In the midst of the fall of the titles, Massa’s second came out to defend the gearbox

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Even without the specifics or technical details that the market expects about what the trading and sale of dollar securities from public entities will be like, Deputy Economy Minister Gabriel Rubinstein came out to defend the deal on Twitter.

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The official put together a string of tweets in which he stated: “Today we start doing this give depth to the local law dollar bond marketstarting with purchase of shares in global bonds of public entitieswhich will make it possible to reduce the public debt, by (global) foreign law, initially by approximately 4,000 million dollars”.

And he continued: “The state, without using the reserves of the BCRA (Central Bank), will continue to bail out and delist global bonds, reducing external debt”.

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“On the other hand -he added- the restrictions that investors have today for the purchase of AL bonds will be released and this new demand will be provided by the MECON (Ministry of Economy) and the BCRA, in coordination with the market players “.

In his view, with these measures, “in a sustained way, the state will acquire the ability to act on the financial markets of the dollarwhich will make it possible to avoid disruptive increases in the CCL and MEP, a key factor for the deployment of measures that strengthen the macroeconomic framework”.

This Wednesday, the market did not welcome the decisions of the Ministry of Economy released on Tuesday. Dollar-denominated Argentine bonds, which fell as much as 5% in pre-Wall Street market, had trimmed losses, but were still down 3.7%.

Nor did the opposition welcome the measure. From Lilita Carrió, to Gabriel Solano, passing through Martín Tetaz, they have come out to criticize the provision which mainly forces Anses – who manages pensioners’ money – to sell securities in dollars.

Source: Clarin

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