Thursday marks another day of economic chaos in Argentina after the Central Bank raised rates by 15 percentage points, reaching 60 percent on Thursday and leaving the dollar trading at around 39 pesos.
With high levels of tension in the Pink House, Buenos Aires Governor María Eugenia Vidal acknowledged her concern about the impact of inflation and a volatile peso, expressing her disdain for the way that the Macri administration has been addressing the ongoing crisis.
In an interview with Luis Novaresio on Radio La Red, the governor chose to distance herself from Chief of Staff Marcos Peña when she was asked about his statements, in which he denied that Argentina is facing “economic failure”.
“We are currently facing difficulties, and not recognizing this would deny and invalidate what every-day Argentines are currently experiencing,” Vidal emphasized.
“I recognize the uncertainty in Argentine people, the dollar is volatile and that leaves all people in the country distressed,” the governor added.
When asked if she perceived arrogance in fellow members of Cambiemos, Vidal admitted that she did recognize “some arrogance” in the Cambiemos party when it came to acknowledging Argentina’s economic difficulties. She allowed that this position was alienating many of the party’s constituents. She also remarked that the possibility of any changes in the Cabinet was a decision that depended solely on the President.
“I always feel that one never listens enough to the people, besides, power sometimes makes you double-down on your own position without listening to the people, and that can happen to anyone,” the governor stressed. “It has happened to me too.”
“You fight for something in which you believe deeply, and sometimes you can make mistakes and feel that the other person does not understand, does not know or does not have the best intention,” Vidal stated.
“Arrogance is a mistake that we all make, especially when we have power, but which can always be corrected. The easiest way to make things right is by listening to the people.”
In addition, Vidal highlighted that the Argentine government is currently going through “complex times”.
“Difficult months are ahead. The rise of the dollar will have an impact on inflation and economic activity,” Vidal stated.
“However, I also see some positive signs in Argentina, such as the growth of beef exports. Measures such as these generate jobs and growth in general,” she added.