the truce fell and the market fears another devaluation



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In the midst of cross-accusations, the road to October is worrying. "There is no indication of disbursement from the IMF," alerted Nielsen to the financiers

After what What he was the worst day financial and exchange rate of the devaluationornot to post STEP, of On Monday 12 and Tuesday 13, there is a growing the fear What traveling the the offices the officers and the the offices of the City wearingnotat.

he the fear is What the crisis What bad at the Argentina of there is already mats of a atnotor ised at a not of deepen at traveds of nail new devaluationornot, at regret of consensus widespread of What this price of dorlar it turns out a of the mats high (in tedterms real) of the úlatest atnotyou.

A regret of the interventionornot of Bank CentralI've soldor a total of you$S362 millions, the major volume of What the MFIs what habilitor at do itthe dorlar scaldor a the weight (+1,8%) up & # 39; to the $56,30 in the market wholesaler. In the the banks, in so much, I know spendingor at $58,66, a hiking of $1,40 respect of close of On Monday.

he "Tuesday black" I know fullor with nail fired of risk país, What perforationor the the roof of the 2.000 points, the major level in 14 atnotyou.

In parallel, the new itígiven of the reservations of the entity monetary, of you$S442 millions, no makeía mats What reflect the severity of the situationornot.

he new scare in the markets justor with the of by sí tense to calm down won after the armistice político What, in the facts, había agreed Mauritius Macri and Alberto Fernatndez after the devaluationornot What to put at dorlar in tower at the 60 pesos.

This given account, as wellats, of a aggravation of the crisis: at regret of jump of Type of switch after the STEP, in the banks of investmentornot admitía the possibility of nail new correctionornot exchange rate.

The agitation I returnedor so of the Mountain peak maintained while the late of On Monday enter the entourage of The bottom Monetary What comeor at Good Aires with Alberto F. and his team econormico. Nail time finished it meet, Fernandez issued a hyper critical statement to the attention of the IMF and the Macri administration, making them responsible for the "social disaster".

Parallel to this statement, it appeared that the mission led by Alejandro Werner and Roberto Cardarelli had evoked the "power vacuum" in Argentina after the defeat of Macri in the Primary and when there were 60 days left for the general elections of # 39; October.

The agency is officially out to deny this point. "The International Monetary Fund categorically denies that members of the delegation currently serving in Argentina have suggested advancing the presidential elections because of alleged concerns about a hypothetical" power vacuum ", he said. .

However, this has not reached: The obvious tension in the link between the Todos Front candidate and the IMF has shaken the financial market. And the prices of Argentine badets have collapsed.

According to unofficial representatives, at the meeting between President Macri and the Minister of Finance, Hernán Lacunza; Guido Sandleris, head of the BCRA, and Marcos Peña, directly held the Front's candidate responsible for the turmoil in the financial markets.

specifically, by the posture of Alberto F. forehead at the delegationornot of The bottom and the versions of a I raise of "vacíor of power".

Nielsen, before bankers e investors

This time, the communicationornot of William Nielsen with investors, at traveds of paths conferences teleforunique organized by the the banks international Itaú and Barclays, no sootheor the atcheers thirsty.

he referent econormico of the oppositionornot I know showedor very careful in his contact at refer at to come up in case of What Alberto F. I arrived at the House Pink. Without however, to the leftor nail affirmationornot What to put in alert at their interlocutors: "No there is noúnot hint of What the MFIs concrete the disbursement" of you$s5.400 millions, planned for the prorximas weeks.

He was taken as a the data relevant of part of someone & # 39; a What I know togetheror with the executives of organization some hours before.

Nielsen, at his time, oustor speak of nail possible restructuringornot of the debt. It sí chargeor the inks sure the Government: "We we want help but no can make a lot. Macri isat at charge of Executive and must get charge. But I returnedor at make encampednotat" shootor the economist.

al close of the markets, the officials of the administrationornot central held responsible at the statements of Fernatndez by the skid of the títulos públicos, the actions and the pressures sure the Type of switch.

The accusations crusades enter the the officials of Government and the referents of the oppositionornot they turn the fratgil agreement achieved so of the úlatest devaluationornot, when the dorlar trepor at $60 and Macri and Fernatndez they kept a pair of tellatlogos teleforonly. coincided in What the Bank note green debíat stay in those values. But, at judge by what it's gone yesterday Tuesday in the markets, it the scene it seems crack.

In this contextand mats theat of the veracity of the versions in tower of the contacts of MFIs with the oppositionornotthere is Something true: the organization no at incentives políticos for to send the funds with the emergency What the the scene needíat.

Do youBy whated hurry up Yes isat mats What of course What each dorlar What ca.íat at the Argentina enter by nail door and fate automattypically by the other? he MFIs no at noúnot intereds of What those change What ca.íat be in use by the funds of investmentornot use for cover. al in front, his mandate as organization isat in against of that one dinatmica.

A his time, the The bottom no more at incentives for accelerate the disbursement before of What, as it seems, Alberto F. I know devote as President elected, the prorximo 27 of October. Yeah edI know except the the scene, the the officials of organization would sit down at to negotiate with the selected before of to send the money.

The úonly emergency What caníat reveal at MFIs beíat Yes the Bank Central I know is left without reservations. A the scene What by now no I know watch. Lo What worries is the dinatmica; no the Photo.

Concernornot in Wall Street

From Wall Street they watch this process with matxima worriedornot, Something What I know preview in the the prices of the papers of the debt.

From New York, a recognized badyst comment at Professional, low Reserve of his identity: "he país it seems at the derive; without What nobody I do Something productive for to avoid the collapse".

A of the financial What the the week past had contact with the team econormico of Alberto F. says, at his time, What "is obvious the missing of the leadership forehead at the crisis, of a and other side".

In the cutísimo term habíat at less two initiatives What they drove in the drafts of financial very close at the House Pink:

Nail measure referíat at the you$s7.000 millions What the Bank Central atúnot at of first disbursement of The bottom Monetary, What to haveía the it workedornot of to reinforce the reservations but What, come the case of nail crisis deep, canía to be used for the face the payments of due dates of the debt and decrease the pressures.

In other institutionornot no discarded nail initiative mats bold, What in Algerianúnot moment caníat go out at the light in case of What I know complicate mats the Things: a exchange of letes by a títitle of debt of long term, without What he way nail carry at value present.

Of course What nail surgeryornot of it Type no sorwhat dutyíat tell the seen good of Government but, sure all, with the safeguard explíI quote of Fernatndez.

For the moment, none of this seems to be on the table. After a new day in uncertainty, the banks of the micro-center of Buenos Aires have estimated that the financial scenario could worsen Wednesday.

"If the dollar goes up, we do not have much left to manage with interventions", a manager of the economic team anticipates iProfessional.

How many more days can the situation bear if the Central Bank has to intervene again to sell the diminishing reserves?

As Carlos Melconian eloquently said on Tuesday, "the transition game is at the level of the Reservists, we must not look for anything else." So far this month, $ 10.4 billion has already declined. There, the gravity of the crisis is exposed.

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