The “plan” that does not close: with a new DNU, Milei and Caputo put the country in debt for $ 35 billion more

This Monday the Ministry of Economy in charge of Luis “Toto” Caputo announced the launch of new bonds with the objective of canceling previous public debt and, at the same time, continuing to drain economic activity of pesos. Through the DNU 459/2024the portfolio that drives the “crack” of finance expanded in $35 billion (that is, $35,000,000,000,000) the authorization to the Ministry itself to issue national treasury billswhich in theory would be refundable within the 2024 financial year.

The DNU explains that the objective is “face emissions due to renewal of maturities” and the letters may be in pesos “or its equivalent in other currencies”. The Government justifies this “adequacy of the amount” of the bonds issued by the Treasury “within the framework of a strategy to reduce monetary issuance via rotation of Passes to Treasury Bills.” In summary, The liabilities of the Central Bank are liquefied in exchange for deepening those of the Ministry of Economy.

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Furthermore, the Executive Branch argues that it is necessary and urgent to do so by decree given “the exceptional nature of the situation presented” what “makes it impossible to follow the ordinary procedures provided for in the National Constitution for the enactment of laws”. Curiously, in recent months Congress has been fully operational. What would be the impossibility? Only mercy, Toto y Karina They know it, although this urgent measure of “relief” for public finances in the midst of a sustained increase in the value of parallel dollars and the decrease in expectations of obtaining foreign currency from exports (especially, due to speculation by rural capitalists).

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The DNU with which it is only possible to kick the debt forward (increasing it) bears the signatures of mercy, Caputo and the rest of the Executive ministers. A new mortgage offloaded on the backs of the working population for the benefit of financial speculatorsespecially the multinational vultures with whom he gets along so well Caputo and that in his previous time at the Ministry, with Macrileft the country more sunk than before.