The transition started without meetings and with an agricultural dollar at $614

The transition started without meetings and with an agricultural dollar at 4

The transition between the current government and the one that will be headed as of December 10 by the president-elect Javier Milei began with difficulties as there were no formal contacts until yesterday to resolve the agenda of urgent economic measures, necessary to contain the possible volatility of the markets that this Tuesday will operate normally.

Milei opened an account on the of Economy, Sergio Massa.

“Until December 10, President Alberto Fernández and the Minister of Economy, Sergio Massa, are constitutionally responsible for the situation of Argentines,” he said in that statement.

And in another part he stressed: “We want to inform that up to this moment there is no meeting scheduled between the President of the Nation, Alberto Fernández, and the president-elect, Javier Milei.”

This statement came from the office set up in the Intercontinental hotel in Buenos Aires, where Milei remained throughout the day in different meetings, including some to define the leadership of the eight ministries that, according to what he confirmed, his Government will have and also telephone contacts with foreign leaders.

Diana Mondino from Córdoba, designated by the libertarian as his future Chancellor, and collaborators such as Santiago Caputo and Nicolás Pose, who will be appointed Chief of Staff, participated in that activity.

Precisely, in the middle of that activity, he gave an interview to Radio Miter where he said that he had prepared an approach to the economy for when he takes office and was very harsh with Massa. “I had certain working hypotheses, but truly what Minister Massa did yesterday (Sunday) is surprising,” he was referring to the possibility of him taking leave from office.

“And on top of that he accuses me of the problems that he himself caused during the last year and a half and that his government caused for four years. So now I cannot expose my economy minister to a quake generated by Minister Massa’s irresponsibility,” he added, without revealing who will occupy the San Martín Palace.

But, almost at the same time, Massa held a meeting in the town of San Fernando with his main collaborators: Leonardo Madcur, Marco Lavagna, Flavia Royon, Matias Tombolini, Lisandro Cleri, Germán Cervantes and Guillermo Michel and Eduardo Setti.

At the end of that conclave, of which a photograph was circulated to show that Massa was still in office, some measures were released so that this Monday the banking and exchange markets function normally.

The integration of a group of officials who will be in charge of the dialogue with Milei and his team was also resolved. They will be the current vice minister, Gabriel Rubinstein; the head of the Ministry’s Advisors, Leonardo Madcur; the Secretary of the Treasury, Raúl Rigo and the president of the Central Bank, Miguel Pesce.

At least two of the names on that transition team constitute good news for Milei. Madcur from San Juan has had good dialogue with the president-elect for years, they even shared a university. The other is Rigo, who even held the position during the government of Mauricio Macri, today a strategic ally of the libertarian.

But, in addition, there is another connection, in his radio interview Milei said that Guillermo Nielsen could join his government. This economist has family ties with Madcur and they even work together in consulting. That is, this dialogue channel would be oiled for the next few hours.

From that meeting led by Massa in San Fernando it also emerged that the banking system and the financial market will function this Tuesday. The clarification arose after some versions mentioned the possibility of a holiday.

Along with that, the outgoing minister validated the extension until December 31 of the agricultural dollar or export dollar, with a change in the formula’s operation. From now on, settlements will be paid 50% with the valuation of the dollar Cashed with Liqui (CCL) and another 50% with the wholesale bill of the Single Free Exchange Market (Mulc), as confirmed to La Voz by sources from the Ministry of Economy.

According to economist Damián Di Pace, “this gives us a settlement dollar of $614 per dollar,” which “will bring more exchange calm in the transition,” he added. This value implies an improvement of 20%.

Another action that the Government will maintain involves intervention in the bond market, in order to contain the pressure on the financial exchange rate.


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