Secretly, Luis Caputo is now negotiating support from the IMF, which would involve an expansion of the current credit. Rodrigo Valdés anticipated him: there is a willingness, on the part of the IMF staff, to support Javier Milei's guidelines. But that available fund – which is still being evaluated – would be a modest figure: about US$6 billion.
For that “Toto” traveled and was accompanied by “the Mute”: Nicolás Posse, the hermetic Chief of Staff. Yesterday, Caputo met Gita Gopinath. They both want to bring money from Washington. They want the US
to make a gesture, after Milei's overrealigned alignment with the White House.
The two – “Toto” and “el Mudo” – were the ones who started the orders in December: they claimed US$15,000 million and came back empty-handed.
On that mission, Kristalina Georgieva said: “there is no money for Argentina.” There is – incredible – a tactical and bureaucratic impediment. It is “top secret” in the Washington directory. The IMF – indeed – does not have available funds now: it is only going to make a capital increase in October 2025. But there is also another issue:
there is no consensus to grant another larger loan to Argentina.
Now, Valdés – confidentially – advanced the possibility of more modest support. But it would be a political endorsement of Buenos Aires. “Toto” considers that US$6 billion is little money.
Which can even be read as a sign of weakness
. He is asking for more banknotes from the IMF.
His team is also exploring a “Repo” loan. The banks surveyed: JP Morgan, HSBC NYC and Bank of America.
There is talk of “strong money”. But the operation has conflicts: it requires a guarantee in bonds, which
could end up with Caputo and Santiago Bausili in court.
Both are handled with a lead foot. Bausili, in an exclusive meeting with bankers, threw the ball into the stands: “the IMF does not welcome a Repo.”
The money is sought, because without external support it will be difficult to lift the trap.
On Wall Street they insist that Milei sounded out Elon Musk during his recent trip and that Caputo tempted the sheikh of Qatar.
The BCRA's balance sheet improved little. Its liabilities are US$50 billion per official dollar. For that, the recomposition of reserves is not enough. So far they have increased US$8 billion, but at the same time the debt for imports has increased by another US$8 billion. For this reason, Caputo is comfortable with the stocks. The debate is strong in Olivos. Milei is annoyed that people talk to him about being late. He already got angry with Domingo Cavallo. The former minister spoke about the issue and Milei stated in public:
“it is stupid to talk about the backwardness of the dollar.”
The “wolves” of Wall Street are fascinated with Milei. There is an enchantment, similar to the one they had with Carlos Menem. Their only “God” is money and everyone is making juicy differences with “Toto’s” financial setup. They say the “carry trade” lasts until spring. Caputo baits them: “in April inflation would be at 7%.”
Until now the enchantment
did not involve concrete support.
In their conclaves – and their hermetic papers – they insist: “Milei has to show results, so that the world takes him seriously.”
The Manhattan evaluations focus on four issues. These are:
-The sympathy that his ultra-market speech provokes. Also his intention to lead an international libertarian alliance supported by Donald Trump, Elon Musk, the Spanish right and Giorgia Meloni.
-They admit that there is no substantive negotiation with the US.
In the White House, their adoration for Trump generates sting.
-They consider the support that Milei has in Argentine society.
-They say that a key advantage of Milei is
the total absence of opposition in Argentina.
Cristina is leaving. She was all over the place blaming and choosing Alberto as the main culprit: “I always said he was an idiot.” Even “Cuervo” Larroque questioned her. Peronism is in “tribes.” Axel does not want to advance things and Sergio Massa hopes – for May 15 – the launch of his book. Alberto is tense. Julián Ercolini has the draft of an explosive summons ready: investigate him for corruption.
Mauricio Macri is also in his labyrinth:
he doesn't know what to do with Milei.
He admires him and praises his policies. But he is furious at how they treat him: Milei subjects him to lacerating political exhaustion that the former president does not deserve. Mauricio bites his teeth. His team – with the influential Fernando De Andreis at the helm – plans revenge. Karina confronts him. She has the help of Patricia Bullrich. “The Boss,” she says mockingly: “now the PRO is Macri and his friends.”
The only political turbulence Milei has is in
his own squalid party.
Yesterday, she returned to the Senate and this week there was another embarrassment in the Deputies.
Marcela Pagano received very harsh threats to make her resign from the Impeachment Commission. Lilia Lemoine shook her and Pagano's health did not resist. She would have uncovered old personal issues from the campaign.
Martin Menem started the thing. On Tuesday night he asked her to resign. That night he assured Karina: “the president is going to be Bertie.” In reference to Benegas Lynch Jr. Pagano said she is willing to resign. But she is not going to ignore the record that placed her in the Impeachment Commission.
Milei – in the last week of February – was the first to shout to the heavens about pre-paid payments. He was watching TV and an addicted journalist criticized the highlights. He immediately summoned Posse and scolded him: “They are sons of bitches. I did not release them to make this disaster.”
“Toto” got the point. She saw an opportunity to dress up as “Robin Hood” and pray for the middle class, which her own attitude makes her pomade.
Martín Lugones was the emissary. Lugones serves as virtual minister. He put together the move to unseat Claudio Belocopitt. The “war” on Belocopitt has been going on for years. Lugones was always a historical “operator” of the money from Obras Sociales and the Health Redistribution Fund.
Lugones is the father of Rodrigo Lugones,
who forms a team with Santiago Caputo
: his “tanks” came out to attack Belocopitt in the networks. But he had a strict order from Casa Rosada: attack pre-paid medicine, but not touch the stinging drugs. The issue exposed the terrible “political timing” of businessmen. It was never his strong point.
Belocopitt resigned and the Argentine Health Union emerged. Yesterday, the decision was made to let her “die”:
no one would replace Belocopitt.
Milei also had a touch of realism: the Government realized that markets are not perfect. The designed package deals with “checks and stops”. The issue affects the intimate story of “Toto”: he asks the trainers to lower the prices set to one dollar of 1,500. And he argues like this: “You covered yourselves. And I understand them.” And she concludes: “but now they can lower them, because no one is going to prevent them from increasing them later. This government will never apply controls.”
COPAL and the UIA took note. The question of prices was also in the exclusive meeting with the terminals.
It was a frank and sincere dialogue. Caputo greeted them with a warning: “You went the other way. “They have to lower prices.” Martín Zuppi, the head of the terminals, counterattacked: “the price of a car has 75% taxes. Let's lower taxes and lower prices." Caputo was surprised: “I don't have the back to lower anything.”