“Having a stocks in this world of abundance of capital seems nonsense. I hear that you can’t remove the stocks because there are no reserves, and I think it is the other way around: there are no reserves because there are stocks”, said Sturzenegger, regarding the limit on the purchase of foreign currency that his successor in the BCRA, Guido Sandleris, reinstated during the end of Macri’s mandate in 2019, after having eliminated it in December 2015.
The postgraduate economist at MIT, who was secretary of Economic Policy of the government of Fernando De la Rua, remarked that during his tenure at the Central – between 2015 and 2018 – the stocks were removed in one day and there was an accumulation of reserves of $ 40 billion in two years.
In statements to the newspaper La Nación, he stressed that “A country with stocks cannot grow, because while there is stocks”Argentina will never be “an attractive destination for internal or external investment.”
As for the economic problems of the present, he considered that “today the tension is generated basically because the Government has a fiscal imbalance that it covers with issuance, and you do not know where it may end” since it does not have reserves that justify that issuance.
Meanwhile, he stated that the way out is “by ordering the fiscal on the one hand and with policies that generate confidence and that allow improving productivity on the other.”
“Our companies could now access very cheap capital. But not only do they not agree, but because of the stocks they cannot even cancel their current obligations,” he explained.
Regarding Minister Guzmán, he said that Argentina has “a minister with solid training and who comes from the academy”: “Although that in Argentina is criticized, for me it is a great asset, because it does not owe anything to anyone and can do what that he thinks it is better for the country. “
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