2023-06-04 06:07:00
BEIJING.- Sergio Massa He opened the embassy freezer. It was Friday at 11:30 p.m. and he had closed a day of seven grueling meetings with officials of the Communist Party of China. Then he had announced the controversial extension of the swap. Despite his exhaustion, he threw some tenderloins and strips on the grill. He roasted the meat. He served soda and wine. Some in the entourage closed their eyes; the Secretary of Energy, Flavia Royon, and the Minister of Transport, Diego Giuliano, They mightn’t hold out and they ran away.
“It seems that this grill has not been used since the time of (Diego) Guelar,” they charged Sabino Vaca Narvaja, the ambassador to China, who remained glued to the Minister of Economy throughout the week and maximum kirchner. Curiously, they swore that they did not talk regarding politics that night. They left that, they said, for the return plane. Before getting on, on Saturday followingnoon, Massa congratulated his team for the job done.
The minister came to get dollars. He received disbursements, but not immediately, in a context of scarcity and in which, without luck, he has been asking for political order and a clear course for his own coalition. The synthesis is a single candidate. Her main concern for him? They say that it is the dollar on the Monday following the Sunday of the PASO with several Peronist candidates coming third and with Javier Milei first. For this reason, the governors may begin to insist with a decision table on the electoral offer of the ruling party. From China, he knows that he only took a portion of what he needs so that Alberto Fernandez end your government smoothly, beyond the financing of infrastructure projects for development. Massa spoke in China as a prime minister or a candidate for president and was treated as such by the government.
Chapter two of the film will begin to be seen tomorrow, when he focuses his attention on the negotiation with the International Monetary Fund (IMF) and the advance of disbursements or frontloading, according to the jargon of the organism. Close to the minister they say that if the Fund does not give the possibility to intervene on the dollar, he will not sign the agreement. Everything must be resolved in the next ten days, around June 12. Work is being done on the “last mile”, they say. He board of the IMF would have already held a preliminary meeting to discuss the scenarios raised by the technicians who endorse a staff level agreement. Delays can occur due to internal ones in the organization.
Many of the investment projects he secured unlocked money for allied districts. For energy investments, Massa signed agreements for US$920 million to enter the country before July 15, according to official sources. An addendum was achieved for a disbursement of a new section for the Santa Cruz dams, as he had requested Cristina Kirchner: it will be US$524 million. US$70 million will be added for a treatment plant in Laferrere, which, together with the one in Jagüel, is led by AySA, which leads Malena Galmarini (minister’s wife). Axel Kicillof will receive disbursements for the first tranche of AMBA1 (US$330 million). “Today is a good day, because we are moving forward with disbursements that in the short term relieve our reserves,” he said then, and then spoke of long-term development, an idea that constantly appeared.
That second followingnoon, Dilma Rousseff, president of the New Brics Development Bank, held the first meeting of governors. After a visit by Fernández, Lula Da Silva confirmed that aid for Argentina was not “possible”. That sentence went down very badly with the entourage in China. More than Lula, the target was the President. Massa brought Rousseff a financial instrument to this, but the former Brazilian president told him that it was better to opt for joining the bank in August. The presentation would be made by Brazil. At that meeting in the financial district of Pudong, Rousseff pushed Máximo Kirchner aside and, according to official sources, she asked for her mother. There was no time for talk; the presidential plane was supposed to fly from Shanghai to Beijing.
In this city, before businessmen, announced that foreign trade and investments may be made in yuan. Such a decision would serve to avoid having to use dollars, but, in turn, pushed a geopolitical decision by China: to internationalize its currency within the framework of the commercial and technological battle it is having with the US.
While he was in China, Massa did not stop following the day to day of the dollar. He celebrated the relative calm of the blue and the final result of the soybean dollar 3.0. For now, there will not be a fourth version, although everyone discounts that it will arrive at some point. They are considering incentives for wheat, although they did not want to confirm if it would be another type of change.
At Eximbank, that day, progress was made on three projects: the terms and conditions were signed for the financing of Caucharí in Jujuy (US$240 million), a project on the Sarmiento Railroad and another in La Rioja for Parque Arauco (wind energy and solar). “Even though you bitch us (sic), we send you the money,” they say Cecilia Moreau had told him from this city to Gerardo Morales.
Qiu Xiaoqi, the Chinese government’s special representative for Latin American affairs, was one of those who made claims for the allegations of dumping of Argentina on China, due to the neutrality of the country linked to technology and due to the need to reactivate an agreement signed by Mauricio Macri in 2018 on double taxation.
Las Complaints regarding 5G appeared, especially in meetings with Trade representatives. Meanwhile, sources in the technology sector are concerned that the specifications are not yet known. They believe that there is a lobby “with first and last name (Huawei)” to design a tender that excludes them. “The devil’s tail can always appear,” they said. Your competition is Nokia and Ericsson, but The one who is lobbying globally to get the Chinese company out of the game is the US. He has already taken Great Britain, Australia, Canada and Japan off the field over “security” issues. Huawei has been asking that nothing be changed: “neutrality”, as the law that governs Argentina currently says.
A signal that generated hives to the country of Joe Biden It was the dinner to which Máximo Kirchner was invited with Huawei. “I highlight the collaborative nature of the relationship where the aid is made without exerting any kind of pressure”said the deputy at Fundan University, before seeing the telco. The leader of La Cámpora avoided the media. He preferred to only maintain contact through his spokespersons. His presence, despite his agenda, was the consolidation of an alliance with Massa and the claim of his parents as opposed to the Fund, despite the agreement that the minister is carrying out.
On Thursday morning, the possible result of the swap. It wasn’t Massa or his surgical communication team. short circuits. The one that finally signed an agreement with the People’s Bank of China (PBoC) to renew for three years swap that it has with that country – it expired in August – and also expanded “free availability” funds for US$5 billion extra was Miguel Pesce, president of the Central Bank (BCRA).
The controversy over the possibility that these yuans are convertible or not (they are used to buy dollars) it was instant. Massa confirmed that they were. The opposition, no. The contract, they say in the BCRA, is confidential.
On the same day, the head of the Palacio de Hacienda launched announcements of Chinese investments, 100% financed, for US$3052 million within the framework of “La Ruta y seda” (AMBA1, Belgrano Cargas II, Ferrocarril Roca, Caucharí and El Jagüel) and also the opening of markets for four agricultural products, which would add exports for US$700 million. The first disbursements would only begin to arrive according to the progress of the works. At the National Development and Reform Commission (NDRC), Massa signed the Belt and Road Cooperation program, the main Chinese geopolitical plan, a fact that was described as “historic” by diplomatic sources in the country.
“Now, the Government has to provide certainty”, they said here near Massa. A clear system and consensus on some ideas are needed. Without that, he believes uncertainty will reign and it will be like flipping a coin in the last six months. The minister’s faith that intervention in financial dollars will slow down inflation in May will no longer reach, despite what the consultants say. Massa has already warned that he will not stop intervening. He knows that the Fund would have a hard time resisting a default of Argentina.
“It’s like a marriage in which each one cheats, but they have to be together until the boys get a job and leave home,” they graphed.
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