One of the professors of the Faculty of Economic Sciences (UBA) who issued the opinion on the debt swap with ANSeS commissioned by Economy Minister Sergio Massa, he underlined on Tuesday that it was a technical report and not an endorsement of the measure.
“In this kind of technical relationship there are usually biased readings, political overtones, that get past us. The report, which can be found on the faculty page, in addition to the specific questions that have been addressed to us by the minister, as a public faculty, we have an obligation to respond and transfer technical knowledge to strictly feed a debate. It’s not an endorsement in any way,” said Julián Leone on LN+.
lion is Undersecretary for Research in Economics in said institution and one of the professors who was questioned for being responsible for a matter whose owner is the current Secretary of Commerce, Matías Tombolini.
Andrés López, director of the Interdisciplinary Institute of Political Economy, was the one who proposed to Leone and Daniel Miliá to implement the opinion.
The technicians performed the analysis on the basis of the consultation requested by Economy to the DNU which orders the sale of domestic (Bonars) and foreign (Global) dollar securities. As regards the former, the decree provides that 70% of the sale is used for the purchase of dual bonds and 30% remains available in the agencies.
“The provision envisages two large margins: an operation to exchange public securities and the second, a sale of securities to private markets, with different consequences”, said the young professor.
On 23 March, the Government ordered ANSeS and a hundred organizations on settlement of bonds in dollars in exchange for a double bond in pesos (net of inflation and devaluation) until 2036. But in the face of complaints from the opposition of an attempt to “empty” the ANSeS Sustainability Guarantee Fund (FGS) and borrow at high rates, Massa sought an opinion from the UBA and the General Audit Office of the Nation (AGN).
Leo (32) He has a degree in Economics, professor of a subject assigned to Tombolini and undersecretary for research in Economics at said institute. Miliá (35) is a PhD candidate in economics, capital markets specialist and vice president of the city’s Council of Economic Professionals.
“It’s not an endorsement, that’s why I’m going out to clarify it. It’s not a green light that’s why we divided the two parts of the measure. One is the trade-in transaction, where an accounting revaluation occurs in the record, because the form of registration of the securities is being enabled to change. What does this intra-public operation change in the retirement assets? This part is harmless,” she explained.
But he noted that “the warning is clear when issuing private sector bonds that are well below par and at remarkably high dollar rates of yield.”
When asked about the contradiction of making the report and being in Tombolini’s chair, Leone answered yes “militant of Buenos Aires radicalism”referred to in the figure of Martín Lousteau.
“The report answers technical and specific questions, which are put together by the professors of the Faculty and which give a technical judgement. It is not an opinion”, he concluded.
Source: Clarin
