Macri, Dujovne and Sandleris convinced the IMF: they now have the silver bullet to pull the dollar

Mauricio Macri, Minister Nicolás Dujovne and the President of the Central Bank, Guido Sandleris, understood it after much insistence. The three, each at their level of dialogue, managed to overcome the last reluctance of the International Monetary Fund's board to use reserves to control the price of the dollar. It was a so-called "policy" at the highest level of the Head of State that would have ended the blocking of management.

Although it sounds incredible and contrasts with the attacks and criticism he receives in his country, Macri can still pick up the phone and speak to Donald Trump, President of China, or the leaders of Canada, France and from Brazil. , and from any country in the world whose leaders knew it and established a bond of trust.

From now on, there will be no more "free float". Fortunately for the wishes of the government, the "no-intervention zone" delimited by "the gangs" was over. To put it even more clearly: they have loosed the hands of the central bank so that they spend all the necessary dollars and thus limit a possible run or avoid those jumps like those of last week which brought the type of change to increase by almost ten to hundred.

What would Macri have convinced Trump or someone very close to the President of the United States? Argentina is a strange country where the economy in general and the financial system, the dollar and inflation in particular, They work differently than in any other country in the world. And that's why we need slightly more sophisticated tools that are not found in the Monetary Fund's protocol manual or the Excel spreadsheets for investment funds.

Macri, Dujovne and Sandleris convinced the Fund's Board of Directors that the vulnerability of the Argentine economy was not only explained by the accumulated deficit, by the historical inflation that had reached more 60% in the last 80 years, or the perverse behavior of trainers. prices, but also by the indexing behavior of the rest of society and by populist culture deeply rooted in a large part of the population.

This tool that the central office has just obtained has been requested by most experts who know the real economy and the functioning of the Argentine financial system. From Carlos Melconián to Martín Redrado. It is unclear whether he will manage to keep the dollar calm, to bring down inflation even though it is in a slight but steady manner and thus achieve the long-awaited reelection of the President-in-Office. We know that the government has received it as one of the best news of the year. As if it were one of the magic keys to guarantee the victory of Cambiemos and the possibility that Cristina Kirchner will not come back.