David Lipton, a key man in relations with Argentina, has left the US Treasury

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David Lipton, left his post at the US Treasury, the man was instrumental in negotiating Argentina’s deal with the International Monetary Fund (IMF) in 2018. He has now left his post, he was special adviser to Janet Yellen.

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He has been one of Yellen’s closest collaborators on various global issues and has been particularly involved supervision in relations with the government of Alberto Fernández.

Lipton’s farewell, made official on Wednesday 30 November, but has now become known, it was a thing sung after Yellen’s departure, and she retired.

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As reproduced by the Reuters agency days ago, through a statement, the Treasury Department had announced the departure. “Lipton, a close adviser to US Treasury Secretary Janet Yellen, who helped shape international economic policy, will step down,” the letter read.

“The former International Monetary Fund official was International affairs consultant to Yellen for the past two yearsafter coming out of retirement.

“He will be irreplaceable for the department, but I feel incredibly lucky to have had his advice”Yellen said in a statement.

Lipton, 69, knows Argentina well and has also participated in several negotiations since the 1980s, when he was part of IMF missions to the country in the “lost decade” when the country remained in a state of semi-cessation of payments. the military dictatorship and the government of Raúl Alfonsín.

He has since traversed all of Argentina’s governments, serving as both an International Monetary Fund officer and the Treasury.

In 2011, the economist returned to the Fund as number 2 of the organization then led by Christine Lagarde. At the time, he had to interact with the government of Cristina Kirchner, which at the time was affected by the manipulation of public statistics, which in 2013 caused an unprecedented fine and forced Axel Kicillof’s economic team to negotiate some changes. The normalization of INDEC only came with the government of Mauricio Macri.

In mid-March 2018, Lipton landed in Buenos Aires with Lagarde and the regional auditor, Alejandro Werner, to attend the G20 ministerial meeting, chaired that year by Argentina.

In August 2018 Macri faced a currency run, with more than weak reserves in the BCRA. The PRO government has made an official request for money from Washington to help the entity deal with the onslaught. The request was met with a radical refusal by Lipton, because it violated Article VI of the IMF statute. Macri then called Trump, who through his Treasury Secretary, Steven Mnuchin, finally got Lipton to agree and sign the country’s decommissioning permit approximately US$6,000M to contain any runs.

Exit from the IMF, return to the Treasury

When Georgieva took over the Lipton Fund, she was ousted because the former Vice-President of the European Commission and World Bank wanted to take full control of the organisation.

However, when Yellen took over as Treasury Secretary under Joe Biden’s government, she bailed out Lipton as her special adviser and once again Argentina slipped into the arguments the economist will follow.


Source: Clarin

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