00:00with the Monetary Fund.
00:01It's all yours.
00:02That's right.
00:03It came out last night.
00:04We saw the statement in a tweet by Javier Millet, where he announced that the DNU is
00:09ready.
00:10It's for an agreement of extended facilities.
00:13Some important details are that once the money arrives, it has four years of grace to
00:18start paying it.
00:19Those are some of the details.
00:20On the 29th.
00:21Exactly.
00:22It's going to start paying it at that time.
00:24Why does the government want, I think there are still some doubts, to renegotiate with
00:28the Fund?
00:29The Fund, well, this money is going to be used to withdraw an asset, to put it that way,
00:35the Treasury, to the Central Bank, which are the transferable letters.
00:38So what is it going to do?
00:40The dollars are going to arrive in Argentina.
00:42So the Treasury is going to give the dollars to the Central Bank, withdraw that asset,
00:46which has practically no value for the Central Bank, and in that way the balance of the
00:51Central Bank is going to be healed.
00:52And why is this important for the country?
00:54Because it is a necessary step that you have to take to strengthen the Central Bank,
00:58so that at some point later you can leave the Treasury.
01:01That is the objective of these dollars.
01:03So the DNU is already there.
01:05Obviously, the next political step, Bernie, is that you go to Congress.
01:08Yes.
01:09From now on, he has 10 days to send it to Congress.
01:12It will be dealt with first in the legislative bicameral.
01:16That is the first formal step.
01:18And then, as you said before, with the approval of one of the two chambers, the issue is already
01:23resolved.
01:24In reality, the key is that you do not reject it.
01:27Exactly, that it is not rejected in a chamber, so the logic is that the issue, because I say
01:35the logic because it is not yet defined, but it is assumed that it will go through deputies,
01:39because obviously the government there has a much greater chance that it will not be rejected
01:44in the Senate.
01:45The government already knows that in the Senate it will not happen.
01:47No.
01:48Especially because, what is the discussion here?
01:51When President Javier Milley, at the beginning of the ordinary sessions, announces that he
01:56is going to ask Congress for approval for the agreement with the Fund, we all thought
02:00that it was going to be a law.
02:02Well, it is not a law, it is a DNU that is already in force, unlike the law that you need
02:07to approve, and that with it he does not reject a chamber that was in force.
02:10In the Senate, the government knows that the most likely thing is that it will be rejected,
02:14because, in addition, Cristina Fernández, in her brilliance as a writer, starting with
02:22the Chemilay as always, already more or less anticipated that they would reject it.
02:27You started 34-0.
02:28That's why.
02:29Below.
02:30So the Senate is surely not going.
02:31Where is the discussion?
02:32Does this agreement increase or not increase the debt?
02:37Because if you take more debt, you should go through Congress.
02:42Now, the discussion is, does it increase or not increase?
02:45You are taking more debt, that is real.
02:47You are asking the Fund for a greater reimbursement.
02:50What the government says, yes, but stop, but that greater reimbursement I am going to use
02:53to cancel part of the debt, with which the total gross debt Argentina will continue to owe 100.
03:01Of course.
03:02It is a change in the composition of the debt.
03:04The creditors change, but the gross debt, as Antonio says, if you get those dollars
03:09and you cancel the debt that the Central Bank has, the gross debt does not increase.
03:13If it changes, the composition.
03:15The opposition says, okay, it does not increase the debt, but you change the conformation of the debt.
03:20You are changing creditors, with which you should go through Congress.
03:23Let's remember that this is the famous Guzmán law.
03:25Yes, the law of 2020.
03:27Let's remember that Máximo did not vote for it.
03:29Of course.
03:30The same Kirchnerism did not vote for his Minister of Economy.
03:32Exactly.
03:33With Alberto Fernández, the beginning of 2022, if I'm not mistaken, when is the law of financial sustainability proclaimed?
03:42In the midst of all this, the Monetary Fund, last week, had already officially let it transcend
03:48that it does not imply the agreement to the approval of Congress.
03:51That is a problem of Argentina, of each country.
03:53Of course.
03:54The spokeswoman was very clear.
03:55She said, each country arranges itself as it wants.
03:57We always negotiate with the governments, with the executive.
04:00Good.
04:01Well, the official bulletin of this morning is already published.
04:05Ten days ahead.
04:06Yes.
04:07The head of the Cabinet wants to send it to Congress.
04:09I think by the end of the month, the issue should be totally resolved.
04:13Because this happens first, if the bicameral part comes, and then, later, the issue of treating it surely in deputies.
04:21Let's remember that it does not have the technical data.
04:25No.
04:26Of course.
04:27For example, the rate, the amount.
04:28The amount.
04:29Exactly.
04:30The amount that was said there.
04:31Of everything.
04:32Between 5,000 to 20,000, I heard everything.
04:3410,000, 12,000, right?
04:35Yes, but I heard up to 20,000.
04:37That's why.
04:38Just last week, an international Swiss bank said it could be up to 20,000 million.
04:42And in reality, when you see, if you enter now, I have it there to show you in a moment,
04:46the balance of the central bank.
04:48The total of transferable letters is almost 20,000 million dollars.
04:52Yes.
04:53Originally, it was for, better said, the initial accounting, it was 67.
04:57Yes.
04:58It went down.
04:59It went down and they changed the valuation, and that's why it's 20, 23, I think.
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