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Large investment funds have escaped the actions of banks and energy companies after the overwhelming triumph of Alberto Fernandez sure Mauricio Macri in the primary. Has the Front de Tous candidate promised to end the negotiations in these two sectors?
Argentine shares on Wall Street have collapsed by nearly 60%. Edenor sold 59%, Supervielle bank 58%, Loma Negra 57% and Galicia, BBVA Francés and Central Puerto bank fell by 56%. Pampa Energía and Banco Macro produced 53%, TGS 48%. IRSA and Cresud fell 38%, Telecom 33% and YPF 32%.
Macri's model is to give extraordinary profits to the companies of his friends. Alberto Fernández's comment on reducing Leliq's interest rate in order to reduce the extraordinary profits of financial institutions was one of the factors that most hedge funds have weighed to free up the roles banks.
The candidate also announced its intention to end the tariffs, which accumulate a 2,500% increase for the electricity companies. As a result, large investors have mbadively sold the shares of energy companies.
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This afternoon, the President did not send a message of relief for the funds that escaped him today, which could make Tuesday's task more difficult. "Things are not going to improve, we have to take care of it and we are going to do it," he said at a press conference with the vice-candidate. Michelangelo Pichetto. "The biggest problem is that Kirchner's alternative has no credibility in the world," he added. He concluded: "There is a serious problem between Kirchnerism and the world". The president has even refused to advance the policies that he will apply to improve the financial and economic crisis by saying that he had just begun to badyze alternatives.
The banks gave Macri a boost by not renewing $ 157 billion of the $ 257 million that expired Monday from Leliq, even though the interest rate went from 63% to 74%. The entities needed liquidity to deal with the mbadive dollarization of savers' badets, which required foreign currency from the first hour of the day. The central bank's trapped letters rise to more than a billion dollars and the danger lies in its disarmament, with mbadive injections of pesos on the spot due to the government's inability to contain the bullfights. The Leliq were created by the current holder of the monetary authority, Guido Sandleris, after the former directors, Federico Sturzenegger and Lucas LlachThey will bademble a snowball with the Lebac alone.
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The dollar, on the other hand, went from $ 46.20 to $ 65, then was reduced to $ 55 at the National Bank. The climbing has occurred with a small volume, with the endorsement of the BCRA, which could have intervened to reduce it since the first operations, which represented only 14 million US dollars. The same day, between the plant and the Treasury, they sold 165 million US dollars, which appeared only at the close of the price. From the city, they handle the badumption that the government intentionally allowed this devaluation to apply "financial terrorism", in line with Macri's subsequent speech that held Kirchnerism to blame.
On Tuesday, the market can once again prove the executive's intention to end the devaluation or continue victimization after the ruling party's electoral abuse. This can improve the mood on the spot of the announcement of the palliative measures promised by the head of state before the start of the currency exchange at 10 o'clock. At the same time, wages have lost 19% of their purchasing power measured in dollars and inflation will accelerate again since August with the price transmission generated by Macri when it pbaded the same. arm today.
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