1 00:00:02,520 --> 00:00:07,040 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. 2 00:00:07,880 --> 00:00:09,400 Speaker 2: Let's go out to Davos again. 3 00:00:09,400 --> 00:00:12,120 Speaker 3: Bloomba Gedtritron chief John Michael th Waite is sitting down. 4 00:00:12,000 --> 00:00:15,240 Speaker 1: With Argentina's president. Have you Milay listening? 5 00:00:17,200 --> 00:00:19,319 Speaker 3: Let's let's begin with the big news of the week. 6 00:00:19,520 --> 00:00:28,480 Speaker 3: You are, I think we you are perhaps the only 7 00:00:28,560 --> 00:00:32,320 Speaker 3: world leader here at the moment who is in Davos, 8 00:00:32,360 --> 00:00:36,640 Speaker 3: but also went to the inauguration in Washington, and I 9 00:00:36,720 --> 00:00:40,680 Speaker 3: want you know America was celebrating. Should the world celebrate 10 00:00:41,320 --> 00:00:43,040 Speaker 3: the arrival of President Trump? 11 00:00:46,760 --> 00:00:51,040 Speaker 4: Definitely, the world should celebrate the arrival of President Trump. 12 00:00:52,159 --> 00:00:58,800 Speaker 4: His speech was clear and decisive, and that golden era 13 00:00:59,240 --> 00:01:03,360 Speaker 4: he proposed is for the United States. You will shine 14 00:01:03,360 --> 00:01:05,559 Speaker 4: a light for the whole world, as it will spell 15 00:01:05,640 --> 00:01:08,240 Speaker 4: the end of the walk ideology that is doing so 16 00:01:08,319 --> 00:01:09,640 Speaker 4: much damage to the world. 17 00:01:11,160 --> 00:01:13,679 Speaker 3: One thing, though, just to push you a little bit, 18 00:01:14,080 --> 00:01:17,280 Speaker 3: you have always been a free trader. You're a great 19 00:01:17,319 --> 00:01:21,600 Speaker 3: fan of Margaret Thatcher and Milton Friedman. But President Trump 20 00:01:21,640 --> 00:01:26,080 Speaker 3: is coming and he is bringing tariffs, He's bringing protectionism. 21 00:01:26,440 --> 00:01:27,560 Speaker 2: I wondered, how. 22 00:01:27,360 --> 00:01:31,880 Speaker 3: Can a disciple of Milton Friedman and Margaret Thatcher like 23 00:01:32,000 --> 00:01:33,880 Speaker 3: that kind of economics. 24 00:01:36,800 --> 00:01:41,440 Speaker 4: And first of all, I am in no position to 25 00:01:41,440 --> 00:01:44,680 Speaker 4: give an opinion on another country's trade policy. I think 26 00:01:45,200 --> 00:01:52,200 Speaker 4: it would be irresponsible and disrespectful towards any country. On 27 00:01:52,240 --> 00:02:01,080 Speaker 4: the other hand, I think that unlike other leaders, understands 28 00:02:01,480 --> 00:02:07,920 Speaker 4: very well geopolitics and uses the US trade geopolitics as 29 00:02:08,000 --> 00:02:12,440 Speaker 4: part of the broader geopolitics. It's not that he is protectionist. Rather, 30 00:02:12,680 --> 00:02:15,160 Speaker 4: he knows what the role of the US in the 31 00:02:15,160 --> 00:02:21,880 Speaker 4: world is and therefore his trade policy is a part 32 00:02:22,840 --> 00:02:28,160 Speaker 4: of his geopolitical strategy. It is a geopolitical. 33 00:02:27,240 --> 00:02:28,320 Speaker 1: Tool, that's the point. 34 00:02:30,360 --> 00:02:35,799 Speaker 4: So if you fail to understand the playing field that 35 00:02:35,840 --> 00:02:38,760 Speaker 4: Trump is playing on, it will be hard to understand 36 00:02:38,760 --> 00:02:46,560 Speaker 4: his vision. But certainly the guidelines he is putting forward 37 00:02:46,639 --> 00:02:48,359 Speaker 4: will bring a much better world, no doubt. 38 00:02:48,560 --> 00:02:52,280 Speaker 3: Did you discuss a free trade agreement with Argentina with 39 00:02:53,200 --> 00:02:56,959 Speaker 3: President Trump or his advisors. 40 00:02:58,120 --> 00:03:03,760 Speaker 4: We are working very hard on the possibility of entering 41 00:03:03,960 --> 00:03:11,560 Speaker 4: into a free trade agreement, and in fact, when I 42 00:03:11,600 --> 00:03:15,800 Speaker 4: recently took over as a pro temporary president of Mircosoor, 43 00:03:15,880 --> 00:03:19,400 Speaker 4: I pointed out that Mercosoor should move forward on three fronts. 44 00:03:20,080 --> 00:03:26,560 Speaker 4: One related to the fight against terrorism, drug trafficking, and 45 00:03:27,720 --> 00:03:32,240 Speaker 4: that is also easy to move forward on bringing down 46 00:03:32,480 --> 00:03:36,960 Speaker 4: the common external tariff, but also being able to make 47 00:03:37,040 --> 00:03:39,680 Speaker 4: progress independently. In other words, that each of our countries 48 00:03:39,920 --> 00:03:42,920 Speaker 4: should have independence to be able to work on trade agreements. 49 00:03:43,480 --> 00:03:49,760 Speaker 4: Because clearly Argentina has decided to become integrated into the 50 00:03:49,800 --> 00:03:51,400 Speaker 4: rest of the world. It wants to go back to 51 00:03:51,560 --> 00:03:55,560 Speaker 4: its golden era in history, what was an important world player, 52 00:03:55,560 --> 00:03:58,480 Speaker 4: and for that we need to move forward on free 53 00:03:58,520 --> 00:04:00,640 Speaker 4: trade agreements. We need to open up the economy, and 54 00:04:00,720 --> 00:04:11,920 Speaker 4: Mircosor can't become an obstacle to that. Therefore, while we 55 00:04:13,080 --> 00:04:16,440 Speaker 4: work with the US government to move towards a free 56 00:04:16,440 --> 00:04:21,080 Speaker 4: trade agreement, we also work indoors. 57 00:04:20,440 --> 00:04:21,960 Speaker 1: Within Mercosur. 58 00:04:23,839 --> 00:04:26,200 Speaker 4: So that it won't be an obstacle to move towards 59 00:04:26,640 --> 00:04:27,159 Speaker 4: free trade. 60 00:04:27,200 --> 00:04:29,719 Speaker 1: So working very hard on that, would you leave very quickly? 61 00:04:29,760 --> 00:04:32,799 Speaker 3: Would you leave Mercasor to do a free trade agreement 62 00:04:32,839 --> 00:04:37,680 Speaker 3: with America? 63 00:04:38,160 --> 00:04:44,880 Speaker 4: Well if the extreme condition with that, yes, However, there 64 00:04:44,920 --> 00:04:50,600 Speaker 4: are mechanisms that can be used even being within Mercosor, 65 00:04:50,839 --> 00:04:57,520 Speaker 4: so we think that it can be done without necessarily 66 00:04:57,560 --> 00:05:02,559 Speaker 4: having to leave mercal Store as such, and it's also 67 00:05:02,920 --> 00:05:11,960 Speaker 4: worth noting this because often when comments on the negative 68 00:05:12,000 --> 00:05:14,760 Speaker 4: consequences of leave mercle sort. Reference is made to the 69 00:05:14,800 --> 00:05:19,080 Speaker 4: automotive industry, but the automotive industry has an agreement outside 70 00:05:19,680 --> 00:05:22,240 Speaker 4: the framework of mircrosource, so that is a false argument. 71 00:05:24,279 --> 00:05:27,040 Speaker 4: So we are exploring ways for Argentina to be able 72 00:05:27,360 --> 00:05:30,240 Speaker 4: to open up to international trade, and why because the 73 00:05:30,320 --> 00:05:34,320 Speaker 4: division of labor brings prosperity. Adam Smith said so, and 74 00:05:34,440 --> 00:05:39,200 Speaker 4: two hundred and fifty years later, Dad holds to Adam Smith. 75 00:05:39,320 --> 00:05:39,840 Speaker 1: Is your right. 76 00:05:40,160 --> 00:05:44,279 Speaker 3: I'm always pro Adam Smith. You've since we came and 77 00:05:44,320 --> 00:05:46,560 Speaker 3: saw you in April last year and I checked you, 78 00:05:46,560 --> 00:05:49,359 Speaker 3: you have actually done very well. I'll pay you tribute. 79 00:05:49,839 --> 00:05:53,320 Speaker 3: When I arrived last year, Argentina's inflation was more than 80 00:05:53,320 --> 00:05:56,080 Speaker 3: ten percent a month. Now you brought it down below 81 00:05:56,160 --> 00:05:59,440 Speaker 3: three percent. Sovereign bonds were fifty cents now they're trading 82 00:05:59,440 --> 00:06:02,280 Speaker 3: at seventy. The economy is no longer in recession. 83 00:06:02,320 --> 00:06:03,239 Speaker 2: You've you've you've. 84 00:06:03,040 --> 00:06:05,679 Speaker 3: Done a lot by any measure, and that's one reason 85 00:06:05,720 --> 00:06:09,280 Speaker 3: why people clap you so fiercely. But you know there 86 00:06:09,279 --> 00:06:13,120 Speaker 3: are more challenges ahead, and one big one is capital controls. 87 00:06:13,640 --> 00:06:17,400 Speaker 3: I know that you want to lift them, but can 88 00:06:17,440 --> 00:06:19,040 Speaker 3: you tell me when you will do that. 89 00:06:21,920 --> 00:06:23,000 Speaker 1: Well, if you will annow me. 90 00:06:26,080 --> 00:06:33,920 Speaker 4: A little correction on the figures. Retail inflation is now 91 00:06:34,080 --> 00:06:41,240 Speaker 4: even below three percent, and we have a crawling peg scheme. 92 00:06:41,080 --> 00:06:41,800 Speaker 1: In which. 93 00:06:44,480 --> 00:06:49,360 Speaker 4: Includes a two and a half percent limit, and since 94 00:06:50,839 --> 00:06:55,120 Speaker 4: for three months we've been in line with the crawling peg, 95 00:06:55,160 --> 00:06:56,839 Speaker 4: we've decided to bring it down to one percent. So 96 00:06:56,920 --> 00:07:01,120 Speaker 4: induce inflation Argentina and now consume inflation will go from 97 00:07:01,160 --> 00:07:06,000 Speaker 4: two point five percent, our aim now being one point 98 00:07:06,040 --> 00:07:11,160 Speaker 4: five percent. And the inflation that matters is wholesale inflation. 99 00:07:11,600 --> 00:07:15,760 Speaker 4: That's what counts because it's not contaminated by tariff effects 100 00:07:15,800 --> 00:07:19,360 Speaker 4: and it's the one on utility rate effects. When we 101 00:07:19,400 --> 00:07:21,800 Speaker 4: took off as it was fifty four percent, which is 102 00:07:21,840 --> 00:07:27,200 Speaker 4: seventeen thousand percent annualized, and the latest wholesale inflation data 103 00:07:27,360 --> 00:07:31,320 Speaker 4: point two point eight percent. So on the wholesale front, 104 00:07:31,440 --> 00:07:39,360 Speaker 4: for several months now we have had deflation in dollars. 105 00:07:39,400 --> 00:07:45,040 Speaker 4: And regarding economic activity, the third quarter, which is the 106 00:07:45,040 --> 00:07:49,840 Speaker 4: one for which we have the latest GDP data, the 107 00:07:49,880 --> 00:07:53,840 Speaker 4: figure was three point nine percent. So if you annualize that, 108 00:07:54,160 --> 00:08:01,840 Speaker 4: Argentina is expanded at seventeen percent annually, and if you 109 00:08:02,040 --> 00:08:07,960 Speaker 4: take the flaw in the economy in April when it 110 00:08:07,960 --> 00:08:11,240 Speaker 4: bought them out, we could be talking about ten or 111 00:08:11,280 --> 00:08:13,520 Speaker 4: eleven percent expansion. 112 00:08:13,680 --> 00:08:16,760 Speaker 1: And let me say this, which is very important. 113 00:08:18,280 --> 00:08:23,080 Speaker 4: We have just really done away with old economic theory handbooks. 114 00:08:23,360 --> 00:08:28,600 Speaker 4: Generally it is said that during a recession you need 115 00:08:28,640 --> 00:08:35,120 Speaker 4: to pursue expansionary fiscal and monetary policies. However, in our case, 116 00:08:35,200 --> 00:08:40,840 Speaker 4: amidst the recession, and besides, we really had the components 117 00:08:40,840 --> 00:08:43,640 Speaker 4: of the worst crisis in our geness history. We had 118 00:08:44,280 --> 00:08:47,960 Speaker 4: monetary imbalances similar to those in the TWN of the 119 00:08:48,240 --> 00:08:53,880 Speaker 4: Rodrigaso crisis. We also had a central blank account imbalances 120 00:08:54,000 --> 00:08:57,000 Speaker 4: even worse than prior to the nineteen eighty nine high pemptation. 121 00:08:57,200 --> 00:09:00,200 Speaker 4: The President alfonsine we had certain indicators that were even 122 00:09:00,360 --> 00:09:07,080 Speaker 4: worse than those just before the convertibility program. And when 123 00:09:07,160 --> 00:09:12,400 Speaker 4: you look at other cases in which these large scale 124 00:09:12,400 --> 00:09:16,360 Speaker 4: adjustments need to be made, our physical adjustment was fifteen 125 00:09:16,720 --> 00:09:21,680 Speaker 4: percent of GDP so ten and five Central Bank and Treasury, 126 00:09:21,720 --> 00:09:26,800 Speaker 4: And when you look at other experiences, normally GDP tends 127 00:09:26,800 --> 00:09:32,240 Speaker 4: to fall about fifteen percent in such circumstances. 128 00:09:32,480 --> 00:09:36,600 Speaker 1: And the way the figures stand, the year should be 129 00:09:36,640 --> 00:09:38,440 Speaker 1: closing with a two percent fall. 130 00:09:38,920 --> 00:09:42,520 Speaker 4: But the interesting thing is that the statistical drivers two 131 00:09:42,559 --> 00:09:45,320 Speaker 4: point eight percent as far as the fall is concerned. 132 00:09:45,360 --> 00:09:48,560 Speaker 4: So the economy is better off than what we received, 133 00:09:48,880 --> 00:09:51,840 Speaker 4: and so much so that when you look at the 134 00:09:51,960 --> 00:09:58,080 Speaker 4: de seasonalized series for the monthly economic activity indicator, November 135 00:09:58,400 --> 00:10:02,240 Speaker 4: is already above the level when we took off is 136 00:10:02,640 --> 00:10:06,280 Speaker 4: and why because you see, the interesting thing is we 137 00:10:06,400 --> 00:10:09,840 Speaker 4: made the largest physical adjustment in history, and during a recession, 138 00:10:09,880 --> 00:10:13,160 Speaker 4: we lowered inflation from fifty four two point eight percent, 139 00:10:13,520 --> 00:10:16,640 Speaker 4: and in dollar terms we have a deflation. But at 140 00:10:16,640 --> 00:10:22,640 Speaker 4: the same time, the economy has expanded, and we inherited 141 00:10:23,400 --> 00:10:27,200 Speaker 4: monthly poverty of fifty seven percent and now it would 142 00:10:27,200 --> 00:10:29,520 Speaker 4: be thirty six percent, so we brought it down by 143 00:10:29,559 --> 00:10:33,559 Speaker 4: twenty one percentage points. This means that we have lifted 144 00:10:34,080 --> 00:10:34,880 Speaker 4: some ten million. 145 00:10:36,240 --> 00:10:38,600 Speaker 3: You have done a great job, and that's what I said, 146 00:10:38,600 --> 00:10:40,880 Speaker 3: and you have now said an even greater length that 147 00:10:40,920 --> 00:10:41,840 Speaker 3: you have done a great job. 148 00:10:43,559 --> 00:10:45,280 Speaker 2: There was a question. There was a question. 149 00:10:45,720 --> 00:10:50,640 Speaker 3: You said in December you will eliminate capital controls sometime 150 00:10:50,720 --> 00:10:53,880 Speaker 3: this year. I wondered, can you be more specific? Will 151 00:10:53,920 --> 00:10:56,320 Speaker 3: it be the first half of this year or the 152 00:10:56,360 --> 00:10:57,000 Speaker 3: second half. 153 00:11:01,440 --> 00:11:06,679 Speaker 4: We are committed to lifting the currency controls and capital controls. 154 00:11:06,720 --> 00:11:09,559 Speaker 4: We are committed to that because. 155 00:11:09,240 --> 00:11:12,040 Speaker 1: We believe that the. 156 00:11:11,559 --> 00:11:15,880 Speaker 4: Controls are an expropriation tool on the part of the 157 00:11:15,920 --> 00:11:16,680 Speaker 4: public sector. 158 00:11:22,080 --> 00:11:25,160 Speaker 1: Past governments abused. 159 00:11:26,440 --> 00:11:31,040 Speaker 4: The money printing and generated inflation, and people wanted to 160 00:11:31,080 --> 00:11:34,960 Speaker 4: switch portfolios to protect themselves, and the controls were introduced 161 00:11:35,240 --> 00:11:39,040 Speaker 4: in order to artificially create more demand for pasos, and 162 00:11:39,559 --> 00:11:43,120 Speaker 4: this increased and expanded the base of the inflationary tax, 163 00:11:43,360 --> 00:11:46,840 Speaker 4: which was really cheating people out of the money. So 164 00:11:47,559 --> 00:11:51,560 Speaker 4: these controls not only restrain freedom, but go against property rights. 165 00:11:51,600 --> 00:11:53,400 Speaker 4: And as a liberty and I respect their right to 166 00:11:53,520 --> 00:11:59,080 Speaker 4: life and property, and of course I'm going to do 167 00:11:59,160 --> 00:12:02,680 Speaker 4: away with it. But I'm a libertarian liberals, I'm not 168 00:12:03,000 --> 00:12:04,800 Speaker 4: just a silly liberal. 169 00:12:05,480 --> 00:12:07,880 Speaker 1: I'm not going. 170 00:12:07,679 --> 00:12:14,400 Speaker 4: To actually deviate from that because it's about. 171 00:12:14,280 --> 00:12:18,599 Speaker 1: Flows and stocks. You see, we have found. 172 00:12:20,760 --> 00:12:24,319 Speaker 4: That we need to define the conditions to remove the controls. 173 00:12:24,760 --> 00:12:28,120 Speaker 4: One of them is that induced inflation should converge visa 174 00:12:28,240 --> 00:12:33,559 Speaker 4: the observed inflation. Now we are moving on to a 175 00:12:33,600 --> 00:12:37,720 Speaker 4: calling peg of one percent. What would happen after three 176 00:12:37,760 --> 00:12:40,800 Speaker 4: months if the figures of inflation is one point five percent? 177 00:12:40,840 --> 00:12:43,560 Speaker 4: This means that will be converging in terms of inflation, 178 00:12:44,000 --> 00:12:46,280 Speaker 4: and we would have to do away with a crawling pig. 179 00:12:47,360 --> 00:12:51,280 Speaker 4: And another thing we have set as a condition is 180 00:12:51,320 --> 00:12:55,360 Speaker 4: that the observed monetary base should coincide. 181 00:12:54,920 --> 00:12:58,680 Speaker 1: With the broad base, so that we will. 182 00:12:58,720 --> 00:13:01,480 Speaker 4: Be sure that the money over hang generated by currency 183 00:13:01,480 --> 00:13:04,560 Speaker 4: controls will go away and when we open up and 184 00:13:04,640 --> 00:13:08,440 Speaker 4: lift the controls, there will be no run. And the 185 00:13:08,520 --> 00:13:13,480 Speaker 4: third point has to do with the possibility of getting finance. 186 00:13:14,000 --> 00:13:23,360 Speaker 4: But why is financing importants are because this brings forward 187 00:13:23,840 --> 00:13:27,600 Speaker 4: in time the end of the currency controls. We will 188 00:13:27,640 --> 00:13:31,320 Speaker 4: be doing away with the controls at that point when 189 00:13:31,320 --> 00:13:35,600 Speaker 4: we again rebuild the stock balance in the central ninth. 190 00:13:35,600 --> 00:13:38,760 Speaker 4: The difference is that if we secure the financing, the 191 00:13:38,880 --> 00:13:39,960 Speaker 4: exit will be faster. 192 00:13:41,320 --> 00:13:43,959 Speaker 1: This is also very important any. 193 00:13:43,800 --> 00:13:47,800 Speaker 4: Kind of agreement we may enter into with the IMF, 194 00:13:47,920 --> 00:13:56,280 Speaker 4: with investment funds and or with investment funds, it means 195 00:13:56,880 --> 00:14:00,640 Speaker 4: funds coming into the treasury's coffers that will be used 196 00:14:02,040 --> 00:14:06,640 Speaker 4: not to finance the treasury, because the treasury is in 197 00:14:06,679 --> 00:14:09,880 Speaker 4: a physical balance position, it will be used to repurchase 198 00:14:10,240 --> 00:14:14,880 Speaker 4: debt as far as the central bank is concern, which 199 00:14:15,120 --> 00:14:18,440 Speaker 4: is by the way, the Treasury's largest creditor, and this 200 00:14:18,520 --> 00:14:22,120 Speaker 4: has several effects. The total debt does not increase, it's 201 00:14:22,200 --> 00:14:25,479 Speaker 4: just the composition of it that changes. But you rebuild 202 00:14:25,560 --> 00:14:28,840 Speaker 4: the central bank balance sheets, and the more solvent the 203 00:14:28,880 --> 00:14:36,040 Speaker 4: central bank is, the balance price level is lower, and 204 00:14:36,360 --> 00:14:41,080 Speaker 4: if you take the current price level and the long term, 205 00:14:41,280 --> 00:14:44,440 Speaker 4: the slope gives inflation. When you rebuild the central bank 206 00:14:44,480 --> 00:14:48,280 Speaker 4: balance sheets, you also bring down long term inflation. So 207 00:14:48,320 --> 00:14:50,520 Speaker 4: what you're going to do if we secure the financing 208 00:14:51,280 --> 00:14:53,920 Speaker 4: is ensure that this is a lot faster. Again, we're 209 00:14:53,960 --> 00:14:56,520 Speaker 4: going to end the controls no matter what the thing is. 210 00:14:56,520 --> 00:14:59,400 Speaker 4: The speed the more financing we get, the sooner we'll 211 00:14:59,400 --> 00:14:59,840 Speaker 4: get out. 212 00:15:00,120 --> 00:15:00,800 Speaker 2: On the i m F. 213 00:15:00,960 --> 00:15:04,280 Speaker 3: You have this at this moment, you are negotiating with 214 00:15:04,320 --> 00:15:07,680 Speaker 3: the IMF. At the moment, Argentina has a forty four 215 00:15:07,760 --> 00:15:12,040 Speaker 3: billion dollar program. Are you trying to get an increase 216 00:15:12,080 --> 00:15:15,360 Speaker 3: on that or would you be happy with just rolling 217 00:15:15,400 --> 00:15:16,720 Speaker 3: over the forty four billion. 218 00:15:19,640 --> 00:15:24,880 Speaker 4: Part of it has to do with the structure of 219 00:15:25,080 --> 00:15:26,880 Speaker 4: payments and another. 220 00:15:26,640 --> 00:15:28,120 Speaker 2: Push to push them further out. 221 00:15:31,200 --> 00:15:36,080 Speaker 4: You're right, And another part has to do with getting 222 00:15:36,240 --> 00:15:42,880 Speaker 4: fresh funds to rebuild the central banks. That counts the 223 00:15:42,920 --> 00:15:48,880 Speaker 4: stock and thereby accelerate the lifting of the currency controls. 224 00:15:49,240 --> 00:15:53,960 Speaker 1: That is not being discussed. It's definitely going to happen. 225 00:15:53,960 --> 00:15:57,320 Speaker 4: But I can't consider lifting their controls if I don't 226 00:15:57,320 --> 00:16:00,240 Speaker 4: know how much money we're talking about. And it's not 227 00:16:00,320 --> 00:16:04,840 Speaker 4: just about how much, but about how because what I 228 00:16:04,880 --> 00:16:09,240 Speaker 4: need to do is match the flows of funds. So 229 00:16:09,400 --> 00:16:15,840 Speaker 4: the key is about that. This whole negotiation look makes 230 00:16:15,880 --> 00:16:19,080 Speaker 4: it clear that we are going to lift the controls, 231 00:16:19,960 --> 00:16:23,120 Speaker 4: but the exit will depend in terms of the speed, 232 00:16:23,640 --> 00:16:29,080 Speaker 4: on the amount of the operation, and on how the 233 00:16:29,120 --> 00:16:31,920 Speaker 4: operation is structured. In other words, it's not the same 234 00:16:32,000 --> 00:16:35,120 Speaker 4: if I get all of the money cash as opposed 235 00:16:35,160 --> 00:16:38,280 Speaker 4: to installments. What I need to match is a flow 236 00:16:38,280 --> 00:16:39,160 Speaker 4: of funds. 237 00:16:38,960 --> 00:16:41,840 Speaker 2: On that specific would you like more than forty four billion? 238 00:16:42,320 --> 00:16:43,040 Speaker 2: Just yes or no? 239 00:16:44,440 --> 00:16:51,960 Speaker 1: See yes, of course fresh funds important, But what matters here. 240 00:16:52,120 --> 00:16:58,480 Speaker 4: What's important is that the new fresh funds not increase 241 00:16:58,600 --> 00:17:03,920 Speaker 4: Argentina's total debt because they will be used to pay 242 00:17:03,960 --> 00:17:08,320 Speaker 4: off death that is held by the Central Bank, the 243 00:17:08,400 --> 00:17:15,680 Speaker 4: National Treasure's largest creditors, the central Bank, because Kirshner is 244 00:17:15,720 --> 00:17:22,119 Speaker 4: actually cheated Argentines by placing a liquid bonds in the 245 00:17:22,160 --> 00:17:24,520 Speaker 4: central Bank and took away the reserves. So what we 246 00:17:24,560 --> 00:17:29,439 Speaker 4: are trying to do is rebuild the assets, replenished the 247 00:17:29,480 --> 00:17:33,520 Speaker 4: assets of the central Bank so as to free up 248 00:17:33,560 --> 00:17:42,199 Speaker 4: the stocks and pay off the dividend. Sorry, one more thing, 249 00:17:42,240 --> 00:17:45,280 Speaker 4: we have made great progress towards lifting the controls. When 250 00:17:45,320 --> 00:17:48,840 Speaker 4: we came into office, only ten percent of imports was 251 00:17:48,880 --> 00:17:51,200 Speaker 4: being paid, and now nearly one hundred percent is being paid. 252 00:17:52,000 --> 00:17:56,520 Speaker 4: So that has been enormous improvement. And there are still 253 00:17:56,640 --> 00:17:58,360 Speaker 4: some find details. 254 00:17:58,200 --> 00:18:03,479 Speaker 3: To another creditor out there, another big investors, China. You know, 255 00:18:03,600 --> 00:18:06,640 Speaker 3: historically you were not a fan of China. I think 256 00:18:06,680 --> 00:18:09,360 Speaker 3: it'd be fair to say that the Chinese government has 257 00:18:09,480 --> 00:18:14,159 Speaker 3: lent Argentina's Central bank more than eighteen billion dollars plenty 258 00:18:14,200 --> 00:18:18,239 Speaker 3: of Chinese investment in Argentina. You said you were going 259 00:18:18,280 --> 00:18:21,679 Speaker 3: to go to Beijing this month. Is that still going 260 00:18:21,760 --> 00:18:22,200 Speaker 3: to happen. 261 00:18:25,119 --> 00:18:32,720 Speaker 4: We've had some very fruitful meetings with the Chinese embassy 262 00:18:33,440 --> 00:18:38,000 Speaker 4: and was Chijing thing a meeting which we had in 263 00:18:38,119 --> 00:18:45,400 Speaker 4: Brazil during the G twenty summit. And we consider that 264 00:18:45,440 --> 00:18:48,199 Speaker 4: our economies are complementary and that there's a lot for 265 00:18:48,240 --> 00:18:53,680 Speaker 4: us to do together as great trade partners. So the 266 00:18:53,680 --> 00:18:56,440 Speaker 4: flip side of the shops has to do with the 267 00:18:56,560 --> 00:18:59,920 Speaker 4: commercials situations. The idea is to deepen the trade relation. 268 00:19:01,520 --> 00:19:06,359 Speaker 4: In fact, we intend to pay a visit to China. 269 00:19:06,800 --> 00:19:08,280 Speaker 2: But you're a bit like President Trump. 270 00:19:08,320 --> 00:19:11,399 Speaker 3: Do you appreciate China more now you are in office? 271 00:19:17,720 --> 00:19:21,560 Speaker 4: Well, sometimes you also need to learn. Yes, don't you 272 00:19:21,760 --> 00:19:23,240 Speaker 4: learn something new every day? 273 00:19:23,520 --> 00:19:25,680 Speaker 2: Can I ask? Can I? Yes? We always try. 274 00:19:26,240 --> 00:19:29,560 Speaker 3: You have one particular thing, will you go back to 275 00:19:29,600 --> 00:19:30,960 Speaker 3: the international bond front? 276 00:19:32,640 --> 00:19:34,760 Speaker 4: If I fail to learn, I will harm the argent, 277 00:19:35,000 --> 00:19:37,119 Speaker 4: So have extra pressure to learn fast? 278 00:19:37,680 --> 00:19:38,159 Speaker 2: What about? 279 00:19:38,200 --> 00:19:41,720 Speaker 3: What about going back to the international bond markets? When 280 00:19:41,720 --> 00:19:45,040 Speaker 3: do you think you will hope to do that? To 281 00:19:45,240 --> 00:19:48,560 Speaker 3: go and raise money by yourself without the IMF, without 282 00:19:48,600 --> 00:19:50,359 Speaker 3: talking to China, when do you think you would? 283 00:19:52,480 --> 00:19:57,120 Speaker 1: Well, it should take a look. 284 00:19:57,440 --> 00:20:00,760 Speaker 4: When we won the election, country risk for about three 285 00:20:00,840 --> 00:20:02,920 Speaker 4: thousand basis points. 286 00:20:03,119 --> 00:20:04,040 Speaker 1: When we. 287 00:20:05,440 --> 00:20:09,359 Speaker 4: Took office, the market was standing to believe because country 288 00:20:09,440 --> 00:20:13,439 Speaker 4: risk had gone down to nineteen hundred. Recently it had 289 00:20:13,560 --> 00:20:19,160 Speaker 4: pierced the six hundred basis points. Now it has bounced back. Obviously, 290 00:20:19,520 --> 00:20:22,439 Speaker 4: profit taking is only natural. That should be no cause 291 00:20:22,920 --> 00:20:28,960 Speaker 4: for concern. But we have a zero deficit physical role 292 00:20:29,040 --> 00:20:31,640 Speaker 4: on the financial land. So if you have zero deficit, 293 00:20:31,720 --> 00:20:34,399 Speaker 4: you don't take on new debt, so the debt to 294 00:20:34,480 --> 00:20:38,880 Speaker 4: GDP ratio is a decreasing one. Moreover, this is the 295 00:20:38,920 --> 00:20:43,600 Speaker 4: first government during our most recent democratic period. This is 296 00:20:43,600 --> 00:20:46,440 Speaker 4: the first government that has brought the debt down by 297 00:20:46,440 --> 00:20:48,720 Speaker 4: thirty billion dollars in this past year. 298 00:20:49,920 --> 00:20:51,960 Speaker 1: So Argentina has a position. 299 00:20:51,600 --> 00:20:55,800 Speaker 4: Of solvency that is very powerful, and this is about 300 00:20:56,080 --> 00:21:02,119 Speaker 4: zero deficit. At the same time, the impact this has 301 00:21:02,280 --> 00:21:07,400 Speaker 4: on country risk and on the interest rate makes Argentina 302 00:21:08,400 --> 00:21:14,800 Speaker 4: find a trend to growth floor four point five percent, 303 00:21:14,880 --> 00:21:17,000 Speaker 4: which means that in fifty years time, Argentina would have 304 00:21:17,040 --> 00:21:20,280 Speaker 4: the same per capita GDP as the United States in 305 00:21:20,320 --> 00:21:24,800 Speaker 4: fifty years time with the United States keeping the current rates. 306 00:21:26,640 --> 00:21:29,960 Speaker 4: But you should also consider that the adjustment was made 307 00:21:30,119 --> 00:21:34,119 Speaker 4: by bringing down public spending, not by raising taxes, because. 308 00:21:33,840 --> 00:21:37,200 Speaker 1: In fact we gave people back about. 309 00:21:36,960 --> 00:21:42,240 Speaker 4: Fifteen percentage points of GDP. And not just that, we 310 00:21:42,320 --> 00:21:45,200 Speaker 4: have also undertaken the largest structural reform in the history 311 00:21:45,200 --> 00:21:49,160 Speaker 4: of Argentina, which was eight times larger in scale than 312 00:21:49,280 --> 00:21:53,560 Speaker 4: that under present Minium, through an emergency decree and a 313 00:21:53,640 --> 00:21:58,960 Speaker 4: comprehensive reform package bill. But every day, our wonderful marvelous 314 00:21:59,040 --> 00:22:04,720 Speaker 4: genius deregulation Minister for the DECO Sultanega does away with 315 00:22:04,840 --> 00:22:08,840 Speaker 4: regulations and about four every day, So we're on the 316 00:22:08,880 --> 00:22:13,240 Speaker 4: way to certainly becoming the freest. 317 00:22:12,920 --> 00:22:14,840 Speaker 1: Sketch in the world. At some point, you have your. 318 00:22:14,720 --> 00:22:15,760 Speaker 2: Friend Elon Musk. 319 00:22:15,880 --> 00:22:19,600 Speaker 3: He is trying to do the same thing in America. 320 00:22:19,960 --> 00:22:23,200 Speaker 4: Hold on, because I didn't fully answer the previous question, 321 00:22:23,359 --> 00:22:26,040 Speaker 4: and what you asked previously so important. 322 00:22:26,080 --> 00:22:29,320 Speaker 1: This means that the. 323 00:22:29,560 --> 00:22:33,480 Speaker 4: Debt to GDP racial profile in Argentina comes down a lot. 324 00:22:33,560 --> 00:22:38,600 Speaker 4: So when we finally free the currency controls will lift them. 325 00:22:39,000 --> 00:22:44,600 Speaker 4: The risk rating agencies will greatly improve our ratings and 326 00:22:44,640 --> 00:22:46,480 Speaker 4: will be able to go out to market very easy, 327 00:22:46,560 --> 00:22:50,320 Speaker 4: because it's not that we need debt in. 328 00:22:50,520 --> 00:22:52,920 Speaker 1: Order to cover deficit. 329 00:22:53,000 --> 00:22:57,440 Speaker 4: We will just be rolling over a debt in a 330 00:22:57,480 --> 00:23:01,280 Speaker 4: decreasing debt to GDP context, so that will happen easily. 331 00:23:01,359 --> 00:23:05,240 Speaker 4: And that's why it's so important for us to go 332 00:23:05,320 --> 00:23:08,000 Speaker 4: into twenty twenty six without controlment efficiency. 333 00:23:08,080 --> 00:23:11,679 Speaker 3: You are famous for your chainsaw, for taking this axe, 334 00:23:11,800 --> 00:23:16,200 Speaker 3: this chainsaw to Argentine government. You you in America. In America, 335 00:23:16,280 --> 00:23:18,520 Speaker 3: you have Elon Musk, your friend is trying to do 336 00:23:18,560 --> 00:23:21,480 Speaker 3: the same thing once you advise him. 337 00:23:24,280 --> 00:23:26,160 Speaker 1: Let me make another point. 338 00:23:27,040 --> 00:23:30,040 Speaker 4: The owner of the chainsaw is another one of my 339 00:23:30,160 --> 00:23:31,760 Speaker 4: brilliant ministers. 340 00:23:31,320 --> 00:23:32,600 Speaker 1: Luis Touto. 341 00:23:33,440 --> 00:23:38,320 Speaker 4: He's the one who undertook the cuts and. 342 00:23:38,200 --> 00:23:41,720 Speaker 2: This is very important. It's just lent him to President Trump. 343 00:23:44,680 --> 00:23:50,359 Speaker 4: Yeah, I need him in Argentina because I want to 344 00:23:50,359 --> 00:23:52,840 Speaker 4: continue to bring down spending, to continue to know what 345 00:23:53,000 --> 00:23:59,199 Speaker 4: taxes bill and look at. But what I mean is this, 346 00:23:59,200 --> 00:24:03,960 Speaker 4: this is important. I would also like to praise the 347 00:24:04,240 --> 00:24:09,760 Speaker 4: great job done by my brilliant minister to just about 348 00:24:10,240 --> 00:24:14,840 Speaker 4: making the treasured adjustment amount into five percent of DDPS 349 00:24:14,960 --> 00:24:18,879 Speaker 4: in a way that wasn't painful for the people, and 350 00:24:19,119 --> 00:24:21,359 Speaker 4: we need to do it quickly. We started to bounce 351 00:24:21,440 --> 00:24:25,840 Speaker 4: back as from April already, and if we didn't do 352 00:24:26,000 --> 00:24:28,520 Speaker 4: the job in the Central Bank, we could have had 353 00:24:28,640 --> 00:24:31,320 Speaker 4: hyper inflation. And that's also thanks to the work of 354 00:24:32,080 --> 00:24:35,680 Speaker 4: and Santiago Bosili who heads the central banks, and also 355 00:24:35,680 --> 00:24:37,359 Speaker 4: our Finance secretary Pablo Keno. 356 00:24:37,960 --> 00:24:39,080 Speaker 1: These things are very important. 357 00:24:39,440 --> 00:24:42,960 Speaker 4: Sorry, I'm taking away some of your time going into 358 00:24:43,000 --> 00:24:47,360 Speaker 4: these detailed answers, but the very important and clearly what 359 00:24:47,480 --> 00:24:53,200 Speaker 4: you say is actually happening, because the IMF has actually 360 00:24:53,240 --> 00:24:58,800 Speaker 4: invited our deregulation minister Federico Suzenega for him to share 361 00:24:59,040 --> 00:25:05,680 Speaker 4: the exp umans of what we're doing in Argentina. And 362 00:25:05,720 --> 00:25:10,119 Speaker 4: I will now make a point which is not minor. 363 00:25:10,640 --> 00:25:11,440 Speaker 1: It is important. 364 00:25:12,560 --> 00:25:14,640 Speaker 4: This is important to get the picture when you look 365 00:25:14,680 --> 00:25:20,639 Speaker 4: at the history of economic growth, the last two hundred 366 00:25:20,800 --> 00:25:25,720 Speaker 4: or two and fifty years of great, wonderful growth, this 367 00:25:25,840 --> 00:25:30,200 Speaker 4: growth revolution we've had thanks to which humans today live 368 00:25:30,680 --> 00:25:33,800 Speaker 4: and are better off than empress at any time in 369 00:25:33,800 --> 00:25:38,080 Speaker 4: the past. This was due to the emergence of economic growth, 370 00:25:38,840 --> 00:25:44,000 Speaker 4: the flip side of which is increasing returns, which in 371 00:25:44,119 --> 00:25:49,199 Speaker 4: economic and neoclassical economic theory are at loggerheads with the 372 00:25:49,400 --> 00:25:53,800 Speaker 4: competitive model, the perfect competition model, which can't generate growth. 373 00:25:54,640 --> 00:25:57,480 Speaker 1: Now, what is the problem? 374 00:25:56,440 --> 00:26:05,400 Speaker 4: Increasing returns involved monopolies or concentrated structure structures. 375 00:26:05,520 --> 00:26:07,880 Speaker 1: So when you look at. 376 00:26:07,880 --> 00:26:11,240 Speaker 4: A business and regulated and want to make it look 377 00:26:11,400 --> 00:26:15,439 Speaker 4: like some competitive company, what you're doing through regulations is 378 00:26:15,480 --> 00:26:20,359 Speaker 4: to kill growth. And this is something that Christallina and 379 00:26:20,440 --> 00:26:21,480 Speaker 4: joe Eva mentioned. 380 00:26:21,680 --> 00:26:25,000 Speaker 1: She said, we see that total factor of productivity. 381 00:26:24,520 --> 00:26:29,199 Speaker 4: Is fully because of the situation regarding their regulations. This 382 00:26:29,280 --> 00:26:36,000 Speaker 4: is why what for the ECOSA and what is now 383 00:26:36,080 --> 00:26:37,200 Speaker 4: doing in the United. 384 00:26:37,000 --> 00:26:43,360 Speaker 3: States applicable in other places. I wonder, because in Europe 385 00:26:43,400 --> 00:26:45,720 Speaker 3: we have all these people who are sitting there and 386 00:26:45,720 --> 00:26:49,399 Speaker 3: who have barely shrunk government at all, who think barely 387 00:26:49,760 --> 00:26:50,760 Speaker 3: do you regard them as. 388 00:26:50,720 --> 00:26:51,400 Speaker 2: Kind of whimps? 389 00:26:51,640 --> 00:26:54,840 Speaker 3: They people who have not taken on government in the 390 00:26:54,880 --> 00:26:56,359 Speaker 3: same way as you, as you have. 391 00:26:57,440 --> 00:26:59,320 Speaker 1: Well next to me. 392 00:26:59,320 --> 00:27:15,639 Speaker 3: Either or when right familiar famili familiar modesty locates locate eloys, seems. 393 00:27:14,080 --> 00:27:19,760 Speaker 4: There's an issue regarding the compatibility. Because I come from 394 00:27:19,800 --> 00:27:23,840 Speaker 4: out outside and I believe in this kind of adjustment. 395 00:27:23,840 --> 00:27:25,879 Speaker 4: It's politics that needs to result. And most of the 396 00:27:25,960 --> 00:27:30,960 Speaker 4: politicians in Europe and in most of the world, the 397 00:27:30,960 --> 00:27:37,040 Speaker 4: ones that only occupy a chair and Brussels, but make 398 00:27:37,080 --> 00:27:40,480 Speaker 4: a point of creating an environment to be. 399 00:27:39,960 --> 00:27:43,920 Speaker 1: Better off themselves, not for people to be well off. 400 00:27:44,040 --> 00:27:46,959 Speaker 4: And this is why they have introduced so many regulations, 401 00:27:46,960 --> 00:27:49,320 Speaker 4: and this is why Europe is the part of the 402 00:27:49,359 --> 00:27:50,080 Speaker 4: world that is. 403 00:27:50,040 --> 00:27:50,680 Speaker 1: Growing the least. 404 00:27:50,680 --> 00:27:52,439 Speaker 4: So we need to give power back to the people, 405 00:27:52,480 --> 00:27:53,240 Speaker 4: to citizens. 406 00:27:53,840 --> 00:27:55,919 Speaker 1: We need to. 407 00:27:55,160 --> 00:28:00,600 Speaker 4: Break the fetters, that is they view to the well 408 00:28:01,000 --> 00:28:04,360 Speaker 4: through regulations or through taxes. In fact, all regulations are absurd. 409 00:28:05,280 --> 00:28:09,160 Speaker 4: So for as long as politicians are not willing to 410 00:28:09,200 --> 00:28:12,560 Speaker 4: surrender the privilege that will continue to kill growth. And 411 00:28:12,640 --> 00:28:19,480 Speaker 4: you know what, take the presidency as a job. I 412 00:28:19,520 --> 00:28:22,520 Speaker 4: have a job description which is to lower inflation, to 413 00:28:22,640 --> 00:28:24,920 Speaker 4: reduce poverty, to end in security, and to make the 414 00:28:24,920 --> 00:28:25,439 Speaker 4: economy grow. 415 00:28:25,480 --> 00:28:27,400 Speaker 1: And you know what I'm going to do once I'm done, 416 00:28:27,440 --> 00:28:28,200 Speaker 1: I'm going. 417 00:28:28,040 --> 00:28:32,920 Speaker 3: To You have midterm you have midterm elections coming up, 418 00:28:33,480 --> 00:28:36,320 Speaker 3: where all the things you've said will be on display. 419 00:28:37,200 --> 00:28:40,160 Speaker 3: You will and your current approval ratings are quite high. 420 00:28:41,080 --> 00:28:42,520 Speaker 2: But as you know, all. 421 00:28:42,360 --> 00:28:44,600 Speaker 3: The things you've talked about, there has also been pain 422 00:28:44,760 --> 00:28:47,920 Speaker 3: for people in Argentina. As you've cut, as you've done things. 423 00:28:48,680 --> 00:28:51,240 Speaker 3: What do you expect to happen in those midterms? Because 424 00:28:51,240 --> 00:28:53,880 Speaker 3: if you don't get back in there for all this 425 00:28:54,240 --> 00:28:59,760 Speaker 3: matcho talk, you could be in troubles. 426 00:29:01,040 --> 00:29:03,320 Speaker 4: Painful is what Argentina has gone through in the past 427 00:29:03,360 --> 00:29:06,360 Speaker 4: one hundred years. Having been one of the wealthiest countries, 428 00:29:06,400 --> 00:29:09,880 Speaker 4: it has become a miserable country at the lower end 429 00:29:09,920 --> 00:29:12,640 Speaker 4: of the spectrum. I think that is painful. I didn't 430 00:29:13,000 --> 00:29:16,520 Speaker 4: create fifty seven percent poverty. I only inherited. What I 431 00:29:16,520 --> 00:29:19,120 Speaker 4: did was acknowledge the fact I brought it down by 432 00:29:19,160 --> 00:29:23,800 Speaker 4: twenty one points in a year, and I adjusted the 433 00:29:23,840 --> 00:29:28,000 Speaker 4: economy and politics, and still the economy expanded. So I 434 00:29:28,000 --> 00:29:31,920 Speaker 4: didn't apply a painful recipe. I gave freedom back to 435 00:29:31,920 --> 00:29:36,160 Speaker 4: the Argentines and improved the earnings, the average wages and 436 00:29:36,200 --> 00:29:39,120 Speaker 4: the former market went from three hundred dollars to eleven hundred. 437 00:29:39,760 --> 00:29:40,880 Speaker 1: And given that. 438 00:29:42,480 --> 00:29:46,600 Speaker 4: The Argenter currency is no longer so depreciated for capita, 439 00:29:46,680 --> 00:29:49,720 Speaker 4: GDP is one hundred and twenty percent larger now and 440 00:29:49,760 --> 00:29:50,760 Speaker 4: the Argentines are. 441 00:29:50,760 --> 00:29:53,600 Speaker 1: Way better off. This is why the approval. 442 00:29:53,360 --> 00:29:56,360 Speaker 4: Ratings for our administration are around sixty percent. And if 443 00:29:56,360 --> 00:29:58,720 Speaker 4: the election were today, we would get fifty percent. 444 00:29:58,400 --> 00:30:02,840 Speaker 1: Of the vote. So there's broad. 445 00:30:02,560 --> 00:30:06,360 Speaker 4: Consensus around our policies. People are getting it. The problem 446 00:30:06,480 --> 00:30:08,760 Speaker 4: is not people. The problem is politicians are losing out 447 00:30:08,760 --> 00:30:09,280 Speaker 4: as part of this. 448 00:30:09,280 --> 00:30:11,800 Speaker 3: One last thing do you worry at all you have 449 00:30:11,840 --> 00:30:15,160 Speaker 3: thought you were a great student of economic reform in 450 00:30:15,200 --> 00:30:18,719 Speaker 3: other places, is that people can often have this huge 451 00:30:18,800 --> 00:30:21,520 Speaker 3: push at the beginning. We saw this with people like 452 00:30:21,560 --> 00:30:25,000 Speaker 3: Margaret Thatcher, maybe Ronald Breagan as well, But then after 453 00:30:25,040 --> 00:30:27,880 Speaker 3: a bit, the momentum gets into trouble. What what What 454 00:30:28,000 --> 00:30:30,959 Speaker 3: keeps you going at the speed you are going at? 455 00:30:30,960 --> 00:30:31,360 Speaker 2: The moment. 456 00:30:33,720 --> 00:30:40,600 Speaker 4: I well, what you've just usked is very important because 457 00:30:41,200 --> 00:30:47,520 Speaker 4: we look at politics on three fronts, on three lanes. 458 00:30:47,560 --> 00:30:52,520 Speaker 4: One is management administration as such, with lowered inflation, the 459 00:30:52,560 --> 00:30:59,160 Speaker 4: economy is growing, poverty has really come down tremendously, and 460 00:30:59,160 --> 00:31:02,800 Speaker 4: in securities are of the past. So the administration is working. 461 00:31:03,240 --> 00:31:07,640 Speaker 4: And what we have achieved in our administration is so 462 00:31:07,680 --> 00:31:12,520 Speaker 4: important that our brilliant security minister went to the IMF 463 00:31:12,600 --> 00:31:16,560 Speaker 4: to explain how we managed to maintain social order even 464 00:31:16,640 --> 00:31:20,600 Speaker 4: amidst such a huge adjustment. The other track, and we've 465 00:31:20,640 --> 00:31:25,760 Speaker 4: got the person in charge here, that's the political track. 466 00:31:25,880 --> 00:31:27,520 Speaker 1: We are building. 467 00:31:27,160 --> 00:31:33,600 Speaker 4: Our own political structure and that's my sister's responsibility. And 468 00:31:33,600 --> 00:31:38,760 Speaker 4: whereas many have tried to build their own parties and 469 00:31:38,840 --> 00:31:42,400 Speaker 4: they've spent five or ten years without being able to 470 00:31:42,440 --> 00:31:45,120 Speaker 4: do so, my sister managed to do this in only 471 00:31:45,120 --> 00:31:51,920 Speaker 4: five months. So congratulations poss And there's yes, another element 472 00:31:52,200 --> 00:31:58,400 Speaker 4: that is crucial. What we call the culture battle are. 473 00:31:58,360 --> 00:31:59,720 Speaker 1: Called of load of economics. 474 00:32:00,000 --> 00:32:06,320 Speaker 4: Economic achievements do not suffice, nor do political achievements. If 475 00:32:07,040 --> 00:32:11,040 Speaker 4: society people fail to understand that the road to prospect 476 00:32:11,160 --> 00:32:13,600 Speaker 4: is about embracing the ideas of freedom, they may have 477 00:32:14,320 --> 00:32:17,360 Speaker 4: an administration a term or tun how. 478 00:32:17,240 --> 00:32:20,000 Speaker 3: Long does that take that would be lost to change 479 00:32:20,000 --> 00:32:20,560 Speaker 3: the culture. 480 00:32:24,080 --> 00:32:25,000 Speaker 1: I wish I knew. 481 00:32:25,440 --> 00:32:27,240 Speaker 4: What I do know is that I need to give 482 00:32:27,280 --> 00:32:29,520 Speaker 4: it a try, and that's what we are actively working 483 00:32:29,520 --> 00:32:30,280 Speaker 4: on to President. 484 00:32:30,600 --> 00:32:34,160 Speaker 2: Thank you very much for talking to Bloomberg. I was 485 00:32:34,160 --> 00:32:36,760 Speaker 2: Bloomberg Gadgetor in chief John mcoth wait in conversation with 486 00:32:36,840 --> 00:32:37,760 Speaker 2: Argentina's president. 487 00:32:37,920 --> 00:32:38,560 Speaker 3: Have you a Malai