Lacunza, the first of its 112 days of weaving with the dollar

The replacement of a Minister of Economy (Treasury, according to the current protocol) had not received as much attention as the one that focuses the arrival of Jorge Roberto Hernán Lacunza which will have to face the 112 most delicate days for the finances of the country.

The replacement of Nicolás Dujovne presupposes a time when the markets have made it clear that they no longer have a margin of tolerance for Argentina and that they react with allergy to any eventuality.

They demonstrated after the uncontested statements of Alberto Fernández (Todos Front candidate) on the renegotiation of the debt with each of the holders of sovereign bonds, which was understood as the prelude to a imminent defect.

The risk of a dollar that is racing again and a mbadive new disarmament of peso positions for the US dollar is about to materialize.

Therefore, exchange rate stabilization practices will be essential to calm theirs and foreigners.

It is basically and in its forms the public demand that the president Mauricio Macri transmitted to Lacunza: "Take care of the Argentineans" in each decision, "Modify the costs of the electoral process" and "Open all the bridges and the ways of communication". dialogues "to reduce uncertainties.

This is also what the manager himself acknowledged: "Stability is the most important public good that can be offered," he said.

It will be its north, unique and almost exclusive. Translated: without control over the dollar, there is no governance possible.

The first definition of Lacunza was that the exchange rate "is long above its equilibrium value" and that the Central Bank will use its firepower "so that the dollar does not abandon the range of last week's price ".

In the same spirit, the president of the Central, Guido Sandleris, said that the current value of the currency "is very competitive" and specified that "the reserves will not be used to contain prices far from their economic foundations", that is, by political volatility. .

A few minutes earlier, Lacunza had pointed out that "what the government says is as important as the opposition can say.

The second definition: to ensure compliance with the guidelines agreed with the International Monetary Fund, which will review the country's budget accounts in the coming days.

The backdrop of supply with the markets will be the continuation of a restrictive monetary policy (via interest rates) and inflation again rising, which is not the case. is nothing more than to continue chewing sand in the desert of recession.