Overview
- The former Banco Nación chief says the government's program is uncalibrated and assembled day by day, preventing a deep stabilization effort.
- He says officials moved from floating a 1% monthly crawling peg to indexing the exchange-rate band to past inflation, weakening any dollar anchor.
- He describes economic activity as stalled in the second half of the year, with industry, construction and consumption underperforming and purchasing power deteriorating.
- He argues labor adjustment is occurring through rising informality, notes no meaningful rebound in credit, and sees investment led mostly by local capital rather than foreign inflows.
- He projects a potential clash between obligations to international organizations and Wall Street creditors, warning that market re-entry hinges on improving the model's quality.