Sergio Massa’s Limits

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Sergio Massa’s Limits

Fifth week
September 2022

After the panic that broke out on July 2nd when Minister Guzmán resigned via Twitter, Sergio Massa surprised many by grabbing the helm later that month. Although the market didn’t swallow grandiose announcements such as swaps with Qatar or Wall Street, the new minister promised to maintain the IMF program, reestablished dialogue with the other credit organizations and gave signs of fiscal austerity that his predecessors could not carry forward. In monetary matters, the interest rate ceased to be negative in real terms, to become at least neutral with respect to expected inflation.