Milei hurries the agreement with the IMF and the Wall Street banks believe that it is close

Although in the Ministry of Economy and the fund they maintain a hermetic silence, Government sources say that the agreement is “practically closed”. “We are going to have fresh money to resolve the treasure debt with the Central Bank, it is the last step for the stocks to rise, the important thing is that, not that of Santiago Caputo and Facundo Manes,” explained an official who attended the Congress on Saturday.

Milei said on Saturday that the agreement with the Fund will provide you with the tools to go to a “freer and more efficient” exchange scheme and that it will leave the stocks “definitely during this year”, although he said that the stability achieved “does not mean that there will be no volatility.” A clarification that Cristina Kirchner did not overlook. “In my neighborhood, and in Argentina, we tell that devaluation“He shot this Sunday on Network X.

Reading at the PRO is that “The announcement of the agreement was to calm the markets that are anxious“The second half is complicated, which between the IMF “.

Despite the deterioration of the financial variables and the signals of exhaustion of the “bridges” built to get dollars, lThe Wall Street banks also still believe that the agreement with the fund is close to closing. It was what some Argentine businessmen listened to at the 30th Global Finance Conference of JP Morgan last Wednesday and Thursday in Miami.

“There is a very large climate of optimism, they see that the foundations and the economic program are solid and They discount that the agreement with the Monetary Fund is going to leave in the coming weeks, there is no noise whether or not“said one of the participants during the closed event that brought together 3,000 investors around the world at the Luxo Loews hotel.

Donald Trump’s tariffs and their impact on credit, brake on the fed rates and the situation of emerging markets were discussed. While Mexico and Brazil were the focus of attention, Argentine banks and energy were made a place, such as Pampa Energía and Genneiaand the head of Poliarquía, Alejandro Catterberg, spoke in a panel about the consolidation of the government for the legislative elections.

The JP Morgan is the largest bank in the United States and one of the largest in the world, so its verdict is important for Argentina. Luis Caputo, former head of Trading for Latin America of JP Morgan Chase between 1994 and 1998, closed a loan in January I repo for US $ 1 billion with that bank and four others to face the last payment to the bonds. However, since then the market entered a well from which it still cannot leave.

Within that framework, to which the problems are added to accumulate reservations and the string of united errors (such as the $ Libra scandal and the designation by decree of two court judges), “The agreement with the IMF, which until recently seemed without trouble, now became more urgent“Econviews said and estimated that it would be key to reducing the country risk and lifting exchange restrictions. Morgan Stanley has already said that the initial disbursement would not exceed US $ 5,000 million.

While JP Morgan continues to project a rebound of the 5.5% activity in 2025 and calculates a commercial surplus of US $ 14,000 million, Wall Street sees with restlessness the exchange front. As Clarín anticipated, The Citi Bank warned days ago that the increase of the dollar behind inflation generates “side effects”as the risk of a new exchange jump, and estimated that the decrease of the 1% monthly crawl reflects a high conviction of agreeing with the background.