Caputo’s secret meeting on Wall Street, the debate at La Rosada, Karina’s travels

The talks were peaceful but intense. Toto Caputo felt comfortable and at times at ease. As soon as we started talking, he disingenuously said, “They say they’ll make an announcement within 30 days.” It happened a week ago in fall Manhattan, on a very high floor of the powerful JPMorgan tower on Park Avenue. Investors listened to him, eagerly awaiting news. But all his persistent questions seemed like sharp stilettos. They kept repeating this. “Is the dollar going to fluctuate? Is Millais really going to seek an agreement? How are they going to accumulate foreign exchange reserves?”

Next to “Toto” was Diego Pereira. JP Morgan’s chief economist coordinated the meeting and delivered some pointed questioning. The Uruguayan asked several questions that worried Caputo, which ultimately led Toto to explode and blame the “wolves” of Wall Street. The minister began by saying, “There is a lot of interest in Millay all over the world.” And he said: “We’re getting a lot of investment inquiries, but we feel like the market isn’t really appreciating the transformation we’re making,” he concludes. “You are not acting accordingly to further reduce the risk to the country and make things easier for us.”

There was silence. There were accusations at the hearing. A few people wrote down texts and sent them to the “CEO” at headquarters. Caputo then predicted: “Argentine bonds are still cheap, so we decided to buy back our own bonds.” That was the answer to some questions from the “wolves” of Wall Street. And there’s also a little bit of anger because they’re coming back – they always are. To win against the economic team, despite the extreme harmony with Manhattan.

A few months ago, they questioned Millais’ political ability. Now, after winning the election, bankers are concerned about the extent of the governor’s political support, want the dollar to float freely, and are demanding a monetary policy that accumulates dollars in the BCRA. One investor asked directly, “Are you thinking of rebalancing?” Toto replied, “The band will never change.”

“If rebalancing means preventing the real exchange rate from lagging, then we should be able to do something within the band,” he said. There were also questions about politics. “What incentive does the governor have to approve reforms?” Toto shot back: “The reforms will be amazing.”

clarion He thus recreated the secret meeting between Caputo and the investors. Many bankers were sworn to secrecy. Toto was left with this feeling. I’m trying to buy a reserve. Santiago Bausiri was also in New York last week. The top-secret mission aimed to break through a blockade in stalled US$20 billion negotiations with banks. Transactions that are made public are inconvenient. International bankers are reluctant to do so and have already formally requested special guarantees from the U.S. Treasury Department to provide BCRA with such large amounts of funding.

A more “realistic” credit is currently being sought, but it amounts to only about US$5 billion. But nothing is closed yet. The Toto Boys asked Scott Bessent to help them unlock the desires of JPMorgan, Bank of America, Goldman Sachs, Citigroup, and Santander.

There is full support in Washington. This Thursday, the White House announced a trade deal with Argentina. But in the case of trust, for domestic policy reasons, they want to let Argentine officials move forward alone.

This is because it has become clear that there is a debate within Casa Rosada about the future development of this bill. Millais is encouraging continued depreciation of banknotes to fulfill his campaign promise to curb inflation. Javo knows that the price index has been rising since May. reached 2.3%, It seems difficult to break through the 2% floor this year. Millais had promised zero inflation by August last year. Meanwhile, the ‘Toto Boys’ don’t mind having a ‘slight and mild slip’ to keep their tickets competitive. A formula designed to balance the external front while simultaneously buying dollars and strengthening the BCRA.

But so far Millais has been able to rally his troops. According to ADEBA estimates, records for foreign currency purchases and number of people may be broken again in October, reaching over 2 million people.

This is a political response to market pressures. The “wolves” of Wall Street, made clear in their meeting with Toto, encourage them to take advantage of favorable financial conditions to achieve exchange rate freedom. They say now is the best time.

IMF auditors and Treasury staff have also advocated for this important step. Yesterday, the IMF spoke publicly again, insisting that the accumulation of foreign exchange reserves must be accelerated. In a veiled form, there is talk about exchange rate parity. Yesterday, UIA Director Martin Rapallini declared: “We are not asking for privileges. We are asking for backpacks with stones to be taken away. We are asking for the land to be leveled.”

Argentina is not going to meet its December target with the IMF. “Totoboys” intends to ask Kristalina Georgieva for an exemption. Domingo Cavallo’s attitude was more or less sincere. “It is impossible to think that we can remain healthy without any conditions as we are now,” he said at the FIEL meeting. And he said there are limits to Caputo’s non-dollar intervention in the market. Cavallo, whose voice was heard abroad, caused great damage to Millais and his ministers. Both of them avoided offending him.

Habo bites his lip, but Oribos’ loneliness explodes. He treats them as foolish and ungrateful. He released them using a series of insults: “He is a liberator.”

Domestic politics remained intense, and newly appointed Diego Santilli experienced it first-hand. Reducing functionality (and only partially fixing it) wasn’t a mistake. Kareena played a major role in his political field on the important day of his inauguration.

Menem’s “cousins” were also in the evil back room. They are strict with him and will not leave him alone as long as he aspires to the governorship. “Koro” – skillful bug – assimilated blows. he knows his future Leads to successful negotiations with the governor. Leaders have doubts about Santilli’s firepower. But they accompanied him because they asked for sensible matters and funds. Martín Jallola told him: “Argentinian square meters did not improve anything.”

Santiago Caputo still can’t digest Karina’s victory. He grumbled in his office, feeling disappointed. Confusion and anxiety reign among his Troll army, accustomed to arrogance and bravado. El Pibe conveyed a concrete strategy to the people. The idea was to take refuge in communication and maintain the power they had accumulated in the state.

Caputo has accurate information that his sister: They are trying to take control of SIDE and ARCA. Furthermore, the former Afip has attracted much criticism, especially from Juan Paso, for its lack of action against tax evasion. Nothing was done for two years.

For the first time, Peaky Blinders feels vulnerable. Politics knows that the supposedly influential White House “adviser” Barry Bennett is nothing more than an important pretend consultant provided by Leonardo Skatouris.

This move is worrying the “red circles” that seek reform. So far, the labor and tax proposals only have a title. However, internal strife could derail the pending privatization. There’s talk of a “wise exit.” Diego Chaher, head of privatization and operator of Pibe Caputo, is in the chapel.