For analysts, the announcements had “little taste”

Although the market celebrated with anticipation the arrival of Sergio Massa at the Ministry of Economy, the economists of the city were cautious about the package of measures announced this Wednesday and the ability of the plan presented to organize macroeconomic variables and contain the financial crisis

For Martín Polo, of Cohen, this Wednesday’s announcements had “little by little”. He put it like this: “Especially in the foreign exchange area, there was a certain expectation regarding differential exchange rate for agriculture increase, albeit temporarily, the level of settlements; and he didn’t say anything about it, “the economist said.

In this sense, Nery Persichini, of GMA Capital, underlined: “The market wanted to see if there was background or sheet metal and paint changes. I thought about the second. A continuous tone was seen with Guzmán and Batakis. The rate issue and the need to strengthen reserves have been strengthened. But there was no talk of devaluation or split, two issues that matter most in terms of short-term incentives to generate real dollars. “

One of the highlights of the plan announced by Massa is the commitment to reach the goal of reducing the fiscal deficit to 2.5% agreed with the Fund. However, the specialists consulted by this journal They warned that this is a “difficult to achieve” goal.

“It is a huge challenge,” said Nadin Argañaraz of the IAAF, adding: “It is clear from the announcement thatand reduce the primary deficit and that progress will be made in this direction. It is not just a financial problem. The measures that will be adopted will mean a redistribution of resources between social sectorsbut they must generate a drop in spending if we decide to reach the target of 2.5% of GDP “.

Polo is also skeptical about it: “The fiscal deficit target of 2.5% was already very difficult to achieve. Too strong an adjustment in subsidies should be made, given that at the same time there is talk of a mobility index of pensioners C ‘ there is so much disorder in the public finances, that it seems to me that stopping at a tariff segmentation to lower that deficit, makes you doubt that it is possible “.

In this sense Gabriel Caamaño, of the Consultor Ledesma: “It is not a stabilization plan. The measures aim to rationalize the margin, especially in tax matters, where while maintaining a segmentation scheme, instead of being segmented by people, it is segmented by consumption; and it’s not even efficient, but it’s better than the previous scheme. We need to see the timing of implementation and the impact in the rest of the year will be less.

Analysts consulted by Clarione they doubt the market reaction to the rest of the measures presented. For Pablo Repetto, of Aurum Valores, it was “a very weak announcement for the degree of crisis we are going through”: “The liquidation of foreign exchange is nothing new. Agro will only liquidate $ 3,000 or $ 3,500 million per month in August and September. “

At this point, Francisco Mattig, of the Consultatio, said: “There have been many small changes. I believe that the commitment to Massa It goes through political support, which is a plus. The central axis of the measures are more expectations. This may help in the short term, but the truth is that the announcements that have been made go unheard and the market is increasingly in a see-to-believe mode. ”