Investors Receive Washington Economic Team in Hostile Climate

The owner of the plant, Guido Sandleris, Yesterday began what will be a grueling schedule of meetings with investors in Washington. It was at a meeting in the Council of the Americaswhere he could already feel the climate of anger and the doubts of most of them. Electoral uncertainty, the possibility of a new currency crisis, the concern for inflation that does not give way, and the future of bonds after the losses suffered are the central themes that will dominate these meetings.

Nearly all banks have prepared important meetings with investors, badysts and brokers from around the world, converging in the North American capital to participate in the IMF's traditional spring meeting.

From Bank of America Merrill Lynch to Itaú, via Citibank and XP Securities They have organized major events that last one or two full days. In any case, Argentina rightly occupies a prominent place on the agenda and it is not a coincidence: the great electoral uncertainty is an issue that concerns almost everyone in the world of investors, even those who do not have large Argentine badets.

Key leaders of the economic team will be divided to speak to the international community and they expect that the climate will be very hostile, after the millionaire losses that have hit the majority of the funds wagered by Argentina in recent years.

Before these meetings, Santiago Bausili will be in New York also hold meetings with funds. The message from the finance secretary will be that Argentina has all the resources needed to repay its debt in 2019, as well as disbursements from the IMF. And that the outlook for 2020 is much less stressful than many badysts suggest. In other words, This will imply that the increase in country risk is unjustified. However, these technical explanations are "contaminated" by the proximity of the presidential elections.

Sandleris spoke yesterday about inflation. He acknowledged that he remains high, while seeking to express his optimism: "In the face of the latest figures, do not be discouraged, we know that the path is long, but perseverance will bear fruit"he said

Then, at the time of questions, the majority focused on keeping the dollar in the coming months. And also if the plant can intervene with the sale of reserves in case of triggering the exchange rate. The worry is that the fall of the image of Mauricio Macri and bring it out in the polls of former President Cristina Kirchner will increase anxiety and that this will eventually put pressure on the motto.

The owner of the plant specified that the "no-intervention zone" system did not allow him to sell if the currency did not exceed the ceiling of the band. "We will respect the rules of the game that we stipulate, because it is part of the reconquest of credibility. We think the system is working properly. The exchange rate is at levels very similar to those of October and volatility has been much reduced.said the official.

Today, tomorrow and Saturday will also be presented to investors the number two of the Centrale, Gustavo Cañonero, and the chief economist of the institution, Mauro Alessandro. Mr. Bausili and the Minister of Finance, Mr. Nicolás Dujovne, will also meet investors and participate in events organized by their entities.

But at these meetings we will also talk about elections. The political scientist and chief of the consulting company Polyarchy, Alejandro Catterberg, will be one of the "speakers" hired by the banks for several meetings. And the Minister of the Interior also went to Washington, Rogelio Frigerio, who would also participate in some meetings, although the agenda has not yet been confirmed.

Perhaps to lower the "decibels" a bit and make the stay more pleasant in the middle of the adverse climate, the ambbadador from Argentina to Washington, Fernando Oris de Roa, will organize today "The night of malbec". It will be an opportunity to entertain the Argentineans who will be in the US capital and to invite investors who nevertheless wish to continue doing business with the country.