When a country is associated with a program with International Monetary Fund Those responsible for the economic sphere must negotiate with them Technocrats from the organism. list for Gray officials submitted to the national authorities viceroy Claiming the application of recessive plans. You don’t have to be an economics genius to expect a fiasco. It has been like this over and over again.
At different times, in The long history of Argentina’s association with the International Monetary Fund, Anoop Singh, Teresa Terminassian, Alejandro Werner, Claudio Loser, Roberto Cardarelli, among many others. every load Bag failure of agreed agreements They were displaced, as happens in any international bureaucracy. Here comes the disagreement over the interpretation of the cause of the disaster: each of them justifies it by blaming the Argentine governments, even writing books without self-criticism. but, The germ of frustration lies in the economic prescription itself They were forced to apply with great enthusiasm.
The last and pathetic case, given the level of ignorance it displays about the characteristics of the Argentine economy, is a case Chilean Rodrigo ValdesDirector of the International Monetary Fund’s Western Hemisphere Department, he is responsible for 31 countries, including Canada and the United States, as well as countries in Latin America and the Caribbean. Not only He demanded a devaluation of the currency to exorbitant levelsBut after the failure of adjusting the exchange rate by 22%, when the demand was initially 100% and then 60%, he continues to interfere in the internal political life through regular contacts with the opposition and the city.
Valdés has academic records and has held executive positions in Chile. He was Minister of Finance in Michelle Bachelet’s government and before that he was Chairman of the Board of Directors and Executive Committee of the Chilean Banco Estado. He worked as chief economist for the Andean region and Argentina at investment bank BTG Pactual. He was also Chief Economist for Latin America at Barclays Capital, Director of Research and Chief Economist at the Central Bank of Chile, and Senior Adviser to the Chilean Minister of Finance. He holds an MBA and a BA in Economics from the University of Chile, and a PhD in Economics from the Massachusetts Institute of Technology.
This approach does not allow you to see that the Argentine economy is two-monetary In a system characterized by high inflation, with few reserves at the central bank in a critical scenario due to the negative impact of the worst drought in the country’s history, and with high dollar debts. Valdes meets the qualities of Chilean technocrats who occupy positions in the stateRegardless of whether they are right, center or socialists. They are conservative, hard-liners and financiers, who care little about inequality or the social impact of unpopular measures. The Chilean economy is the strongest example of this technocratic intervention. Supposed technical neutrality allowed Valdés to be an outside advisor called in by the economists of the PRO on contracts paid for by the Central Bank and the Ministry of Economy during Mauricio Macri’s government.
It shows a level of ignorance of the performance of the Argentine economy that affects. Minimize or direct Conversion speed is not considered at devaluation ratesIt is difficult for him to learn anything from the painful experience of adjusting the exchange rate the day after the move.
Fortunately, the devaluation was not as large as he demanded, and there were nearly 30 days of deadlocked negotiations as he did not back down from his demand for a 60 percent adjustment. king Pushing the Argentine economy into hyperinflation.
