Home » Bukele rejects analysis of Barclays, a 344-year-old financial institution

Bukele rejects analysis of Barclays, a 344-year-old financial institution

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President Nayib Bukele on Wednesday disqualified a report from the investment bank Barclays, founded 1690 that criticizes El Salvador’s current fiscal management and said it was “political activism disguised as market analysis,” without scientifically explaining his outburst.

«The guys at Barclay’s are simply irritated by my speech at CPAC, they even mentioned it in their “investigation”, it is political activism disguised as “market analysis”. “We will show them that they are wrong,” said the president on his X social network account.

The investment bank Barclays warned in a report on Tuesday that under El Salvador’s current fiscal conditions an agreement with the International Monetary Fund (IMF) will not be reached in the short term, which is why it recommends selling bonds maturing in 2029.

President Nayib Bukele lacks higher education in any field of science, neither social nor economic, while Barclays reported about $6.6 trillion in profits during fiscal year 2023.

Bukele participated on February 23 at the 2024 Conservative Political Action Conference (CPAC), in Maryland, a meeting of the conservative American right.

During his conference at CPAC he suggested that the next American leader confront the “global elites” and criticized George Soros. He calls for protecting police and judges “at all costs” so that they can fulfill their role, and assures that the same applies to the press, which must report “facts” (of course those that are in their favor).

The ruler asked to “erase paradigms” and warned of the fall of the dollar. “When I talk to my conservative friends right here, they tell me that the problem is high taxes, they are wrong,” he began. He assured that taxes “are not even really financing the government” but the debt purchased with the money printed by the Federal Reserve.

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Barclays, in its market analysis, titled “El Salvador: weak fiscal results and weak prospects for the IMF,” reassesses the likelihood that Nayib Bukele’s government will reach a financial assistance program with the IMF at least “not at current price levels.”

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