President Alberto Fernández arrived in New York, the financial capital of the world, two days before his appointment this Wednesday in Washington with Joe Biden at the White House.
But
on Wall Street, the investors who follow the Argentine case received it with coldness and skepticism
: some of the experts consulted by
Clarín
came to graph that the boss of La Rosada today is
"a zero to the left",
that he has here "
very bad image”
and that they are waiting for the next government.
After his visit was only officially confirmed on Saturday, Fernández arrived on Sunday with an agenda prepared in a few days, which included a dinner on Tuesday with businessmen and investors at the Council of The Americas, the institution chaired by Susan Segal.
It was difficult to put together the call
not only because it was made at the last minute, but also because what the Argentine president can say does not arouse much expectation in the New York business and finance world.
"What is she coming for? Do you have something to offer? What are you wasting time for?”
asked a Wall Street investor accustomed to dealing with the Argentine case who, when asked by Clarín, preferred to keep his name confidential.
“Everyone on Wall Street is waiting for the next government and for it to stop doing damage.
Basically, Fernández today is a zero to the left.
He also ruled out that the summit between the head of La Rosada and Biden has any impact on the Argentine situation.
“It is a courtesy meeting, where no significant announcement or result is expected,” he said.
Jorge Piedrahita,
CEO of Gear Capital Partners, stated that “President
Alberto Fernández has a very bad image on Wall Street.
There are historical reasons with Kirchnerism that justify this opinion, but also his management has achieved a strong rejection in the investment community ”.
He added that “it is a fact that Argentina is not on the radar of large investors.
However, some
hedge funds
have started to travel to Buenos Aires because if there were a swing of the political pendulum to the right then there would be many opportunities”.
The expert points out the harsh situation seen from Wall Street: "In economic terms, a recession is expected due to the lack of dollars, more economic heterodoxy, non-compliance with the goals agreed with the IMF (even the modified goals), inflation above the 100% annualized, increase in social protests, etc.
That is to say, a context that scares investors”.
Regarding the summit at the White House, scheduled for Wednesday afternoon, Piedrahita believes that “Biden understands that Alberto Fernández is an official who will not be reelected.
He also understands that he faces
a complex economic situation
and the United States through the IMF will support Argentina within certain limits.
The United States has no interest in Argentina's economic situation deteriorating further."
The summit in Washington will be just when the executive board of the International Monetary Fund analyzes the approval of the fourth revision of the program, which includes a relaxation of the reserve goals due to the severity of the drought.
The Government anxiously awaits the disbursement of US$5.3 billion that would be released after the green light from the
board,
but it is estimated that the situation will continue to get more complicated in the future.
Piedrahita does not rule out that
Fernández asks for direct help from the United States Treasury,
requests that the IMF lower the rate and not charge additional rates and also that the agency make its conditionality even more flexible.
However, the expert is skeptical about the results:
"I don't think Fernández achieves anything beyond the typical phrases of a neat diplomatic cut at these events," he said.
Guillermo Mondino,
director and founding partner of the investment fund Mogador Capital, affirmed that “the visit of President Fernández, as illustrated by local journalistic reports, seems to have more of a protocol objective than something concrete, linked to proposals or agreements.
His visit to New York is, apparently, a goodwill visit to the Council of the Americas, without much contact with other participants."
"In Washington," he added, "it seems that it will simply be a meeting with President Joe Biden, without mediating substantive objectives, only protocols. Therefore, little is expected of these visits."
Diego Ferro,
president of M2M Capital, said that “there is no one who has the slightest expectation regarding Fernández or that he will do something surprising for the better.
I think that what everyone is waiting for is that at least there won't be any disaster before the elections.
Not only the opposition, but also his party, can't wait for the elections to be held and for him to leave”.
For Ferro, “
that Fernández comes to the United States is irrelevant.
Less with the number of situations that exist at the moment with the American banks, China or Russia”.
“Perhaps, looking further ahead, there could be some optimism about who can win the election and whether they can change the policies.
And more than if he wants them is if he can change them since it is a very complex issue given the political restrictions that exist.
In this context, what about Alberto is irrelevant”.
Regarding the summit with the head of the White House, Ferro points out that the US is very concerned about China's influence in the region.
"Maybe I can sign a contract on lithium or on 5G technology because those are the concerns of the United States," he said about it.
But he added: "What Biden may be trying to do is that the government does not send any stupidity until it is finished."
look too
Alberto Fernández goes to the White House in search of "a perspective of stability" for the economy
Alberto Fernández in New York: Chicana for Mauricio Macri and electoral suggestion for Sergio Massa
