The economic plan of Javier Milei He always had a big unknown: How were they going to dollarize an economy in a country that does not print dollars. Although the libertarian had spoken about a plan of indebtedness for 30,000 million dollars – without specifying who would lend that monumental sum of money to a country already in debt or at what cost – now it was her candidate for vice president who gave some more details and, in the debate with Agustín Rossitalked about the savings of Argentines.
The truth is that there are many spectators of the debate between candidates who believe that Villarruel “stepped on the stick.” This is because the question of Rossi It was precisely what one of the weakest points of the libertarian campaign. Great paradox because it is, possibly, the only specific economic proposal that the party has that after the general elections allied itself with Mauricio Macri and Patricia Bullrich.
“Your candidate for president says that he is going to dollarize Argentina. But we know that to dollarize you have to have dollars. «It is not known where he is going to get them from, because they did not say it,» launched the running mate of Sergio Massa. Faced with this statement, made uncomfortable by the debate on economic matters, the defender of the soldiers convicted of crimes against humanity watered down and implied that they could resort to the savings of Argentines.
Dollarize with the savings of Argentines?
In this context, the answer of Villarruel was quite clear and raised concern in an important part of society. “Argentines save in dollars and Argentina is the third largest holder of physical dollars,” the response began.
It is not the first time that libertarians talk about Argentines’ savings to finance their economic plan. Even his now partner’s own team Patricia Bullrichwith Carlos Melconian at the head, warned that “Milei is looking for a Bonex Plan.”
In this context, he added: “We are going to create the conditions of reliability so that Argentines decide to use their dollars in our country«, they can buy, they can invest and make their life project here without going into exile, as is happening until now.»
What was the Bonex Plan
Who also put the axis in the inconsistencies in Javier Milei’s plan He was the Minister of Economy, Sergio Massawho referred to his libertarian opponent’s proposal regarding the “rescue” of the Leliqs and the liabilities of the Central Bank to dollarize the Argentine economy.
Massa warned that «what Javier Milei said is that if he is President, there is going to be a Bonex Plan”. To further clarify the issue, he explained: “What he’s saying is ‘I’m going to take the savers’ money.’”
The Bonex Plan consisted of a forced exchange of fixed-term deposits for bonds (called Bonex 89 and maturing in 1999), for savers who exceeded one million australes.
This meant a great harm to saverssince the bonds took months to be printed and from the beginning they fell a nominal 25% in the secondary securities market.
In fact, the measure was prosecuted by several private savers, but the Supreme Court, dominated by the so-called Menemist «automatic majority», ruled in favor of the constitutionality of decree 36/90 that created the plan.