May 31, 2023

East Valley Times

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G20 in Rome: Alberto Fernandez fails to open talks with IMF and his European allies wait for Biden’s signal

Alberto Fernandez greets Cristalina Georgieva before opening a new round of talks with the International Monetary Fund at the Argentine Embassy in Italy

(Rome Special Envoy). In the lands of Federico Fellini, Alberto Fernandez and Kristalina Georgieva perfected their political script, hiding the still unresolved economic differences and maintaining the illusion of achieving a happy ending without political crisis or economic default.

Other key players, Angela Merkel and her successor Olaf Scholes And French Prime Minister Emmanuel MacronThey also contributed to the scene filmed in Rome.

And the five protagonists behind, Considering his place in the story he tells Dangerous talks between Argentina and the IMF, They will wait for the decisive action to be taken by Joseph Biden from the White House.

Alberto Fernandez and Georgieva move like talented businessmen and chess experts. Everyone knows what the other will do, and both assume that the best result will be a draw. There will be no winners or losers in this game. Because of the $ 44,000 million the IMF provided to Mauricio Macri and the institutional stability of a country that the United States still protects on the regional board is at risk.

In this context, The President of Argentina and the Managing Director of the International Monetary Fund have stated that they will not deviate from the letter already considered.

“Good meeting with President Alberto Fernandez. We agree that our groups need to work together and identify strong policies To face Argentina’s important economic challenges for the benefit of the Argentine people. ” Georgieva revealed.

Good meeting with Kristalina Georgieva, Managing Director of the International Monetary Fund.To advance in negotiations that allow to leave the socially and economically unstable space The government before me left our beloved Argentina. Negotiating firmly is the restoration of sovereignty, ”concluded Alberto Fernandez.

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The unspoken screenwriter behind is relentless: It forces the two protagonists of the story, Alberto Fernandez and Georgieva, to use the same. Words: “Good meeting …”.

Alberto Fernandez and Joseph Biden during an informal meeting during the first session of the G20 in Rome
Alberto Fernandez and Joseph Biden during an informal meeting during the first session of the G20 in Rome

Except for photo poses and texts on Twitter, Differences between Argentina and the International Monetary Fund continue.Alberto Fernandez seeks extended facilities contract without adjustment. Georgieva replied that it would not be possible to refinance $ 44,000 million without a plan to limit supply limits. Put an end to different exchange rates, send profits to headquarters, reduce subsidies, freeze and issue shares for export.

Differences are unresolved, Although both negotiators use the same concept: Fixed plan for repaying foreign debt. Alberto Fernandez and Georgia strongly defend their own differences, but express an admirable attitude: They don’t light the lawn, keep the company bridges down and they bet on the conversation to lead to a negotiation that is already in trouble.

The International Atomic Energy Agency recognizes that Alberto Fernandez is seeking a peaceful solution to the yet-to-be-escalating conflict of the dystopian genre.. The president is demanding that the IMF cut additional fees This applies to the loan that Macri made with the Donald Trump deal and the management efforts of Christine Lagarde. These surcharges would cost Argentina an additional $ 1,000 million a year.

The fund uses additional fees to elevate its complex bureaucracy. No major member country – the United States, Germany, France and Japan – wants to reduce their percentage. What else, The follower acts as a punishment to the country that enjoys it, This is because it means that you owe more than you can handle as a partner.

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As for Argentina, Macri accepted a loan that was 189 percent higher than acceptable. Trump and Lagarde knew this equation. That is why the President is not tired of repeatedly saying that the IMF should pay the party that started when the national economy exploded in 2018 due to the drought and distrust of Wall Street.

When Alberto Fernandez and Emmanuel Macron meet at the G20 in Rome
When Alberto Fernandez and Emmanuel Macron meet at the G20 in Rome

In this context, The G20, in its final statement, will issue a diplomatic gesture to the president for his insistence on cutting additional tariffs. Notice –I got in touch In Diplomatic Speeches- Includes a paragraph urging the International Monetary Fund to reduce the percentage of surcharges This applies to countries with loans that are beyond their financial and economic capabilities.

Recognition has political value, but it will not be effective when concluding an agreement with the IMF. The United States and Japan have agreed to cut additional fees, which are necessary to guarantee extended facilities credit in favor of the country. France and Germany, which Alberto Fernandez considers partners in his war, chose peace or sophisticated diplomacy.

Namely: Merkel, His successors, Scholes and Macron, supported the passage recognizing the president’s crusade. But they deceived Lungi when asked or recommended during the G20 summit in Rome. If they vote on the IMF Board to reduce additional fees.

During the meeting with the President, how did Merkel and Scholes expect to vote on flight attendants at a possible meeting of the IMF Committee? -, I am asking Infobe To President Santiago Kafiro.

– They did not tell us how they would vote-, Kafiro replied.

-What did Macron say about it? -, Infobae insisted.

Macron told us he supported the reduction of additional fees imposed by the International Monetary Fund on debtor countries., The Chancellor advanced.

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-Is it in the G20 or IMF group?

Support is on the G20. They did not anticipate what they would do at the December board meeting. Kafiro closed.

The chances of additional charges being reduced for Argentina are slim.

The most powerful countries in the international arena know that the G20 report will not be taxed-The states are sovereign-, and ultimately everything must be resolved in negotiations led by Alberto Fernandez and Crystalina Giorgio.

The key to the deal belongs to Biden. The US president knows that Argentina will not face the next capital outflows of $ 18,000 million in 2022, and Alberto Fernandez is ready to honor the debts with the IMF regardless of his campaign speech.

Biden is important, but Gaza Rosada did not influence his decision. Georgia insisted in Rome yesterday that Argentina should present a sustainable plan. And the President, closing the circle, confirmed that this plan could not represent an adjustment plan. This is a zero sum game. Courses and resources.

Fellini liked that phrase by Giampattista Vigo, Who once explained that the story does not progress in a linear fashion – Powered by progress-, but in the form of repetitive cycles.

It will be known in a few months whether Alberto Fernandez and Georgie have been swallowed up by a new cycle. Or they had the political ability to join forces to prevent Argentina from a new economic crisis.

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