2024-09-14 18:43:00
Tuesday, September 10, Rodrigo Valdes Appeared in person before Kristalina Georgieva Ask for a definition. is to remove himself from being the person most responsible for overseeing the Argentine case before it is prosecuted. International Monetary Fund (IMF)or his unwavering resignation. The Chilean economist asked the head of the international financial organization and her No. 2, the Indo-North America Organization. Geeta Gopinaththat is, the relationship with Javier Miley and with the Minister of Economy Louis “Toto” Caputono return. Since the president called him “Southpaw”There’s also no way to repair the relationship except for other delicious treats. Even in a diplomatic and basic way. former finance minister Michelle Bacheletwhich This is a personal and irreconcilable issue.. In fact, Valdez has resigned from office on two other occasions. One, even before that July 19th in the studio nerve Before Alejandro Fantino was surprised, Milei’s concept was: “He is not my bossmy boss is Argentinian. This is the decision of the International Monetary Fund, and who knows why the International Monetary Fund asked us to participate in the San Pablo Forum.
Gopinath asked him to reflect on those moments that were so near and yet so far away. Valdez did, after visiting Luis Cubedou A trip to Buenos Aires twenty days ago confirmed his decision. The Venezuelan economist, who has been punctually handling the audit of the state’s accounts for a decade as his sole mandate, visited Buenos Aires almost secretly with the aim of exploring alternatives to approving second-quarter targets best of the year and Try to reach some kind of agreement in 2025. Before Valdez returned to Washington, Cubedu explained to his boss that the position of Javier Milley’s government remained irreducible and that it was possible Long-term deals are almost utopian.
Kristalina Georgieva backs IMF chief who steps down over Milley criticism
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The practice of professional and critical journalism is a fundamental pillar of democracy. That’s why it bothers those who think they have the truth.
Especially if Washington’s vision is the same as it was last June, this utopia will happen. When the Western Hemisphere general manager threw Caputo out without anesthesia in the final private meeting between the two sides: “Argentina had to devalue by 30% to 40% If he wants a long-term deferred financing agreement and tries to provide a broader loan of about $10 billion. Then, use the money to open the trap. “never”-The Argentinian minister could have given a technical response to the Chilean proposal. Some even talk about other things. A bigger problem.
Logically, there is not much time to analyze other ideas of IMF officials: strengthening the central bank, abolishing all applicable alternative exchange rates, such as hybrid dollars, cards, etc. Valdes wanted to know if Cubedu had returned from his last mission. There is a certain elasticity to Buenos Aires’ irreducible status. The answer is no. Valdez resigned again. Georgieva please proceed with caution. However, there was not even an option to appoint an Argentinian-Chilean as the new negotiator Jose Luis DazaThis old acquaintance of macroeconomic and financial adventures across Andean countries could transform Valdez’s vision. he thinks His management in Argentina no longer makes sense. Maybe he’ll survive the IMF.
Politician and diplomat Georgieva coordinated an outing with Gopinath: Valdes remains in office but no longer focuses on Argentina case. Let Kubedu serve as ambassador plenipotentiary to ensure the validity of the agreement with the country. Chilean will continue in managing director role Western Hemispherebut focuses on other complex cases such as Ecuador, Panama and some Central American countries; other small debtor countries to the IMF. The Bulgarians did not want to repeat the history of many (almost all) areas responsible for the gathering of Latin American countries, which due to the consequences of the war had to abandon the direction of the Western Hemisphere. Plan with Argentina fails. The list is almost endless.
Anyone familiar with the history of the organization and its agreements with the country will remember the near-humiliating expulsion of Indians. Anup Singhwho left after Convertibilityultimately like Ambassador of the International Monetary Fund to Egypt and North America Anne KrugerAfter the collapse of convertibility, he had to resign as chief economist, chairman and the organization’s second-in-command; further back, the departure of the Argentinian-Mexican Alexander Wernerhe takes full responsibility for this complete failure support signed between Christine Lagarde and Mauricio MarkleI.
Javier Milley wins battle with IMF: Rodrigo Valdez withdraws from talks with Argentina
Werner was resigned by Georgieva herself in April 2021 and after six months of discreet silence he is now committed to traveling the world, Lecture on general macroeconomic equilibrium;in addition Roar as much as you can about Argentina and their circumstances. A similar fate awaits Goldfjan at nightThe Brazilian who succeeded Werner in January 2011; was quickly promoted to President of the Inter-American Development Bank (IDB) in November 2022. Martin Guzman;Who has experienced an earthquake within the government? Alberto Fernandez And an all-out missile attack from Maximo, Cristina, and all Kirchnerism.
Goldfajn found the ideal safe passage to escape unscathed from the voltage-generated electric chair in Buenos Aires, and Jump into Washington’s armchaira far cry from the lethal oversight of the economic plan prepared by the Treasury Palace. The man Georgieva chose to sit on the lava was Valdes, who beat several candidates, including his compatriot Nicolas Esaguirre. They said in Washington that Valdez’s selection was linked to the former Bachelet official’s knowledge of Argentina and his more flexible and dialogue-oriented stance on the need for agreements between Argentina and financial organizations. Valdez takes office in February 2023. Signed in July. Back in September, the country failed to comply. After the election, he quickly reached a new agreement with the Mire government last January Expansion facilities The bill lasted a year, but by June it was on shaky ground and needed to be completely revisited in order to take effect in 2025.
impossible.
Valdez officially no longer takes charge of the Argentina case last Thursday, but he will continue to lead the Western Hemisphere on a personal basis. But there is no principal debtor as counterparty.
IMF backs Valdez despite Mire criticism
What will happen now?
Table of Contents
Table of Contents
Inevitably, the parties are forced to reach agreement. Argentina needs it. As Milley himself speculated at some point, and partially realized this, we cannot believe that the world economy can function without the Comptroller. Nestor Kirchner and the battle failed Maximo Kirchner. If you owe them more $44.8 billion. Nor can the IMF give up on the fate of its major debtor, at a time when Argentina is exceeding its agreed-upon targets following widespread exemptions from previous governments. However, Negotiations deadlockedas well as Rodrigo Valdés, who decided to run for Prevent government from personalizing issues.
First there will be a General comments Monitor and ensure compliance with the approval of the ninth inspection (equivalent to the second quarter of this year) of the current expansion facility; where Argentina exceeds target Reserve accumulation, fiscal surpluses and monetary emissions. This will be the last meeting Everything remains to be determined in 2025. Negotiations for the third quarter of this year are likely to accelerate before December, but not too far away. It ends in 2024, and there is still 2025 left. To advance the agreement for the next financial year, Argentina will have to forget more money. and focused its negotiating efforts on a simple extension, a quick agreement on the main fiscal surplus target and no peso issuance. But today, the tension between the need to accumulate reserves and reserves is almost insurmountable. Use swap anchors to stop inflation.
Gita Gopinath, number two at the International Monetary Fund (IMF). Then everything will depend on the new negotiator, who will FMMI Has almost plenipotentiary powers. She will be the number two person in the organization Geeta GopinathA rock star from Fondo, he knows all about Argentina, its successes and its sufferings. From yesterday to today. There is a general perception of a favorable disposition toward Argentina and a willingness to accept international and local conditions that affect the Creole economy. Actually, Gopinath revolutionizes IMF view of Argentina. His predecessors, Geoffrey William, Seiji Okamoto and David Lipton, showed exactly the opposite attitude. The first is a Republican who is one of the people most hindering the acceleration of expansion facilities and has the worst view of local economic progress at this critical moment in 2021. The second is a democrat, always seen as coming from Buenos Aires (perhaps a mistake), he was one of the people responsible for the backup deal in the Mauricio Macri era, and (correct here ground) is Those who always ask Argentina to make the biggest adjustmentsclose the current protocol.
Gopinath always took the trouble to Analyze the social situation in the countryto assess the progress of the fiscal adjustments implemented in Argentina in recent months; he is the person responsible for a comprehensive review of social spending growth at the end of the year to address revenue issues beyond inflation. In recent meetings with officials from the Ministry of Economic Affairs, he also showed a certain willingness to Accepting applications for pension suspensionalthough it is a program increased public spending There were no initial discussions with the IMF.
But, there is always a but, Gopinath signs approval letter for Valdez to take office. With a special mission: responsible for the Argentine case.
impossible.
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What were the reasons behind Rodrigo Valdes’s resignation as chief negotiator for Argentina from the IMF?
IMF Crisis: Rodrigo Valdes Steps Down as Chief Negotiator for Argentina
In a dramatic turn of events, Rodrigo Valdes, the International Monetary Fund’s (IMF) managing director for the Western Hemisphere, has resigned from his role as chief negotiator for Argentina’s case. This decision comes after Valdes appeared before IMF Chief Kristalina Georgieva and her deputy, Geeta Gopinath, to request a redefinition of his role due to his deteriorating relationship with Argentine Economy Minister, Javier Milei.
The Chilean economist’s resignation marks a significant shift in the IMF’s handling of Argentina’s case, which has been plagued by disagreements and criticisms from Milei. Valdes had been leading the negotiations with Argentina, but his relationship with Milei had become increasingly strained, leading to a breakdown in talks.
A History of Tensions
Valdes’ resignation is not the first time he has stepped down from a role. In July, he resigned as Argentina’s chief negotiator, only to be reinstated later. However, the relationship between Valdes and Milei had become irreconcilable, with Milei publicly criticizing Valdes and the IMF’s handling of Argentina’s economy.
The tensions between Valdes and Milei came to a head when the Argentine minister refused to accept the IMF’s demands for economic reforms, including a 30% to 40% devaluation of the Argentine peso. Milei’s refusal to comply with the IMF’s demands led to a breakdown in talks, and Valdes’ resignation marks a significant setback for the IMF’s efforts to revive Argentina’s economy.
Georgieva’s Dilemma
Georgieva, who has been IMF chief since 2019, faces a difficult decision in replacing Valdes. The IMF’s handling of Argentina’s case has been criticized by many, and Georgieva will need to navigate the complex web of relationships between the IMF, Argentina, and other stakeholders to find a new negotiator who can revive the stalled talks.
One possible replacement for Valdes is Jose Luis Daza, a seasoned economist with experience in macroeconomic and financial adventures across Andean countries. However, Daza’s appointment would be a significant departure from the IMF’s traditional approach, and it remains to be seen whether he would be able to transform the IMF’s vision for Argentina.
A New Approach
In the meantime, Georgieva has coordinated an outing with Gopinath, which would see Valdes remain in office but no longer focus on Argentina’s case. Instead, Luis Cubeddu, the IMF’s representative in Buenos Aires, would serve as ambassador plenipotentiary to ensure the validity of the agreement with Argentina.
This new approach marks a significant shift in the IMF’s handling of Argentina’s case, and it remains to be seen whether it will lead to a breakthrough in the stalled talks. One thing is certain, however: the IMF’s handling of Argentina’s case has been a complex and contentious issue, and Georgieva’s decision will have far-reaching implications for the organization and the country.
The Future of the IMF
The IMF’s handling of Argentina’s case has raised questions about the organization’s effectiveness in managing economic crises. The IMF’s history
– Why did Rodrigo Valdes resign as IMF chief negotiator for Argentina?
Title: Rodrigo Valdes Steps Down as IMF Chief Negotiator for Argentina Amid Tensions with Javier Milei
Meta Description: Rodrigo Valdes, the IMF’s chief negotiator for Argentina, has resigned amid tensions with Economy Minister Javier Milei. The move comes after Valdes’ failed attempts to reach an agreement with the Argentine government.
Keywords: Rodrigo Valdes, IMF, Argentina, Javier Milei,
