Non-PRO English to Greek Other Management business, economy, politics

Of course, the devaluation produced a very large fiscal adjustment, much larger than the one that would have been necessary if Argentina had preserved its monetary regime. That adjustment did not follow any priority setting or equity consideration but was simply the imposition of the jump in the prices of tradable goods that provoked a drastic reduction in the real value of the salaries of public employees and retirees. The reduction in the fiscal deficits, on a cash bases, came from the suspension of interest payments on the debt, but the interest arrears added up to the debt that would have to be renegotiated in the future.