: "They spend scarce dollars," said Rodríguez Larreta's chief economist
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