The economist Juan Carlos de Pablo, one of the closest advisors to President Javier Milei, starred in an uncomfortable moment during an interview on LN+. In the midst of analyzing the economic situation, he said: “After the devaluation we calmed down a little,” which generated immediate confusion. Journalist Paz Rodríguez Niell, surprised, corrected him: “After the election?”, and Paul immediately rectified: “After the election.”
The failure, although brief, had a strong political and economic impact. In an Argentina where the exchange gap exceeds three digits and any comment can be read as a signal, That an influential economist mentioned a “devaluation” in that context did not go unnoticed. Pablo himself tried to lower the tension by stating that “next Monday Argentina will exist, the bakers will start working in the morning, we will be able to have breakfast,” in an attempt to convey calm in the face of uncertainty prior to the elections.
Asked about the possibility of a jump in the exchange rate, he responded emphatically: “No!” However, he also admitted that “next week we will see if the crisis is political or economic,” a phrase that left the door open to interpretations. Later, he added: “If you think about continuing to float, float. If they take out the band, let them take it out, let’s see what happens,” in reference to the current exchange rate scheme.
The context is not minor: the blue dollar had risen 40 pesos (2.7%) and reached a new nominal record, widening the gap with the official dollar to 3.7%. The officer, for his part, touched the upper roof of the band. In this climate, the words of an advisor close to the Government can function as signals for the market.
Far from being a simple lapse, Pablo’s comment exposed the nervousness that runs through the ruling party in the run-up to the elections. In a country where the dollar is a political and emotional thermometer, confusing “election” with “devaluation” is much more than a mistake: it is, for many, an involuntary reflection of what the Government really fears.
