Markets charge maneuver to expensive government

Before the opening of the markets, the first movements in the tectonic plates of politics were recorded: cell phones from the bunker of Alberto Fernandez started receiving calls, many of the frustrated "third way" of Roberto Lavagna, Very interested in the resolution of the elections in the first round. The ruling party's votes that seem closer to their project now seem very far away.

President Mauricio Macri He sent the Argentines "to sleep" even before knowing the first official figures. But far from achieving this goal, much attention has been paid to the dissemination of the first figures and in particular to the market operators following the audit, convinced of having been ripped off since the party in power.

On the platforms online like that of balanz.com, the dollar rose rapidly to stabilize at a value of 48.50 pesos, which sets a floor of 49 pesos for the opening of markets on Monday.

The BCRA's main task will be to control the dollar's evolution and avoid a "gate 12", which could happen if, on the market, the difference is "finished" for the government.

The central bank still has firepower to control the dollar, but every time the market uses it, it reads that it has one less bullet and makes its decisions accordingly.

The three measures that are on the table are:

* Increase the Leliq interest rate

* Sell future options in dollars

* Selling cash dollars in BCRA reserves from International Monetary Fund credit.

But if the rate rises, the recession worsens, the sale of future dollars has a limit set by the IMF and the sale of counted dollars fuels speculation about a default in 2020 that will increase country risk.

And with every step that it takes to calm the market, the president's chances of reelection are even more reduced.