Cristina also gets into the internal debate about the future of the dollar

09/24/2020 - 23:38

• Clarín.com

• Opinion

There is a strong internal debate in the Casa Rosada about the future of exchange rate policy and the

the dollar, which does not stop.

Miguel Pesce, Cecilia Todesca and Martín Guzmán evaluate alternatives after the application of the controversial super stocks.

The three are proposing different recipes and that diversity is one of the issues that generates

Clarín

confirmed that the trio had a tough debate over the exchange rate split.

But Cecilia Todesca

.

Also, that a plan proposed by the grain companies to encourage the liquidation of retained currencies was evaluated - without success.

Alberto Fernández repeats in the economic area an error similar to that of Mauricio Macri:

The “wolves” of Wall Street agree on one point: the delicate situation requires new measures and a quick agreement with the Monetary Fund to guarantee that Argentina is not going to run wild.

Guzmán –via Sergio Chodos– made, this week, reserved arrangements in Washington.

Chodos agreed with Julie Kozac, in charge of the Directorate of the Western Hemisphere.

So the IMF came to the rescue.

He announced the immediate start of negotiations: "There will be an IMF mission in October."

The announcement unzipped the market tension on Thursday.

It was a fleeting relief and nothing definite.

Clarín

confirmed in Washington that -in principle- the audit

and that Luis Cubeddu and Julie Kozac would be in Buenos Aires on October 5.

Another mission was also agreed: for the second half of November.

Now they want to speed up the times.

The terrible instrumentation of the super stocks made a lot of noise in the market and opened the door of

.

It happens because the virtual holiday for the saving dollar continues and just this Thursday the BCRA - nine days later - unlocked bank transfers in dollars.

A secret report from the Association of Argentine Banks, by Claudio Cesario, insists that

prevented operating with dollars and allowed the usual "fake news" of the market to circulate: the corralito is coming, the dollars are seized and the safes are opened.

These falsehoods occur when

: the bankers' confidential "paper" says that there are 17.4 billion dollars in deposits and 15.5 billion held by the banks.

89% coverage.

Minister Guzmán prepared a confidential report for the President.

He talks about the liquidity of the system and - although he does not mention it -

.

He billed the execution of the control.

The BCRA blamed the intransigence of the ANSeS.

Mercedes Marcó del Pont, to Pesce, and Fernanda Raverta came out to clarify - she had support from Alberto - that the ANSeS has nothing to do with the stocks.

The dislocated situation occurred after private meetings between the minister and the vice president.

Guzmán

and also to raise their differences with the BCRA controls.

The minister - who came with a reputation for being heterodox -

: he wants deficit cuts, to show signs of certainty and an endorsement from the IMF.

Cristina's "protection" came after the snub she had at the highest level: Pesce twisted her hand and won the round.

The minister had strong political support in the Chamber of Deputies, Sergio Massa and the block of the Frente de Todos of Máximo Kirchner.

Clarín

confirmed that Cristina had a meeting alone with the President to

It was in Olivos.

They had dinner together, but no one confirms the exact date.

It happened in the course of the last ten days, after the announcement of the "super stocks".

It was a meeting "in depth", where both

of the serious economic problems.

Cristina had questions to the BCRA.

For the vice president, the mistakes made caused unnecessary political wear and tear.

But Alberto

: there are not enough reserves in the BCRA and we must avoid opening the door to a hyper.

Both spoke of

and of "strengthening" the management.

Cristina suggested changes in the Cabinet.

The vice president

Basically, all related to the so-called “Grupo Callao”.

On her list are the same as always, the result of old spoils: Mercedes Marcó del Pont, Matías Kulfas and another minister of the economic area.

The President did not share that diagnosis.

Alberto wants to regain the initiative, but believes that

He is also not willing to displace his trusted people and supports Santiago Cafiero.

The Chief of Cabinet - from zero hour on - was attacked from the Instituto Patria.

To alleviate Cristina's offensive, some ministers decided to "get well" and act for the vice president.

Now

.

The central thesis arises from a false idea of ​​Cristina: that the problems of the Government are not the result of its bad management but of sinister conspiracies.

The vice president is concerned about the electoral impact of the economic crisis.

The issue

The "red circle" insists that Cristina's irruption was the main factor generating political uncertainty.

From Vicentin onwards her interference is greater and Alberto does not stop falling in the polls.

The question is dealt with by the "wolves" of Wall Street.

There were several reserved reports that affirm this.

Investment banks maintain that

The bankers maintain that the economic team does not work and that

of expectations.

One of the "papers" was that of JP Morgan.

It is dated September 18 and bears the signature of Diego Pereira.

The other is from the Barclays.

Its title says it all: "No positive catalysts in sight."

Both speak that "the reinforcement of controls

.

The Barclays report is dated September 23 and its author, Pilar Tavella, is alarmist: "Even so,

.

The Pesce-Guzmán-Todesca trio counterattacks: they don't want to devalue.

Bankers say it will be a cyclopean task.

The Casa Rosada has a conviction: to devalue implies an inflationary jump

COPAL calculates that the delay in food prices - due to increased costs - is 20%.

Paula Español, the Secretary of Commerce, negotiates tenaciously and individually with each of the entrepreneurs.

.

The official emulates some forms of Guillermo Moreno, but avoids the fascist attitudes of the former secretary, a collector of failures.

Moreno did not stop inflation and decided to hide it.

Spanish usually goes to the front with everything.

Thus, he attacked a businessman and thwarted his orders to remark: "Stop crying, if they are full of twine."

He also countered:

This is a key wrestling.

Much is at stake and everything is weak: a jump in inflation can complicate the social climate of the Conurbano.

LP

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Dollar: how long does the government's defensive strategy hold?