In a context marked by the overwhelming victory of Chile’s elected president, José Antonio Kastthe Argentine Deputy Minister of Economy, Jose Luis Dazaconfirmed that they had offered him a position in the Transandean government.
Daza, current Minister of Economic Policy and one of the people closest to the Minister Luis “Toto” Caputohe admitted when asked directly in streaming shit: “I have to ask you the question: Have you been offered the opportunity to become Minister of Economy in Chile?”
“They offered me, yes… some jobs”the officer started from close proximity to Caputo. However, he emphasized his strong attachment to the economic project he leads in Argentina and the personal assessment he makes of his current work.
The public recognition of these offers came during an exchange in which Daza was asked about his possible inclusion in the cabinet of the elected Chilean president after joking about rumors circulating on social networks. In the same conversation he emphasized that the project in our country “It is by far the most important thing I have done in my life,” he said, describing his decades-long professional and personal relationship with Caputo.
The scenario takes place in a climate of intense political negotiations following the election of Kast, who will take office on March 11, 2026 after defeating the official candidate by a large margin. Jeannette Jara.
This win for Kast opened talks with various business leaders and Daza was among the names being talked about to join his team. Caputo himself had already admitted the possibility of Daza leaving the Treasure Palace.who said that there was an invitation from Chile and that the decision was being considered by the official, stressing: “I have great affection for him and hope that he stays.”
Why should Daza join Kast’s cabinet?
The figure of Daza, a native of Chile with extensive experience in international finance and a doctorate in economics from Georgetown University, has gained prominence both in Argentine economic policy and in the analyzes of Kast’s team.
Before his appointment as Minister of Economic Policy in September 2024, he worked at financial institutions on Wall Street and was the representative of the Central Bank of Chile in Asia.
The possible handover of Daza to the Transand government, if completed, would represent a significant loss for Argentina’s economic team at a time when it is negotiating with multilateral organizations and trying to consolidate a fiscal and monetary policy roadmap.
Paradigm shift in the region
The economic team linked the change in scenario to the election result and the decline in sovereign risk after the elections. They explained that in recent months the economy has experienced a collapse in money demand due to political uncertainty, leading to an unprecedented dollarization process.
“We have achieved dollarization of almost 50% of the M2 transaction volume”Caputo explained and described a virtually one-sided market in which the only relevant seller of dollars was the public sector. In this regard, he considered that the removal of exchange rate bands and the purchase of foreign currencies had led to a sharp increase in the exchange rate.
“If we got out of the bands in July or August and started buying dollars, the dollar would go not to 1,000, but to 3,000,” he warned. According to him, this scenario would have had a direct political impact and threatened the continuity of the economic program.
After the elections the picture changed. “The next day sovereign risk fell by 650 basis points and the only news was that we won the elections,” he noted. Based on this result, the government regained access to refinancing, which made it possible to redefine the role of the Ministry of Finance and the Central Bank in the foreign exchange market.
Why it can now accumulate, according to Caputo and Bausili
With the return of refinancing, they explained, the Treasury no longer needs dollars to pay off debts and the central bank can become the main buyer. “We used to accumulate 25 cents for every dollar. Now we can accumulate the entire dollar,” Daza summarized.
Bausili insisted that the key to the program lay in the order of decisions and rejected criticism that blamed the measures on tariffs imposed by the International Monetary Fund. “All of this was discussed, debated and worked on for weeks and months. There is no improvisation.”he explained.
He recalled that the budget adjustment was implemented from the beginning, while the exit from stocks and the elimination of paid liabilities came later, once the necessary conditions were in place. “The order of the factors changes the product,” he summarized.
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