Macri will bet on a "shock" policy from Monday to rein in the dollar

The government uses an old recipe: shock policy goes back to
stop the dollar. The lack of results finally convinced the president
Mauricio Macri bet on a recipe that has already given results in the past, although for a very short period: since Monday,
Central bank will intervene "aggressively"try
stabilize the US currency.

The head of the central bank,
Guido Sandleris, I could use a system similar to that of Federico Sturzenegger a little over a year ago, while he was in the middle of a race against the peso – he was at 26 dollars – and a few days before signing the agreement with the
International Monetary Fund (IMF), has managed to set the value of the US currency with a daily offer of US $ 5,000 million. The measure, which lasted 20 days, was effective.

In this context of fragility and volatility, in which the government is advancing day by day with no other objective than to calm the markets, the possibility of finding a few days of quiet exchanges is essential to get out of the emergency and start working. on the electoral strategy for October

"We will put all the meat on the grill since Monday.We will be much more aggressive," official sources said.

As the economic crisis worsens, the government does not seem to find answers. Last Wednesday, the Minister of Finance, Hernán Lacunza, presented a series of measures, among which the longer terms for the companies Lecap, LETE, Lecer and Lelink, the launch of a debt negotiation to more medium term (ten years). ) with foreign banks, the renegotiation of deadlines with the IMF and the announcement of its sending to Congress – it will arrive in Parliament the day after tomorrow – a bill that differentiates the payment of debt.

None of this has worked. The $ 1279 million sold by the Central Bank during the week was not enough to contain the dollar; Over the last five days, the wholesaler has increased by 4.36 USD and the country risk has exceeded 2500 points. Mistrust of the markets after the election defeat of the OSP continues to grow.

The decision to intervene more strongly, which confirmed
THE NATION Government sources, which have not been rejected by the Central Bank, will be disclosed following two measures advocated by the agency to prevent the bleeding funds have an impact on banks. Thus, the Central Bank said that major exporters would not be able to take credit for more than $ 1,500 million. And, yesterday afternoon, banned banks from generating profits without their authorization.

The Lacunza economic team felt that the current dollar bidding system could not regain its stability. Some even reminded them of the "drip system" put in place by Sturzenegger in early 2018, which cost the central bank about $ 10 billion.

Turn the other cheek

Meanwhile, the government will not respond to criticism of rivals, including Alberto Fernández.
While the statements made by the Front of All candidate to the Wall Street Journal fell "very badly", he baderted that "Argentina was in a virtual and hidden default situation" and that "the Macri government had caused similar damage Argentina suffered in 2001 ", no one will respond publicly (see separate).

"There is no one at the moment who takes on Argentine debts or who can pay them," declared the winner of the primaries. And he held the leadership of Mauricio Macri and the multilateral credit agency responsible for the economic crisis.

Yesterday, the person in charge was the Minister of the Interior, Rogelio Frigerio.

"These are difficult times and great uncertainty, they are not times to blame or thunderous or aggravating speeches," said the official who, along with the Minister of Finance, is one of the leaders maintaining dialogue with the opposition. According to Frigerio, disputes must be resolved "always through dialogue and at a meeting and a consensus table on policies." He added: "We are always open to dialogue. This is the time to bring calm to the homes and for those of us who have responsibilities as political or official leaders, at the height of the circumstances. "

Yesterday, President Mauricio Macri closely followed the behavior of the Olivos Dollar, where he held executive meetings. Calls and messages with Lacunza were repeated throughout the day. At night, in a message on Twitter, he called responsibility. "We can all help with responsibility and caution to bring tranquility to the Argentineans.Each of its place.As president, it is my only priority.All my actions go in this direction, seeking to build bridges and dialogue, "he wrote.

Next week, the government will also seek to restore peace in trade by establishing a dialogue with the opposition in Congress.

"We are discussing the project with the opposition," anticipated official sources. The government relies on the "responsibility" of the opposition to deal with this initiative, although no one is encouraged to anticipate an agreement.

Intervention on the exchange rate

• The national senator of Cambiemos, Julio Cobos, said yesterday that "the economic situation is complicated" and that if the measures announced by the Minister of Finance, Hernán Lacunza, did not work, "there would be no" 39; another choice "than to intervene in the exchange rate.
• "We need caution and caution in what the leaders say and in the decision-making process," Cobos told Radio La Red, referring to government announcements and the electoral context ahead of the elections on 27 October.