2023-08-05 03:59:13
The Minister of Economy, Sergio Massa, began the week trying to calm the markets regarding the technical agreement with the IMF that still requires the board’s political consent to unlock the most important thing: the disbursement of 7.5 billion dollars.
The “minister suit” was put on to dedicate himself fully –in the final stretch towards PASO– to wearing the “presidential candidate suit”. In this other pre-electoral race, the economic team believes that without making too many waves within the internal front of the government coalition, perhaps they will achieve better results than what the hardest wing gave them at the beginning of this journey.
The economy, it still seems necessary to have to remember it, transits other dynamics and other codes. There is a lack of fine print on the technical agreement with the Fund to calm the twenty exchange rates that coexist in Argentina. At this point, there is too much economic fine print that is missing.
This uncertainty caused, for example, that the week ended with a new price record for the blue dollar, which closed at 574 pesos. This has been transferred to prices and will continue to do so in the coming days, especially in the first half of August.
The inflation numbers are not “visible” in the final stretch of the PASO, among other issues, because the official data for July will be released next Tuesday and those for August (which started with seven increases), far from the October elections.
In the daily life of Argentines, on the other hand, not reaching the end of the month is primarily in the prime time of family anguish.
For example, the increases of up to 470% in electricity bills that are reaching residential homes due to the combination of the elimination of increases but, also, and especially, due to the increase in the full rate causes what previously implied an expense Fixed family of up to 10 thousand pesos per month, now instead I climbed to that value but as a floor. (This month there will be another rise in electricity).
The 20% increase in beef leaves many barbecue lovers speechless but next week it will knock out those who switch to pork because those cuts will go up to 12%. In the final stretch towards the PASO, the numbers that they prioritize in politics seem to be those of the increasingly diverse polls in their forecasts. However, in the pocket the temperature that is strongly felt is that of the numbers that reflect how from one week to the next the same liter of milk, the same kilo of bread or the kilo of roast has very different values and never descends.
They are postcards from a country that is headed for three-digit annual inflation and where the ruling party crowned the Minister of Economy as presidential candidate, who this past week celebrated his first year in that chair.
1691208620
#ministers #suit #ministercandidate