Why Cristina Fernández de Kirchner’s import festival does not exist

This Wednesday, the Ministry of Economy managed to exchange the debt in pesos for about $358 billionmanaging to reduce the renewal requirements to more than half of $600 billion. In other words, the National Treasury was able to extend this operation, which was to be carried out next Thursday, June 30.

After this exchange rate movement, Alfredo Romano, an economic columnist for MDZ Radioindicated that “the problem that the General Treasury of the Nation will have is that it will continue to refinance debt that will mature and aggravate the country’s public spending.”

“Until a few weeks ago, the market was financing these operations and there was no problem. However, we are now suffering the consequences of international currency runs. In addition, the little reserve capacity that our Central Bank has caused us to be suffering financial stress,” said the specialist.

Roman He remarked that “the news of the moment is to be able to determine if the treasury can refinance these 600,000 million pesos”, for the next month, when the State will have to pay $500,000 so as not to fall into arrears. “Having refinanced a little more than half means that he was able to negotiate with public entities, and now we have to wait until June 28 to find out if the private ones will agree to refinance the debt. We still do not know at what rates and on what conditions they will establish to accept the agreement”, he pointed out.

According to the economist, the Government is seeking not to default with a debt in pesos, but it has all the ingredients to achieve it, since the problem to be solved is serious both for the central bank and the National Treasury. “This has an implicit cost, since it generates more fiscal debt by having to roll causing a snowball that increases every day and harms the reserves of the Central Bank. The State wanted to sell the photo that it got an agreement, when it endangers the accumulation of reserves”, he pointed out. Roman.

On the other hand, the columnist criticized the vice president’s comment, Cristina Fernandez de Kirchner, who stated in his last press conference last Monday that “our country is going through an import party.” For this reason, Romano declared that the open economies “to achieve this party” have between 50% or more of import volumes, when Argentina only has 14%, if we compare it with the rest of the world.

Argentina It has one of the most closed economies in the world and such a party does not exist. Our volumes to import are very low, therefore, the concept is misused by the vice president, since there will not be any liquidation that is enough to cover that pothole, “she said.

Alfred Roman added that “if a person can buy an asset at a given value” it is probably because consumers continue to demand it, and reaffirmed his point of view in relation to the image of Cristina Fernandez de Kirchner in the organized act of the CTA last Monday, where the former president was seen manipulating a high-end cell phone in her hands.

“She has a cell phone that can only be obtained by importing the product with foreign currency. That cell phone is worth 1,500 dollars or more in the United States and the same model can be obtained in Argentina for 700 dollars,” the columnist described.

And he added: “This shows that there are people who buy it at that price and then resell it and get more money from the imported product. Such an example explains what is happening with our imports, that they are being given away at a ridiculous market value and that therefore, not even the liquidation that the countryside can give us with its foreign currency will be enough to cover this pothole as a result of these policies”, he sentenced.

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