ANSeS executives are reluctant to support Sergio Massa’s decision that steals money from retirees

The official gazette published the measure today. There are roughly 100 public entities there.

The decision by Sergio Massa, which was made official in the Official Gazette today by two decrees, to require the ANSeS and 100 other public institutions to issue their bonds in dollars is already encountering opposition inside the group headed by Fernanda Raverta, the head of La Cámpora.

There are ANSeS officers, as he learnt from Clarion, who would be unwilling to support the choice made by the Casa Rosada and the Ministry of Economics.

The situation is in line with a suggestion made today by Diego Bossio, a former leader of the organization who served in that capacity from 2009 to 2015 under Cristina’s administration. Bossio said this morning in a radio interview that the vice president would not have permitted him to take a measure similar to the one announced by Massa days ago.

“Cristina would never have permitted me to make such a choice.

to transfer the bonds or shares to the private parties because doing so would reduce the State’s capacity and subject the parties to future payments in dollars, “added he.

Yet afterwards, the ruling party made it known that it supported the choice made by the minister of the economy.

They only said, “That is a positive measure that will also provide positive performance to the ANSeS.” However, the move was met with opposition inside the group, adding to the already tense atmosphere within the Frente de Todos.

Together with the opposition’s criticism of the economy choice, Kirchnerism as a whole is making noise as a result of the compulsive dollar bond sales by ANSeS and 100 other public institutions. From the most fundamentalist branch of Christianity, represented by the Soberanxs party, which included former leaders Amado Boudou and Gabriel Mariotto, They charged Massa with permitting money to travel abroad through the enterprise.

“That is outrageous because they make it simpler for individuals who purchase these bonds to continue collecting money by reducing the availability of currency. To combat inflation and the need to choose between buying food (lettuce) or medicine (medicines), they also grant retired workers pesos “Alicia Castro, a former ambassador to the UK, announced.

A special dual bond in pesos adjusted for inflation (CER) or peso devaluation (dollar-linked), of both the eldest, is exchanged for or sold in exchange for dollar bonds owned by the Sustainability Guarantee Fund (FGS).

The Government announced on Tuesday that the ANSeS supports this action, claiming that the swap shields the FGS from a potential abrupt devaluation or even larger inflation rise.

The bonds that the FGS must sell on the market or to the Treasury have a face value of US$13,500,000,000, but their market value is only US$4,000,000,000 and is currently declining by less than 30%.

The Treasury will exchange these bonds for a special bond, which ANSeS and other public entities will get at their technical value at a reduction of about 40% but which will be fully accounted for.

As a result, after taking into account inflation and exchange rate adjustments, the bond will yield a total of 8% annually on the purchase price.

The agency supports the operation since the exchange, as ANSeS sources stated on Tuesday. It lowers the FGS’s volatility and might even turn a profit of around US$ 2,000 million. Considering that he would receive a bond in pesos at a lower price in exchange for selling the bonds at a lower price.

Yet, the criticism the policy has received from the opposition as well as economists and subject experts would have caused them to now want to distance themselves from this operation inside the hard Kirchnerism.

Author: JJ Beat

Leave a Reply

Your email address will not be published. Required fields are marked *