National



Oil production has fallen to the same level as 20 years ago

In the last decade, Argentina has suffered an unprecedented setback in its oil production capacity. This has happened due to the systematic application of irrational regulations such as prohibitions, privileges, inadequate taxes and nontransparent subsidies.  In this context, the YPF-Chevron agreement is neither the “salvation” nor a “surrendering” to foreign interests, but the continuation of the bad results since the same logic of wrong regulations is still present. In order to reverse the failure and achieve positive results better rules are needed. 

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There is more than 7 pesos issued per dolar in the Central Bank

The high rate of money creation to finance the growing fiscal deficit has eroded the pesos’ value. Creating the CEDIN, the government is trying to impose an alternative domestic currency denominated in dollar searching to moderate the natural tendency of the population to use dollars instead of pesos. But the chances of success are low, not because of the opposition of some provincial governments, but the lack of confidence in the national government. The same reasons that destroyed the peso are the ones that now put in doubts the viability of the CEDIN. 

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Colombia, Peru and Chile reduce their debt more than Argentina

The Argentinean debt reduction is pointed out as an important achievement. However, compared with other countries of the region, debt reduction in Argentina has been nothing but modest. Nevertheless, what is most worrying is that debt reduction was based on institution destruction and accompanied by a rapid increase in unregistered debt. The experience of other Latin American countries shows that it is possible to cut down public debt with modernizing and rational policies that contribute to sustainable development.

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