Take charge | Crisis, Hernán Lacunza, Economy

Macri left from an important mattress that had left the previous government: a very low debt and a high purchasing power of the population. And all his adjustment measures were masked by a fabulous debt. Process that began when vulture funds were paid for everything that they asked for, so that foreign investments that never arrived have arrived.

STEP is not the problem. Does not the high short-term debt indicate the lack of confidence the macroeconomic government could ever obtain?

As of July 2018 already, the International Finance Institute had ranked Argentina third among the most indebted countries vis-à-vis external debt, but our country has long regressed due to the Extent of its public debt. A year later, Bloomberg put Argentina at the forefront of its vulnerability ranking.

After the "reperfilamiento" announced by the government, Standard & Poor's (S & P) lowered the rating to "selective default" for a day. But it was already misjudged, with a B-, which indicates, according to the S & P manual, that "adverse commercial, financial or economic conditions would likely compromise the ability or willingness of the issuer to meet its commitments. financial ".

The "reperfilamiento" has recently been considered by the IMF as one of the least damaging debt reprogramming solutions, and even allows creditors to return it to the country, as capital and interest are not changed.

It should be noted that "reperfilamiento" can provide help in an emergency, but only if it is administered properly. We can say that the problem of high debt is on the right track, but that measures are needed to stimulate the economy. Rather than allocating large amounts of international reserves, it would be necessary to consider more measures such as those recently taken by BCRA, which limited the credits in pesos to large exporting firms and included the requirement of prior authorization of banks to redistribute their profits.

However, no change in economic policy has been announced, nor any instrument aimed at solving the real problems of the economy and the production: there is only one attempt to to delay the debt crisis that they have created.

The current situation leads us to worry for the future thinking about our nation. What legacy will they leave? How many resources can be used to launch the economy can be wasted to allow capital flight that does not even lead to a stabilization of the exchange rate? It is therefore essential to take urgent measures to manage international reserves and to create a distribution policy providing for an increase in wages, pensions and other tasks that seriously concern Argentineans, especially the least protected sectors. .