The analysts think that there is a modest progress

They indicate trasfondo politician of the announcement

The financial analysts divide their opinions between the purest critic, the analysis of the political variables in game and the suggestions "on which there is", after the announcement of the new exchange of deposits reprogramados by bonds, plus the partial liberation of up to $ 7000, voluntarily of the beneficiary.

"the exchange is something careless and unexpected, but it is possible that it has something more of acceptance than the Boden. And as far as the liberation, he had to be made long before because he solves the basic problems of the small ahorristas, that are the great majority ", comments the economist Rodolfo Santángelo, partner of Consulting company/signature M&S.

"the exchange will indirectly allow a cheap financing for the banks and although it is not the definitive reconstruction of the financial system, is a step - it adds -. is not an integral measurement, is one more a measurement in a clearly interactive process, but it is an advance."

Eduardo Blasco, to title of the Maxinver consultant, prefers to emphasize that the new variant of collection, "although is long term of the dollars deposited in the banking system responds to two clear objectives basically. First it is some type of better political positioning, when reducing the pressures of the ahorristas, that, via some mediatic leadership like the one of Nito Artaza, could affect the image that wishes to give the Government ".

The second objective, adds, is to respond "to the combination of pressures of the IMF, with the high degree of uncertainty that is derived from possible judicial decisions, basically of the Supreme Court".

"the Court it would be arranged to accept determined prorogations of victories unilaterally, whereas an equivalent compensation in local currency is reflected that, of one or another form, does not modify the origin currency or exists - it affirms -. This would respond to that the modification of the origin currency is Vista like a capital acquittal, end that the Court would not wish to confirm."

Of then, it concludes, "he is doubtless there the acceptance of greater potential costs for the national Treasure, that the Government interprets that they are justified, if they are compared with the extreme risks that could be derived from a general cuestionamiento of all the decisions made from principles of this year".

"the use of the reprogramados deposits raises a menu of alternatives that will have to be evaluated in terms of liquidity and capacities to restore forces and assets and control damage of the savings originally invested", Roberto Drimer says, partner of Argentine Research.

"the immediate availability of the bottoms for the deposits smaller to $ 7000 will maximize the liquidity, but it will imply a loss of around 48% of the original deposit in dollars, under the assumption of relative stability of the type of change in the short term", explains, whereas it recommends to the possesors of Cedars by superior amounts "to evaluate the quality of the receiving banking institution of the original deposit in terms of the term of maturation of possible Boden 2013 or the Note of Fixed Deposit on credit susceptible to accept", besides to analyze "the existence of an active secondary market and the awaited investing interest".

Blasco inclines, in as much, by "the second alternative. The bonds of the banks will have emissions smaller and, consequently, possible minors secondary markets (later possibility of sale before the victory). But in the long term, the investor could have the alternative that exists an important valuation in real terms of the weight against the dollar ".