Before the rise of the official dollar that closed to $ 1370 and the political crisis, the government hardens the monetary policy repeating the measure last week. With signs of nervousness, the BCRA did not wait for the Board of Directors of Thursdays – where they traditionally evaluate monetary policies – but also advanced the rise of lace at 53.5% to withdraw weights. It governs from this Monday and next Monday, on the eve of a mega expiration for this Wednesday, August 27 for around $ 9 billion that can press more the climb of the dollar.
The week started with a “black Monday.” In addition to the jump of the currency, Argentine actions and bonds collapsed. The ADRs that quote in New York fell up to 10% headed by banks and energy companies. As for the Buenos Aires bag, Merval lost almost 6% in dollars. The dollar bonds, meanwhile, deepened their bleeding and fell 3%.
The scandal of the coimas, of the cúal Mileismo continues without speaking, threw more gasoline to the fire after a complicated week in financial matters for the government. According to the traditional survey of Torcuato Di Tella, the Trust Index in Milei fell to its worst level since it assumed: a 13.6% drop compared to July and 16.5% in interannual terms.
The political crisis deepens the economic crisis. The government sought to maintain the “exchange delay” or “cheap dollar” for elections as exchange anchor to anywhere. After spending more than half of the IMF loan selling reservations to maintain the low price, in July he had to offer juicy interest rates to banks and speculators so that they do not go to the dollar. Some consultants estimated that the surcharge will signify an estimated financial cost of 1.2 billion pesos. Huge profits to bankers, while vetoing megles increases for retirees and disability and continued to deepen the cut in health, education, housing and public works in general.
After the failure of financial juggling, the government entered a fight with banks with debt maturities. After a bad tender where he managed to renew only 60% of the debt, last week the government forced the banks to buy debt by raising the 50% lace.
This Monday, the Government repeats the measure again, this time rising to 53.5%, the highest level in the last 30 years. Remove weights, more expensive, cooling the economy that does not rebound. According to the Argentine Chamber of Commerce and Services (CAC), despite the cheap dollar, the consumption indicator (IC) was 2.8% below the same month of 2023. Meanwhile, INDEC marked an 8.4% year -on -year collapse in sales in wholesale self -help for June.
To get to the Caputo elections he set up a financial engineering to pay funded debt with more debt, a snowball. The cost of exchange peace (and low of inflation), the only battle knight of libertarian management, is paid with falling employment, salary and millionaire gains for speculators.
It is necessary to end the debt scam that generates a bleeding resource and gives juicy profits to speculators, non -existent in the world. Nationalize the bank under a single state bank managed by its workers can be a big step to avoid capital escape, where banks are the Grand Canal. Also to cut with their negotiated and put national savings at the service of guaranteeing soft loans for small businesses, for housing and protecting the entry of the small saver. Put the needs of the majorities above a small group of rich.
Source: www.laizquierdadiario.com
