Deputy Economy Minister Gabriel Rubinstein insisted on Wednesday in his defense of the debt policy of the government of Alberto Fernández. As he had done the day before, he was also on Twitter but this time pointing four recipients punctual.

In his tweet, Sergio Massa’s number two rapped the former Economy Minister of Mauricio Macri’s government Hernán Lacunza, the deputy of Together for Change Luciano Laspina, the former Economy Minister of Fernando de la Rúa Ricardo López Murphy and the economist Eduardo Levy Yeyati.

“Dear colleagues, how can a debt of 8% of GDP, which requires only 0.2% of GDP of fiscal effort not to grow, be classified as unsustainable?” they asked.

And he added: “And if the debt no longer grows, We all seek, as state policy, to pass a budget without deficits general Attorney?

Rubinstein asked them, instead of criticizing, to say What will they do if they win the election?. “And if the 2023 deadlines are the problem, why don’t they change the subject?How about if they say they don’t intend to re-profile in any way? And so they help us dilute the towers now, and lower interest rates, for 2025, 2026, 2027, 2028, 2029, 2030. If you win, it’ll do you good. And in any case it will be good for the country”, remarked the deputy minister.

Pledging not to reprofile, the official hinted at the reprofiling of peso debt that existed during the Macri government.

Rubinstein said on Tuesday that “taking care of the financial system and the local capital market is a priority” for the government and that, for this reason, the current administration is working to increase the demand for peso assets, instead of indebting the Argentina. in short-term currency, at rates close to 7.5%, as the administration of Mauricio Macri has done”.

With this stream of tweets he tried to respond to the national board of Together for Change, which on Monday issued a statement in which it argued that the Treasury debt in pesos is “priceless” and that this situation will force him to win the next elections “a time bomb”, especially stocks that adjust to the exchange rate.

“The national leadership has spoken out against the use of financial instruments in pesos, adjusted to dollars with interest rates impossible to pay, or in dollars at usurious rates. With this, the national government does nothing but hypothesize that it is leaving a time bomb for the next government”, they declared.

Rubinstein argued that, unlike the 2016/2019 period, “in which the debt was issued mainly in dollars, today the debt market in pesos is the main source of financing for the Treasury“, while the assistance of the Central Bank (BCRA) to the Treasury “represented only 20% of the financing in pesos, highlighting that partial cancellations of the debt in pesos with the BCRA were carried out during the second half of 2022”.

“This government not only did not borrow abroad, but also restructured more than $100,000 million of foreign currency debt, renegotiated the 2018 stand-by loan with the IMF for more than $44,000 million. And a new deal reached with the Paris Club was also made, and the peso debt market was rebuilt after being reprofiled (defaulted) by the previous government in 2019,” Rubinstein noted.

He explained that as a result of these policies “the debt-to-GDP ratio, which had increased during 2015-2019 from 52.6% to 89.8%, in the third quarter of 2022 already accumulates a decrease of 10 percentage points in 79.8%” .

“At the same time, there is a debt dedollarization compared to that collected in 2019, going from a share of debt in dollars of 70% to the current 53%. In other words, debt relative to the size and capacity of the economy is significantly reduced in a very short time,” Rubinstein added.

With information from Telam