- “Dollars will disappear”
Carlos Melkonian He harshly criticized the government’s management of spending and explained that without financial assistance from the United States, The economic plan would have collapsed. “This was a shock, and Favaloro came out to the hospital door and put the stents in. They were very lucky.”, He pointed out the swap with the North American treasury that came as a lifeline at the most crucial moment.
For the former president of Banco Nación, the libertarian administration committed A “Big mistake” By opening the purchase of dollars randomly from individuals without getting enough money. “I’m a liberal and I support free markets, but if you don’t have the fitness, you can’t be No. 9 at Estudiantes,” Melkonian said. According to their numbers of people They took “twice as much as they took from Macri, who ended up collapsing.”.
In his view, to have a functional market “you have to have a market in which there is all supply and all demand, and from there you can discover prices.” What happened, instead, was a trigger that put the entire scheme under control.
But the mistake was more serious, according to the economist. He explained: “They did not buy what they had to buy, which is the public sector, to pay debt services in dollars, which is about 10 thousand million annually.” He doubted that the government achieved a fiscal surplus in pesos, however He did not use it to put pressure on the exchange market And buy the dollars needed to pay the interest.
“This was a shock, and Favaloro came out to the hospital door and put the stents in. They were very lucky.”
“You let my aunt go to Punta Cana and you weakened yourself by putting yourself in the public sector, which still pays interest because it uses IMF money.”He mocked.
Thus, Melkonian indicated opposition to the official obsession with fiscal surplus at the expense of other variables. “We have a president who gives Great importance for the fiscal surplus but underestimating the external surplus “It is not that having a financial surplus, the rest of the things are automatically fixed, you must also have a surplus in the external sector,” he said. Because Argentina is an immature country for the rest of the world to finance you in an American way.”
“Dollars will disappear”
Looking to the future, the economist painted a complex picture. “I think for 2026 Dollars will be missing “Pay the interest, build up the reserves, and give it to my aunt so she can go on a trip,” he warned. For this reason, it is proposed to arrange priorities: first to buy dollars to pay interest on debt, and to postpone the accumulation of reserves, although the International Monetary Fund has set a goal to this effect.
Regarding the current level of the exchange rate, Melkonian was clear: “The demand for the dollar by individuals is tamed by the price. With the price, with the price or restrictions, that will be stoppedHe made a historical comparison: “You had a dollar at just $1,300 or $1,400 if there were restrictions at one time, and you had $2,000 if everything was free.” Macri had a moment when he was free and the exchange rate was low and it collapsed. With Ferrari you can go at 300 kilometers per hour, But at some point you hit the stick because they don’t give the numbers. “You have to learn from history.”
The economist strongly questioned the official story about the exchange rate range and the development of the economic plan. “The exchange rate puts the cart before the horse. It has no value, the only thing that matters is the roof“, he declared. He went further: “Did they end up getting help from Favaloro with the three supports? Yes, so don’t fool me
Despite the criticism, the economist admitted that the situation gave the government An opportunity I haven’t had in months. “I never imagined the Secretary of the Treasury would come to buy pesos. There is an advantage in going there 15 times,” he admitted.
Regarding the legislative elections, he highlighted: “On September 7, the world was collapsing, and in October they ratified popular rule. All of this is an opportunity.” The question that remains is whether the ruling party will know how to benefit from this. “If they go back to how they were before, they will go back to Favaloro.” conclude.
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