The Latin American cipaya media right against the common currency

Let’s see what he’s saying latin american press about this proposal to move towards a common currency in the region, let’s see if that way we understand a little better what it represents.

First of all, it is important to say that everything depends a bit on how the design of a possible common Latin American currency lands concretely, which could be declined in very different ways, so there is not such a clear and monolithic map of supports or media criticism of this proposal depending on whether the medium is from the left or the right, as is the case with other issues. Let us remember, for example, that in 2019, when Brazil was governed by Bolsonaro and in Argentina ruled Macri (both right-wing governments), the possibility of a common currency for Argentina and Brazil was also explored.

But having said this, we can say that this new initiative for a common currency called “SUR”, promoted on this occasion by two progressive governments (that of Lula in Brazil and the one of Alberto Fernandez in Argentina), is receiving fairly widespread support from left-wing and progressive media and opposition from right-wing media. media right:

BNamericas: They consider unfeasible a common currency between Brazil and Argentina

Daily The country from Uruguay, also from the right, which is also the most widely distributed newspaper in that country according to the rankings: “Waste of time” to “ridiculous idea”: economists criticize the possibility of a common currency in mercosur.

Several economists criticized the plan of Argentina and Brazil to create a common currency called “SUR”. The economist and columnist for The country, Javier de Haedo, questioned the seriousness of the project. “I can’t understand Brazil taking this seriously.” “A few days ago a hymn and a common flag for the region were proposed. Now a common currency. What we need is flexibility, open markets and let us trade. More trade and less ideology. Export work, not speeches,” said Javier Garcia, Minister of Defense From Uruguay.

Another Uruguayan newspaper, the Observer: The common currency between Argentina and Brazil “is a ridiculous idea”, said the economist Gabriel Oddone.

The Mercury Onlineof Chili: “Absurd” and “unfeasible”: Various economists have harshly criticized the idea being studied by Argentina and Brazil. The former president of Central Bank, Jose De Gregorioin an interview with infinite radius said that “the announcement of the single currency is the most absurd thing I have ever heard and hardly credible. It is a very bad idea, I hope that the Government, and its authorities, do not mention this, because it is not even worth saying that we are going to to talk”. The former Minister of Finance, Eduardo Aninatmaintained that the idea “does not have any viability in the next ten years”.

Juan Nagel, academic from the Faculty of Economic and Business Sciences of the University of the Andes, said that “the news of a common currency has taken academics by surprise, mainly because of the absurdity of it.” “The proposal does not make sense, and I doubt that the Brazilian business and technical sectors are willing to accept it. It sounds like a political smokescreen.”

The nationthe historical conservative Argentine daily, we can say that it has more clearly taken a critical line in the face of this possibility of a common strong currency for Argentina Y Brazil and potentially for more countries, or at least it seems that way if one reads the two most important pieces that he has published in the last few hours on this matter. Perhaps it has something to do with the fact that a weak national currency, a low peso against the dollar, favors the exports on which all the agribusiness of the land-owning oligarchy in Argentina is based, whose interests, logically, are defended by newspapers such as The nation.

One of the pieces in The nation is an interview to Diego Guelarformer ambassador to Brazil, China and the United States, belonging to the PRO (Macri’s party). “Diego Guelar raised objections to the project of a common currency:” We didn’t even start the process.

The other piece, signed in Washington by the correspondent of The nation in USA, collects criticism of the proposal by economists and big shots of US economic policy. The idea of ​​a common currency between Brazil and Argentina was dismissed with irony in the US. A “folly”, one of the “dumbest ideas” ever seen, a “smokescreen”, a “stained glass decoration” or, in the best of cases, a proposal that could take decades and a lot of work before to be able to come to fruition.

The possibility that Argentina and Brazil begin to walk the path towards a common currency –which would be called “SUR”– gained notable international relevance after an article in the Financial Timeswhich sparked comments and conversations among several well-known economists and analysts in the United States.

The idea was quickly scrapped given the enormous disparities between the two countries. “I am struck by the idea of ​​a common currency for Brazil and Argentina. This seems highly problematic given the differences in the economies, the histories of problematic populism in both places, the relatively thin political connection between them and the problems of both countries with rates fixed exchange rates,” tweeted Larry Summers, who was Treasury secretary under Bill Clinton.

“Really? One of the dumbest ideas I’ve ever heard,” he dispatched. Mark Sobela veteran of Treasury Departmentwho sat in the United States chair on the board of the International Monetary Fund (IMF) between 2015 and 2018.

Héctor Torres, who also worked in the board of the Fund as representative of Argentina, responded to Sobel: “He’s not stupid, he’s a shop window decoration”. “This is crazy,” she sentenced, more emphatically, Olivier Blanchardwho also worked at the Fund as chief economist.

Well quickly. Page 12an Argentinean progressive newspaper, we can say that it welcomes the proposal “More than a common currency, what will the new relationship be like. BRAZIL IS BACK. The landing in Argentina of the president of Brazil it means a complete change in economic relations between the two countries. In successive meetings, the joint work of the economy ministries of the two countries on a common currency, energy integration and the recovery of bilateral trade lost during the presidency of Bolsonaro“.

Radio futurerockwhich is in my opinion, by the way, one of the most interesting popular media out there right now in Argentina (together with others such as the magazine Crisiseither the blackboard of Alfredo Serrano, of course, or Am530 We Are Radio), has interviewed Cecilia Todesca, secretary of international economic relations of the current Argentine government, who has defended the advantages of the measure. And I read you one last headline: Telesur: “Venezuela supports the initiative of Brazil and Argentina on a common currency for the region”.

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