A year ago we talked about the result that COVID could leave us and the conclusion was a more indebted world. How is the world a year later?
What we feared happened. There is a new monetary theory that is a reinstatement of Keynesian ideas, where the State has to intervene by providing liquidity and increasing the Treasury debt. Banknotes are printed, distributed and the State goes into debt. There are countries that do worse and others better, such as Germany and Holland, which have now gone back into debt but reduced their debt from 90% to 60% in the five years prior to 2020.

The United States just changed governments. Is the behavior there similar?
It is a little more serious, because they had not gotten rid of debt so quickly. The deficit grew sharply because Trump lowered taxes but not spending. The reduction in taxes did not mean a reduction in income, but spending did not decrease, the debt continued to grow and they once again injected money into the economy. The last package was 1.9 trillion dollars. This concentrates wealth in the richest, because they tend to save companies and banks. Van a pagar la deuda las generaciones futuras y hay una transferencia entre los ahorristas y los que toman dinero, porque se reducen las tasas de interés de manera artificial y todos los jubilados del mundo están teniendo una renta de su dinero menor que lo natural.

In this world that has to recover commercial exchange, how is the Mercosur treaty and the European Union?
Follow the pace that Brazil and Europe allow. European countries have the feeling that it is going to advance, although it has opposition in some sectors from countries like France, which are trying to protect the agricultural sector, cheeses, wines and some foods where Argentina and Brazil are very competitive. On Brazil's side they say that if at any point Argentina does not want to join, they will move forward. The presidents of Brazil, Uruguay and Paraguay plan to move forward along these lines and if Argentina does not want to join, they will ask that the Mercosur Treaty be made more flexible so that its members can make free trade agreements with third countries.

How much does the debt weigh and how much does the current price of commodities relieve the economy?
Soy at high levels is a leap forward, what happens is that the Argentine economy is bankrupt. The debt reached 100% of GDP, it is unpayable and we are going to return to default. A restructuring was the opportunity to avoid default, but the restructuring meant moving maturities to 2023 and the next government is already mortgaged. The lack of credibility in Argentina means that our bonds yield 17% or 18% in dollars. That is priceless. On the other hand, the Central Bank's remunerated debt continues to grow, and net reserves are negative. Soybean and corn prices are improving, but it will not be enough.

How do you see the negotiation with the IMF?
There is a possibility that it will expand credits to member countries and close to 3.5 billion dollars could enter Argentina. That would only get us to the elections. Now payments of the Wealth Tax begin and the flip side of that is that the capitalists who develop companies and create jobs are leaving. The Government is doing everything possible to win this year's elections and I would say look at what happened to Macri, who won the 2017 elections and then came the debacle and lost the 2019 elections. Even assuming that the growth of the economy in 2022 and 2023 is as the government says, we are still going to be worse than in 2019.

And regarding inflation?
From 30% annually in the first 9 months of last year we rose to 50% in the last quarter despite the fact that we have price and salary control, exchange rate restrictions and the government intervenes to try to lower the dollar counted with settlement or that of the Stock Market. These interventions, delayed rates and so on generate repressed inflation that will explode later, like when the Macri government loosened the controls a little and inflation went from 24% to 50%.