what message did Alberto Fernández send to Wall Street

Former Deputy Minister of the Economy, Emmanuel Álvarez Agis, spoke with a circle of Wall Street investors rest badured on the policies that Alberto Fernández plans to implement in case his victory would be confirmed.

The dollar, the debt and the IMF were the key issues in these phone conversations, transcended this Sunday by the sources of the financial markets.

There have been at least two conference calls, one organized by the Brazilian investment bank BTG Pactual and the other by XP Investments.

From one side they listened to investors and Wall Street badysts, on the other, Álvarez Agis – who speaks very good English – said that neither Fernández nor Cristina Kirchner want a default.

He pledged a moderate government headed by Alberto Fernández to face concerns over his eventual administration, real power – many doubts remain over former President Cristina Kirchner and La Cámpora – and its room for maneuver.

"Cristina Kirchner will not prevent a reform agenda or centrist policies"said Alvarez Agis.

The economist, who also made a public appearance during the week and congratulated the president of the Central Bank, Guido Sandleris, said that Alberto Fernández, in addition to capturing voters outside of Kirchnerism, could also better manage the markets and make the necessary reforms. The Congress

The economist said the renegotiation with the IMF should include an "effort" in structural reforms.

Fernandez is willing, he said, to discuss a pension and work reform, albeit less aggressive than that conducted, for example, by Jair Bolsonaro in Brazil.

The Todos Front candidate wants "micro" labor reforms, focused on specific markets such as software – he talked about it with Mercado Libre CEO, Marcos Galperin -, lithium production, electricity or oil and gas, but not a "macro labor reform".

For Álvarez Agis, the biggest challenge is the debt to the fund. The first step is to know how much he wants and how much he is willing to refinance the agency.and, from there, define future financing needs.

There is also concern that the Treasury is struggling to refinance short-term bonds, treasury bills or LETE bonds because of market panic.

Alvarez Agis warned that if the Fund kept its next turn for about $ 5.4 billion, the economy could collapse.

The economist has raised a possible increase in withholding taxes to improve collection and left the door open for the establishment of some sort of capital control.

Unlike Macri, Alberto Fernández will seek to revive growth by putting more emphasis on demand than on supply.

He highlighted the role of the Vaca Muerta deposit and said that Fernández would seek to give investors predictability.

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