Country risk in Argentina is close to 1000 points

The Country risk is 987 points base in a bad day for the Argentine economy and just a month after going over a thousand points, record in the Macri era.

So, continue to grow the risk of default (non-payment of debts) of securities issues measured by JP Morgan.

This variable is used by countries to make decisions regarding the development of foreign trade, multinational enterprises and international banking.

A few days ago, while country risk was at its peak, Macri claimed that because presidential elections are approaching and the markets fear that "Argentina will come back".

"Now, everything is crossed by the elections, the world doubts that the Argentineans around want to turn around and that it gives a lot of fear to the world, increases the risk-country, they take defensive positions, but I think they are mistaken, that the Argentineans will not come back. behindMacri had said in an interview with LT 29, Radio Venado Tuerto

In a column, the journalist Roberto Navarro A month ago, we had explained why Macri was the sole responsible for the country risk record.

Five months after Mauricio Macri's triumph in the 2017 parliamentary elections, as the president continued to lead the elections with ease, the country entered the turbulent zone.

May 2, 2018 the dollar started shooting from 19.80 pesos to 30 pesos in 60 days and 40 pesos in 90 days.

The leakage of foreign currencies came at 3000 million dollars a month.

May 9 the president announces that the country returns to the IMF with a stand-by credit of 50 000 million dollars.

June 14, 2018 The president of the Central Bank, advisor and friend of the president, Federico Sturzenegger, resigned and Luis Caputo took office.

The first weekend of September 2018 This was the most critical moment for Mauricio Macri's government. For 48 hours, several meetings were held at the Quinta de Olivos between the chief of staff Marcos Peña, ministers and radical leaders in search of a political solution to the economic crisis. The continuity of Peña was at stake, although the president eventually acted in favor of his man of trust. Yes, they had to separate from their two teams, Mario Quintana and Gustavo Lopetegui. According to the media published at the time, Carlos Melconián, Alfonso Prat-Gay, Ernesto Sanz and Martín Lousteau were invited to join the government. all were rejected. Finally, a reduction in the number of ministries was announced, which went from 23 at the beginning of the Macri administration to only 10. The Health, Labor and Science portfolios, among others. According to Carlos Pagni, during this important weekend, the president played paddle and attended a match in Boca.

September 25 resigned Luis Caputo at the central bank.

September 26 The government renegotiated the fund and extended the loan to $ 57.3 billion.

Only Iran, Ukraine, Jamaica, Suriname and stand-by credits like Argentina and all for smaller amounts.

Macri has issued a debt of $ 172 billion in three and a half years and has lost the confidence of the markets on which he is the man capable of honoring this debt.

Two weeks ago, it was announced that banks could use 100% of deposits to buy Central Bank paper at the rate of 70% renewed every 7 days. This extreme measure failed to tame the dollar.

Last week, we announced a price freeze that would have pushed prices up to 20%.

The country risk was created by Macri and will continue to grow until someone who puts the economy back into power comes back to power.