In a meeting with representatives of these entities, Massa said that “the most relevant data of this voluntary exchange is that it breaks with the idea that Argentina has a debt reprofiling every week at the door, which we already had and we have seen the pain and the frustration it meant.”
He specified that they will be an “offer with two baskets, which will give the possibility of having a debt program that deactivates the idea of the bomb, which gives a more orderly 2024 and 2025 maturity curve.”
Massa said that “the challenge is to lower public spending on our part, to make the economy sure that the fiscal order is the anchor that we have.”
“Argentina went through 2020, 2021 and part of 2022 without external credit and with a large volume of issuance to finance the public sector,” he said.
He said that “inflation is fought with fiscal order, accumulation of reserves and with control of circulating money.”
“It is a job that we are going to face so that the challenge of lowering inflation is an achievement of the economic team,” he promised.
He highlighted the need to “break the uncertainty to see if the ghosts end. This allows us to clear up the uncertainty by 2023, it must allow us to be the basis for other agreements to improve the level of access to credit for the citizen.”
“We need a strong financial system and tools at the service of the economy, I only have to thank you, continue working together and we are going to order intra-state maturities in the public sphere,” he said.
He highlighted the “deep spirit of collaboration that the system of banks and insurance companies is showing, the responsibility of the State to straighten that curve. We have to carry out the swap, and show it to Argentine society.”
He considered that this operation will allow ordering the maturities of the debt in pesos so that “it can give peace of mind to depositors, who will not have to be aware of whether the bidding went well or badly.”
Massa stressed that “the final beneficiary is the saver and the depositor, without a stabilized financial system and with the capacity to give credit, the economy does not work.”
“Having a strong financial system that has an ally in the State and improving savings is essential,” he said.
“We want to thank you because working together seriously and giving certainty is a challenge that we can overcome if we work together,” said Massa.