MercoPress. South Atlantic News Agency

A banker who trusts Argentina

In spite of the political and financial uncertainties, and his colleagues incredulousness, a New York financial expert, head of the Emerging Markets Department in one of Wall Street main banks, openly recommended the purchase of Argentine debt bonds.

Arturo Porcekansky, Uruguayan born banker, who recently visited the River Plate, commenting on his proposition indicated that in the end it all comes down to how responsible the political establishment is, and "when things really get tough, I trust in the common sense of the Argentine political system".

Following the September resignation of Argentine vice president Carlos Alvarez and the Senate bribes scandal, the political uncertainty generated had a direct negative impact in Argentine bonds and exorbitant rates which Argentina had to pay to renew its debt certificates. "I believe President De la Rúa has the courage to lead, Economy Minister Jose Machinea knows what he's doing and I'm convinced opposition governors will finally reach a reasonable agreement", indicated Mr. Porcekansky adding that the structure of the Argentine debt is better than that of Russia, Brazil and Mexico.Mr. Porcekansky said his optimism is also based in what he interprets as a new political alliance that is gradually working up around President De la Rúa , that the cabinet now has an only policy and spokesperson, and there are no doubts now as to the direction of the economic policies of the government.

However Mr. Porcekansky admits that events are still evolving and other Wall Street analysts could finally be right, but no Argentine politician will be "playing the lyre while Buenos Aires is on fire", or "will want to inherit ashes".