Milei tries to seduce Spanish corporations with a one-hour speech about his financial plans | Economy | EUROtoday

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The president of Argentina, Javier Milei, has taken benefit of his three-day go to to Spain to carry an uncommon assembly with representatives of huge Spanish corporations, which have been led by the president of the CEOE employers' affiliation, Antonio Garamendi. The president took benefit of the occasion, which came about at 9:30 this Saturday and lasted greater than an hour, to current the financial program with which he intends to fight the hyperinflation that the nation is experiencing and open funding alternatives for the non-public sector, in accordance with a number of sources conversant in the assembly.

Taking benefit of his participation this Sunday in an occasion with worldwide far-right leaders in Madrid, Milei made a name to the first swords of the Spanish corporations which have a presence in Argentina. But this has not been the case in all circumstances. The assembly, which came about on the Argentine Embassy in Madrid, was attended by the president of Iberia, Marco Sansavini; the CEOs of Banco Santander, Abertis and Econener, Héctor Grisi, José Aljaro and Luis de Valdivia, respectively; the primary vice chairman of Mapfre José Manuel Inchausti; the top of BBVA for South America, Jorge Sáenz de Azcunaga; and the manager president of Telefónica Hispam, Alfonso Gómez; in addition to a consultant of Dia.

Alonso Aznar was additionally current among the many group of businessmen. The son of former Prime Minister José María Aznar is managing director of Strategic Alliances at Consello Group, a monetary advisory agency. Likewise, the Embassy despatched invites to different necessary Spanish companies with subsidiaries in Argentina corresponding to Gestamp, Técnicas Reunidas, Codere, Meliá or Prosegur, however EL PAÍS has not been in a position to verify their attendance.

The far-right president's speech lasted greater than an hour, in accordance with educated sources, certainly one of whom described it as “very restrained.” During it he has uncovered his financial recipe, based mostly on massive cuts and popularly referred to as the chainsaw, whose first outcomes have been just lately praised by the International Monetary Fund. The Argentine president has outlined the battery of far-reaching measures that he has proposed to reform the nation's financial system – the third largest financial system in Latin America, after Brazil and Mexico – amongst which is reaching a steady framework to draw non-public traders. overseas. One of the present obstacles to that is that Argentina's year-on-year inflation is at 289.4%, one of many highest on the earth.

After Milei's intervention, the representatives of Spanish corporations have taken up the baton. Garamendi has been the one who has prolonged essentially the most in his flip to talk, whereas the administrators of the completely different corporations have restricted themselves to detailing their investments in Argentina. Several folks conversant in the content material of the assembly level out that they’ve barely introduced new enterprise plans, past sustaining their presence within the South American nation.

Once the assembly was over, Milei assured the press that he was ready on the doorways of the Embassy, ​​and from the automotive, that the assembly was “fabulous.” Likewise, she has indicated that on her subsequent journey to Spain, which can happen in a month to obtain an award from the liberal entity Instituto Juan de Mariana, she doesn’t anticipate to fulfill with the Spanish Government. On this event she has not made any appointment with any nationwide authority both. At the start of the month, each Executives skilled a diplomatic disaster, when the Spanish Minister of Transport and Sustainable Mobility, Óscar Puente, urged in a conclave that the Argentine president had taken “substances.”

In search of normality

An issue shared by massive Spanish companies working in Argentina is the impossibility of freely accessing the trade market and sending dividends to their father or mother corporations. “We are fixing the issue of dividends. When we finish doing that, we are going to open the stocks. It is in our plans to open it as quickly as possible,” Milei confirmed final Wednesday at an occasion with native businessmen in Buenos Aires.

The Argentine Central Bank, one of many politicians' most reviled enemies, just lately approved banks and firms to purchase a bond to permit normalization on this space. For instance, the native subsidiary of Santander, the principle non-public entity by deposit quantity in Argentina, obtained authorization on May 3 to distribute dividends of 247 million euros.

But past the monetary sector, the brand new state deregulation coverage might have an affect on the companies of different Spanish companies. In April, the Argentine Government repealed a rule permitted in 2020 that regulated cellular phone companies, in addition to cable tv and web entry. Telefónica will function in a free market surroundings, though it feels the encouragement of the Administration, within the face of the heavyweight of telecommunications in Latin America, the Mexican Carlos Slim. The State scrapping invoice, which awaits consideration by the Argentine Senate earlier than the tip of the month, additionally contains adjustments within the aeronautical sector, which might enable corporations corresponding to Iberia to hold out home flights in a market with out minimal costs.

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