Argentine Government

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Need a social pact Argentina to address this crisis in a better way? Buenos Aires, Argentina on February 17, 2009 after the success achieved in the exchange of the local stretch of the guaranteed loans, the Argentine Government launched during this week the exchange of the international tranche of such securities. Through operations carried out by the Argentine Government is exchanging is debt maturing in the short term debt on more free from obligations in the immediate term. Thus, given the international context highly volatile and hostile to grant financing, Argentina improves its debt structure avoiding face a financing program for this year and next, much more complicated to comply and which could have caused a serious risk to the stability of the economy. For the first time since the restructuring of the debt, Argentina faced serious difficulties to close its financial program. But you have to be clear for the Argentine Government is that the difficulties that have begun you to appear to the Argentine economy, although it is partly a product of what is happening at the international level, to one extent not less is the product of their serious mistakes in economic policy. The Argentine Government has followed a line of economic policy with a doubtful benefit in the immediate but highly expensive in the medium and long term. So that Argentina will face a year where, among other adversities, most likely notice a zero growth of gross domestic (GDP), where even though the rate of inflation of you slow down (although it will be close to 15%), that would not be result of explicit government actions but consequence of the weakening of the economy. 2009 Won’t be a good year for the two pillars of the current economic model: the fiscal and external surplus which will deteriorate with force (already the first month of the year was witness to this).