Pedro Biscay: Argentina will have to restructure its debt

In addition, he blamed the government for the volatility of the exchange rate because it does not create "the conditions to generate stability of the economy".

May 4, 2019

The former director of the central bank Pedro Biscay He warned that "Argentina will have to restructure its debt". In a dialogue with Poco Claros Methods, led by Ezequiel Orlando on Fridays from 19 to 21 years old by FM La Patriada, he explained that "the exchange rate presents a fragility volatility in which lies the country".

"It is clear that Argentina will have to restructure its debt and that it will have to do it responsibly", the lawyer warned. "The dollars needed to cover these commitments are not there," he said.

"Like all external loans, the IMF must meet certain requirements of the law, which in this case raises certain issues," he said. In this regard, he said: "With these agreements with the IMF, the authorities of the Board of Directors of the Central Bank have been prevented from intervening on the foreign exchange market in accordance with its charter."

In addition, he said that "the exchange rate has a volatility characteristic of a situation of fragility in which the country is". He said the dollar "has tremendous volatility because this government can not create the conditions to generate stability in the economy." He added: "The management of the exchange rate policy lacks clarity".

"The net reserves of the Central Bank must rise to 20 billion dollars," said Biscay. In the same vein, he said that "no government is willing to lose all the reserves of the Central Bank because these are the country's reserves."