And that considered me of most preservative as far as my exchange estimations. The depreciation expectations were such that memory the projections of recognized market analysts which they bet by a dollar to $ 4.60 and more also. Foundations there were and many. Until it was possible to be justified to think about a possible exchange crisis, a little remote but possible to the aim. It is that Argentina was in a context that besides the flight of capitals, it had to face the fiscal problems (that have not been not only reduced but probably they are had agravated) closed external markets for the country which they made the international reserves tempting of the Central bank which although they are protected by law, to the Argentine government it would not have too much cost to him to eliminate it. To the previous thing the additional weight was added that as much added to the demand the small ahorristas that were again not prepared to lose all the saved one and the opportunists to him whom they looked for to remove slice from the possible sudden flight of the dollar and bet (and even they generated fears), to that it happened. Such era the situation by which crossed the Argentine exchange market that the secretary of Domestic Trade, Brown Guillermo, (with privileges and power that goes much more there than they would be his functions) using the prescription of Venezuela de Chvez, it began to have ties to the import some goods causing a damage to importers who very little could do on the matter.
But now the situation in the Argentine exchange market has been reverted radically. If before the BCRA had to strive to avoid an exchange depreciation with real inflationary risk, now it is delivering attacks superiors to maintain what it is of the exchange competitiveness. What has made the government Argentine stops so just a short time in changing this way the situation in the exchange market? In fact it has done very little or nothing in particular, except for promising to fix problematic of the debt in default with the bondholders and the Club of Paris plus the necessary approach to the International Monetary Fund (the IMF).