After meeting Melconian and Lousteau, Lacunza seeks calm and money

Near the minister, they say that before an action they chose to reschedule the debt; complaints about Fernández's words

A
currency stocks He was at the discussion table of the economic team this week. But the final decision was
"reperfilar" debt to welcome
dollars at the market. "There is a bad measure and an even worse, it started with as little damage as possible, to see if the next could be avoided," said an economist who worked for Finance Minister Hernán Lacunza yesterday before the dynamic negative continues. his journey, in part – they say to the government – referred by the interview that he offered
Alberto Fernandez at
The Wall Street Journal.

In the Lacunza team, they say that the weekend's work will focus on the bill
restructure debt under local legislation that would be sent to Congress on Monday. The minister will appear at 3 pm on Wednesday at the bicameral Permanent Commission for Monitoring and Control of Foreign Debt to explain the project. "There are no planned exchange measures," they said.

The option chosen by the government to reduce volatility Monday will be a shock treatment. Perhaps imitating the "wall of dollars" that Federico Sturzenegger once made available to stop the bleeding, just before the first agreement with the International Monetary Fund (IMF). In politics, it was decided to turn the other cheek.

Analyze the situation and reinforce the need to install
Lacunza met Carlos Melconian and Martín Lousteau on Thursday night separately in meetings that did not transcend the media. He also received personally between Wednesday evening and Thursday, Fausto Spotorno, Marina Dal Poggetto, Rodolfo Santangelo, Luis Caputo, Juan Carlos Pablo, Daniel Artana, Daniel Marx and Eduardo Levy Yeyati.

That same Wednesday, he spoke over the phone with Guillermo Nielsen, one of the main economic references of "albertismo". He also spoke in this way with Martín Redrado. "Do not spend reserves on the foreign exchange market, but in the bond market," the former president of the Central Bank suggested, mimicking his decision taken in 2009.

After the "reperfilamiento" of the debt announced Wednesday, the government put pressure on the exporters so that they get rid of dollars on the foreign exchange market. In addition, yesterday we added another measure of nervousness: prohibiting banks from transforming their profits. "This measure ensures that the liquidity of the system is maintained so that depositors can obtain the liquidity they demand," explained Guido Sandleris, President of the Central Bank (BCRA). "In times of great uncertainty, we want the liquidity of the system to be greater in order to avoid any shortage of money," they added about the restriction already in force during Kirchnerism and that between 2006 and 2018.

"Three calves can not badfeed with a tit," said one of the economists who visited Lacunza in existing reserves to control the exchange rate, repay debt and manage deposits. This badyst believes that if this momentum can not be stopped, the government will not discuss the option of a stock, but if it will be "
light or
hardAnd, in a football metaphor, he described: "Argentina plays a game with ten archers hanging at the crossbar. "

"All the measures are complicated today," said another private economist. "I consider Hernán as realistic, dealing with problems for which there are not enough alerts," he asked about the previous management. "If the political tension is not turned off, I do not see anything very useful.We must be calm and careful.The statements of Alberto Fernández do not generate it," he said. added, noting that the official Debt project is that the opposition will make it a "six-week issue" when there are eight left for national elections.

"Today, Argentina needs something serious without shirts," said the first economist. "The political clbad has a complete dissociation of reality," he said. It's a dilemma that, for another specialist who was with Lacunza, is easy to explain. "The political incentives of the Fund, those of Macri and those of Alberto are very different," he said.