2024-10-18 17:35:00
Amid massive security operations and protests near the site, The closing ceremony of the 60th IDEA Symposium in Mar del Plata was hosted by Chairman Javier Milei. It was the president’s return to the country’s most important business forum after his defeat in 2023, when the candidates held parallel symposiums at the same time and in the same city.
The atmosphere throughout the conference since Wednesday has been generally very “friendly” for representatives of the ruling party. In this framework, people have great expectations to hear from the president, who The business community appreciates his firm decision to crack down on public spending and eliminate fiscal deficits.
The president’s speech lasted more than an hour, and his mere presence prompted bursts of applause from the auditorium packed with businessmen. For nearly 40 minutes, the speech focused on reviewing the legacy left by the previous government and every measure taken since taking office in December.
During this visit, he assessed central bank spending adjustments, falling inflation, reductions in paid liabilities, and returned to his famous and controversial diagnosis: He once again said that if he had not come to power, the inflation rate would have reached 17,000% this year and the poverty rate would have reached 90%.
“To this day, I have to continue to explain that I want to pay for colleges, or I want to close them, or I want to privatize them, and those are all lies.”
Javier Millay and IDEA
In a management review, he assessed that picketing had ended, more than 50,000 jobs had been eliminated in the state and the fiscal deficit had been eliminated in just one month. “In the first month of administration we achieved something that has never been achieved in the 123 years of the Argentine economy”he said.
He bragged about using a chainsaw when few believed it was possible. “We’re well aware that because of the type of adjustments we’re making, the impact will likely be felt most strongly in the first quarter, so It’s important to do it during the holidays so people don’t know too much,” he added.
Regarding the social impact of the adjustment, the President recognized the liquefaction of the purchasing power of public wages and the impact on retirement. However, he stood by another of his most controversial statements: «The number of retirees is 10% higher than in November, and not only that, in dollar terms the number of retirees has also tripled«.
On the controversy over the university financing veto, the president has denied any intention to privatize and impose tariffs on public universities. “To this day, I have to continue to explain that I am paying fees to the university, which are all lies.”or I want to close them, or I want to privatize them,” he said.
Exchange stocks and “currency competition”
Regarding the exchange rate and the possibility of lifting restrictions, the President conditionalized this decision on the observance of fiscal and monetary regulations, thereby It eliminates any kind of speculation regarding the opening of the foreign exchange market in the medium term.
Apart from He mentioned currency competition and said it is already being implemented and that it would be possible to trade in two currencies.. “Those who are very worried about exchange rate appreciation don’t worry, we are allowing individuals to voluntarily map the supply and demand for dollars,” he said.
References to Vaca Muerta
Talking about the advantages brought by RIGI, the President took the opportunity to speak boldly about the arrival of investments, in this sense Emphasis on opportunities in the oil and gas industry and the export potential presented by energy.
«If we respect property rights, investment will happen. We have made over $50 billion in oil and gas investment announcements.
Javier Millay and IDEA
«If we respect property rights, investment will happen. We have made over $50 billion in oil and gas investment announcements,” he said. And he even dared to predict that energy would make currencies appreciate. “Given everything related to oil and gas, Argentina’s currency is likely to appreciate a lot”he said.
Chicani time
In every speech, the president displays his most sarcastic side, referencing previous administrations and his most critical economists. “I remember my predecessor, who said that inflation was caused by the devil. The forces of heaven have killed them all,” he said, referring to Alberto Fernandez.
«Econochantas baboon says we use a lot of blenders and scissors. These people are certainly not the heirs of Adam Smith. “I like it, they don’t,” he said of his fellow economists. Although not mentioned, one section appears to be directed at Carlos Melkonian. “It seems to some economists that the dye is burning their brains,” he said..
private sector, consistent
The 60th symposium of the Institute of Business Development of Argentina (IDEA) lasted three days and had a common vector: Satisfied with political decisions to organize the macroeconomy, deregulate the state and set new rules of the game Promote production activities.
Be consistent with the curriculum. The 60th IDEA Colloquium is marked by an agreement with the Milei Macro Organization.
The private sector has largely followed the line chosen by President Javier Milley, with the intention to oppose public spending and fiscal deficits classified as “historic” in several passages of the business forum. This atmosphere hangs over each panel: The private sector, represented by the country’s largest companies, is aligned with the government’s political and economic approach.
“We will close the central bank and politicians will never rob us again with an inflation tax”
Javier Millay and IDEA
The meeting ended with a most ecstatic Milais being seen, returning with a promise to end the monetary entity. «When all conditions are met and we reach our goal, “We will close the central bank and politicians will never rob us again with the inflation tax,” he said in a tirade that drew loud applause.
In his final address to businessmen, the president said: “No one had ever given them so much freedom in such a short period of time. “We had the largest liberal reforms in Argentina’s history. “. Then he challenged them: “You are the key to making Argentina great again, you are the ones responsible, you are the ones who can change this reality, we are just giving you a level playing field,” he said.
At the end of the conference, which brought together more than 1,000 business people from across the country, the opening slogan of the conference made more sense: “If not now, then when. Switch. Invest. Seize.” Businessmen understand that the rules of the game proposed by liberal governments are more pro-market than ever before, and that decisions about investment and job creation are in their hands.
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