FINANCE MINISTER’S KEY STATEMENTS ON DEBT AND DEFICITS

As he fended off questions and accusations over his personal financial activity in tax havens, Finance Minister Luis Caputo made the following statements: – “We have to lower tax pressure and reduce spending to achieve fiscal balance.” – “Reducing the primary deficit five points in a year or two will greatly impact the most vulnerable.” – “Today there are people who can buy a house with 30-year mortgages that have not been available [to have them] for a long time.” – “This debt financing is different.” – “If we know our deficit levels, we know what extent we can take on debt.” – “Investors feel comfortable and content with the policies we are implementing. And they are accompanying this process. Not only investors but credit rating agencies, too.” – “Most Latin American countries pay more interest on debt than what we do, including those with better credit ratings than us.” – “The goal of this government is to eliminate poverty and to do so we need to have sustained and stable growth. For many years, our growth was characterised by its phenomenal volatility, and with our crises the gap [between rich and poor] became wider.” – “We are trying to establish the bases for sustained growth. We are accustomed in Argentina to big plans aimed at saving us. They do not exist. The only thing we can do is be a normal country. And to tell people this. We are not going to solve our problems in one or two years. We cannot solve 75 years of mismanagement. Each year that goes by, we are going to be better off. This is how we can close the gap and reduce poverty.”