Alberto Fernández: "If Macri continues it’s very likely Argentina will default"

-Can you compare the situation that Néstor Kirchner found in 2003 with the one that will receive the next government?

-When we arrived with Néstor (Kirchner), Argentina had an economy in default. The debt with the International Monetary Fund (IMF) represented 10 percent of the total. It is not a minor fact because the debts with the IMF are protected: one can not take off or wait. The only thing you can do is to refinance over time paying more interest. That debt now represents between 35 and 40 percent of the total. The rest is private debt that is not in default. But if Macri continues it is very possible that they fall into default. The debt is a strong condition because Macri paid the attention to the only problem that he paid attention to in order to save the dollar demand problems from the financial mechanism. He thought that the inflation problem was only solved by attacking the currency. And generated a financial havoc as has rarely lived Argentina. We must give a solution to the financial havoc, otherwise there is no solution to the debt issue. But all this must be done without neglecting that we have to develop the productive apparatus to put the economy back into operation.


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