YPF, the main Argentine company, put together a “puff” of US$1.8 billion to disguise the oil company's balance sheet from last year.
The maneuver occurred in the previous administration: the one that was in the hands of Máximo Kirchner's La Cámpora.
Pablo González, his former owner, overvalued the assets to hide losses and at the same time justify the exploitation of dozens of expired oil wells in Santa Cruz.
It was done when González dreamed of being a candidate for governor, and it remained in YPF's accounting.
Now, the accounting drawing was denounced by the new leadership of YPF in a confidential document to the US SEC. Horacio Marín had to whitewash it, officially, in Manhattan and Buenos Aires:
“The books had to be honest accounting, assuming a million-dollar loss of US$1.8 billion”
, around 22% of YPF's stock market value.
The news shocked Wall Street.
But not in the local oil companies:
everyone knew the arbitrariness of La Cámpora
and the use of the State for its political purposes.
The issue also affects the BCRA.
Now on its board is
Alejandro Lew, the active financial director of YPF
in the management of Máximo and La Cámpora.
Lew was responsible for the scandalous fuel shortage a few days before the runoff.
He refused to pay an import and everything went up in smoke.
They say that
Santiago Bausili “rewarded” him for that “gross mistake”
that strongly eroded Sergio Massa's candidacy.
Marín, a Techint man, swears to put all his clothes out in the sun.
Yesterday he announced an investment in Vaca Muerta.
Now there are audits throughout YPF and irregular contracts are reviewed.
Among them,
those managed by the “Santiagos” -Patucho Álvarez and Santiago Carreras-, in charge of YPF's million-dollar advertising.
Desiré Cano, who was part of the team, threw thick ammunition at them.
The “jobs” – as Milei says – are appearing.
Alberto Fernández left all his “fingers marked”
in the scandal that the
Clarín
investigation exposed : he signed a decree to facilitate the negotiation.
Cristina enjoys Alberto's hardship:
“there's the idiot who gave us ethics class.”
Javier Milei takes advantage of the scandals.
Save time.
The fall in activity is vertical and inflation destroys salaries and pensions.
It is ridiculous to celebrate 15% inflation.
Until last night he had decided not to participate in today's meeting with the governors.
In private he continues to say very harsh and offensive things against the leaders:
“Who do these idiots think they are?”
And he concludes:
“I already have them by the lining of the balls.”
The Casa Rosada was on a “collision course.”
The President swerved and avoided crashing the car with unpredictable effects on governability.
Gita Gopinath played a decisive influence
on this change of course: she warned that the fight would prevent the adjustment from being implemented and the IMF demanded consensus.
The vice president has absolute power in the IMF: she is the boss and has the veto power of the US. Gita returned to Washington with a clear and stark vision of what is happening in Argentina.
Clarín
confirmed that she had an evaluation and private conversation with his team.
It was tough and realistic.
In Washington it was reported that she said the following:
“The Argentine government has to know that the honeymoon is going to end.”
Then he added:
“If there are no social measures, soon people will take to the streets.”
He spoke of Milei's popular support, but said that if there are no improvements one could
“be living a dream and not a reality.”
And then he torpedoed dollarization:
“It will not solve the problems, they will continue and in some cases get worse.”
Gita wants Milei to get on track.
A classified report from her bureaucrats addressed the technical issues.
This “paper” commanded by Luis Cubeddu says that there is fiscal inconsistency, asks to reestablish the Income Tax and affirms that a delay in the dollar is accumulating.
He also talks about urgent social help.
The “wolves” of Wall Street celebrated the decision to open a dialogue: they feared that the confrontation would blow everything up.
Milei, with her astute and unexpected move, gained time and at the same time, for now, she prevents the DNU from turning around.
That's fallow.
Because the danger has not yet been resolved.
Today's meeting begins with mutual distrust,
although the politicians accept Milei's “give and take.”
The Casa Rosada would give money to the provinces in exchange for approving the reforms.
Yesterday there were some gestures of relaxation.
Osvaldo Jaldo emulated Milei and came from Tucumán by plane.
But Milei demands “special powers” and the majority of governors are not willing to give them up.
This is how it was translated in the leaders' chat:
“He has already shown that he is an unpredictable crazy man.”
Martín Llaryora and several others
oppose reintroducing the Income Tax
.
It would imply a nominal cut in the crumbling salaries of the middle class.
Yesterday the topic was discussed at the meeting of Patagonian leaders.
In private, Ignacio Torres denounced a very dry and sensitive topic: he spoke about
the Casa Rosada having an army of trolls to persecute, insult and vilify
those who do not have the same opinion as Milei.
All the southern leaders supported the issue and suspect that this “army of trolls” would be financed by dirty money from the AFI.
His boss would be the questioned Fernando Cerimedo.
Yesterday, the five leaders agreed to evaluate the convenience of making an imminent criminal complaint.
Mauricio Macri is strongly supporting the Government.
He knows that Milei's failure implies his own failure.
This week he had a harsh but realistic phrase when he spoke at the Libertad Foundation in Rosario:
“The current government is Milei, his sister, and social networks.”
A remote control to the Cabinet.
The intimate meeting between Macri and Milei that
Clarín
reported was profound.
Milei had the gesture of anticipating his political move: the call to the May Pact.
That is why the former president told his people, enigmatic:
“The important thing is the next meeting we are going to have
. ”
He was referring to May 25.
Now it is known that it happened in Olivos and that Macri entered through the Avenida Libertador access, so as not to leave traces.
It happened after Milei confirmed that she does not want to co-govern or share leadership.
Milei stated:
“I am the leader of the new Argentine right.”
A few minutes before, Santiago Caputo had entered the office and introduced the topic:
“With all due respect, Mauricio, this is not your second time, this is our time and you have to accept it.”
Macri did not confront and suggested advancing an agreement between LLA and the PRO after mid-year.
Once the recessive monster passes.
The talk was sincere.
Macri, in a delicate manner, questioned several ministers and had harsh qualifiers against Patricia Bullrich.
He also spoke about Minister Luis Caputo.
Macri opened the door to some ghosts.
He warned Milei to be careful with “Toto”
and told him a lie: according to his reliable information, the minister has coincidences with an enemy of the government.
Macri confessed that he had evidence that Horacio Rodríguez Larreta and Caputo maintain fluid contact.
He would have said it this way:
“Be careful that Toto and Pelado have weekly, open and constant communication.”