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Bonds for retirees: Massa asked to audit the exchange to the UBA that distanced itself


The Minister of Economy formalized the request for an evaluation to determine if the operation implies a loss for ANSeS. The UBA will do it but preferred a request from Congress.

Before leaving for the US, Sergio Massa launched the

audit on the exchange of bonds with ANSeS.

It did so by formally requesting this Monday the authorities of the Faculty of Economic Sciences (UBA) and the General Audit of the Nation (AGN) to rule on whether the operations ordered by decree last week can cause a "loss of assets"

for public bodies.

The Minister of Economy

resorted to two institutions run by radicalism,

as a result of the criticism raised by the operation among economists and the complaints filed by the PRO in the Justice.

What is being questioned is that the Treasury seeks to get hold of the dollar bonds of the social security organization and place titles in pesos, which is seen as a "pesification" to the

detriment of "retiree funds."

Initially, Massa

spoke with the radical deputy and vice-rector of the University of Buenos Aires, Emiliano Yacobitti,

to carry out the audit.

But the opposition leader distanced himself this Monday by denying that he received the request.

"Given the journalistic versions that circulated these days, I must comment that no request for a report has yet reached the University of Buenos Aires," he said before the letter was released.

In this way, he detached himself from the government's initiative and revealed his disagreement with the way in which the minister proceeded.


The logical thing would have been for the government to send the issue to Congress

. And, with a public project, the UBA backed by its prestige, issued its technical opinion," Yacobitti said on his Twitter account.

However, he maintained that "those who had to vote or comment publicly on the subject

would have a rigorous analysis of all the implications of the measure

, either to vote on it or to comment publicly on it. We believe in the role of universities in the public debate, as It happens in other countries."

With less and less room for maneuver, Massa launched the swap to finance the deficit in the midst of falling collections and contain financial dollars in the face of the unstoppable loss of reserves.

"The exchange is still standing, there is no call, there is a procedure body by body with the 113 (entities), the first thing we are going to do is the exchange and delisting of globals to lower external debt for 4,000 million dollars," they said. in Economics.

While the UBA and the AGN prepare their opinion, the idea in the Palacio de Hacienda is to regulate in the next few days the decree that ordered the exchange of Global bonds and the sale of Bonares held by ANSeS.

The first operation implies that the Treasury will keep the papers in dollars and in return the agency will receive a dual bond in pesos (adjusted for the best result between inflation and devaluation)

maturing in 2036. Then, the Globals will be withdrawn from circulation.

The second measure aims to sell the Bonares in the market, titles also payable in dollars.

70% of the pesos raised by the ANSeS will be to buy dual bonds in pesos from the Treasury and 30% of the funds obtained will be to cover expenses and investments.

Within this framework, the objective of the audit is to

seek support, without going through Congress,

and to determine if the operation entails any damage or revalues ​​the investment portfolio of ANSeS.

“I made the decision that the UBA, through the Faculty of Economic Sciences, make an opinion to see if the exchange is beneficial for the ANSeS.

If the opinion says that it is not beneficial, ANSeS will not intervene in the exchange, "Massa assured in dialogue with Miter radio a few days ago.

The Faculty of Economics is controlled by Yacobitti, vice-rector of the public university and an ally of Senator Martín Lousteau.


share a common past with Enrique "Coti" Nosiglia,

Raúl Alfonsín's former Minister of the Interior who promoted with them the rupture of the UCR block in Deputies, although in recent times he has been losing influence over his co-religionists.

Last October, Yacobitti negotiated with Massa the quorum that enabled the debate on the budget bill.

His Evolution block also voted in favor in general, differing from the opposition arc, which abstained or voted against.

Source: clarin

All business articles on 2023-03-28

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