Macri and echo in the throat

This enthusiastic space that the textbook of economic orthodoxy has yielded to the gradualist trial of the first Mauricio Macri now causes an allergy among the ambbadadors of the agreement with the International Monetary Fund (IMF).

Eyes closed, the Macri-Nicolás Dujovne-Marcos Peña triad adheres to this contract, which was erected from the beginning as an anti-insurance policy.fault, which leaves narrow margins for manipulating the rustic stabilization plan. This pragmatic "pendularity" is the one that is put to the test on the way to the ballot boxes.

"Space is the space of the program," replied Roberto Cardarelli at a meeting with the Argentine media. The Italian economist, who earned his PhD in Cambridge, is the tutor appointed by the IMF to closely monitor Argentine macroeconomics.

He believes that "the economic recovery has already begun" and that "the recession is over", but he is cautious and speaks of "contradictory signals" which, in essence, translate into one word: inflation.

Certainly this has been one of the central themes of the 45-minute dialogue that IMF Vice President David Lipton had with Central Bank President Guido Sandleris in the middle of the spring meeting that the organization leads to Washington.

In the same place, we heard the explicit political approval of the main personality of the multilateral entity, Christine Lagarde, in the direction she is sponsoring.

Some believe that behind this whole scene to appease Argentina's crisis of credibility in the markets, is also at stake the internal power of the IMF and the need for Lagarde to defend a bet that gave him body and soul.

Meanwhile, Casa Rosada began cooking a traditional recipe in vernacular economic gastronomy: a price agreement, a short-term clbadic that kirchnerism has deepened in time and space with the stamp of bravery Secretary of Internal Trade at the time. Guillermo Moreno.

At the present time, the details of the ads are defined. They are a reaction to growing economic malaise confirmed by pollsters recruited by the ruling party. Likewise, the wink at consumption is likely to resemble the gesture of a one-eyed man. The background of limited federalism in the Care Prices program does not help.

Strictly speaking, the catechism macrist discovers the value of these measures but, in addition to the polls, the government also reads the speed with which some pieces begin to slip, even when they were predictable, like the verbal impulses of the trucker Hugo Moyano.

Are there other alternatives? The brace of the agreement with the IMF is only relaxing its efforts to tolerate a little more social spending or investment in infrastructure. To make matters worse, the March budget figures were not good. While expenses decreased, incomes fell again.

In the walls of this gorge, the echo of those who ask to reduce the gap in the field of non-interventionist trade leaves the Central Bank to stop intervening before a high volatility and even more disturbing short-term letters, such as a temporary tax reduction on agriculture for the purchase of machinery or real estate, which would at the same time encourage the liquidation of more currencies.