Carlos Melconian lashed out at Javier Milei: "Debt is in their blood."

Economist Carlos Melconian launched a devastating critique of Javier Milei 's government and warned that the country is heading toward a new structural crisis due to the irresponsible management of reserves and debt. The economist, without any filters, took aim directly at the debt-ridden DNA of the economic team and questioned the lack of a clear long-term direction. "Those in charge have it in their blood. They're the same people. Indebtedness comes naturally to them," Melconian mercilessly shot back.

In an explosive interview on Rivadavia AM 630, Melconian shattered the official narrative about the supposed economic recovery and exposed the contradictions of the libertarian model. "This week, deflation was celebrated, 1.5% inflation was talked about, but we're still stuck with a logic of day-to-day, short-term analysis. Argentina needs to plant a fiscal flag, a new institutional framework. Today we're seeing patches, a blender, a chainsaw... but no long-term direction," he blasted the Mileísto improvisation.

The former Banco Nación official didn't hold back when referring to the accumulation of reserves and the new debt the government is taking on. "Welcome to the club. This isn't new; it started in August 2022. We've already seen this story. It's not true that debt is used to accumulate reserves without impact. There is a lack of reserves, there is future debt, and that can't be covered up. It's a drug that ends badly," he concluded.

The former PRO leader also categorically refuted one of the government's main arguments regarding the liberalization of the exchange rate. "Today, the dollar isn't free-floating. The currency controls remain in place. The most important player in demand is missing, which is the government itself. There's no real market," he revealed. He went further, questioning the bond placement strategy: "They're announcing that they're going to issue $1 billion per month... Why would they do it if they don't need it? That's not genuine reserve strengthening; it's credit. It's like spending with a credit card without knowing if you'll be able to pay."

The economist also took aim at the government's lack of political dialogue and its tendency toward isolation. "Argentina must rebuild its political fabric. It can't be that every economic step is taken without considering the institutional architecture. This is more than economics; it's also politics. The government talks to itself, it shuts itself off, it doesn't sit down to debate with those who think differently. And so it's difficult to correct course," he criticized Milei's sectarian attitude.

In closing his remarks, Melconian expressed his frustration with the official rhetoric that continues to blame the previous government for all the ills. "That's it. Don't tell me anymore that we're out of hyperinflation. If you're going to talk about the present, talk about the present. Argentina needs to break away from its eternal short-termism and focus on medium- and long-term reconstruction," he demanded, and his final warning was forceful: "If not, we're headed for collapse again."