'Devaluation will not magically save us,' De Mendiguren

Argentine Industrial Union head José Ignacio de Mendiguren says he wholeheartedly agrees with President Cristina Fernández de Kirchner’s criticism to those who back a devaluation of the peso, in an interview with Ambito.com

“I share (that vision) and I’ve always said so. When the competitivity problem is not attacked in a systematic and permanent manner, they appeal to the ‘magic’ of devaluation or to indebtedness- I wholeheartedly agree with the President’s viewpoint. To avoid this we must solve competitivity issues regarding, among other, the development of logistics, infrastructure, energy and labour legislation,” he assured.

De Mendiguren also expressed his satisfaction with the payment of the final installment of the dollar-denominated Boden 2012 and said that the fact it was paid in cash “is a positive sign.”

“I hope the Government continues down this path, with the President visiting the City Stock Exchange, where the so called ‘establishment’ is based.”

De Mendiguren also questioned SRA chairman Hugo Biolcati, whom he said "is campaigning. I understand that, but he should use his relations with other business chambers. He and I hold have very different views on what the country should be."