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Viewing cable 09BUENOSAIRES325, Argentina: Deloitte on GoA and Economic Prospects

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Reference ID Created Released Classification Origin
09BUENOSAIRES325 2009-03-20 15:18 2011-08-25 00:00 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy Buenos Aires
VZCZCXYZ0000
RR RUEHWEB

DE RUEHBU #0325/01 0791518
ZNR UUUUU ZZH
R 201518Z MAR 09
FM AMEMBASSY BUENOS AIRES
TO RUEHC/SECSTATE WASHDC 3353
INFO RUEATRS/DEPT OF TREASURY WASHINGTON DC
RUCPDOC/DEPT OF COMMERCE WASHINGTON DC
RUCNMER/MERCOSUR COLLECTIVE
RUEHPE/AMEMBASSY LIMA 2452
RUEHBO/AMEMBASSY BOGOTA 1887
UNCLAS BUENOS AIRES 000325 
 
SIPDIS 
SENSITIVE 
 
E.O. 12958:  N/A 
TAGS: ECON EFIN EINV PREL AR
SUBJECT: Argentina: Deloitte on GoA and Economic Prospects 
 
------- 
Summary 
------- 
 
1. (SBU) Argentine executives of Big Four auditor Deloitte called 
the Kirchner administration politically canny but out of touch with 
the Argentina's economic reality, neither seeking nor listening to 
advice from the business community.  While domestic consumption and 
production is falling fast, Deloitte felt Argentina will be 
well-served in the medium term by its agricultural commodity-based 
export economy.  If the GoA changes tack and begins to work 
constructively with agricultural leaders, the sector is likely to 
respond quickly and positively to appropriate incentives.  Deloitte 
has been consulted by Libya- and Dubai-based businesses interested 
in long-term contracts to buy food from Argentina and in buying 
local food producing/processing companies.  However, no US companies 
had called in months about doing business in Argentina.  Deloitte 
called Argentina's financial system healthy and liquid.  End 
Summary. 
 
2. (SBU) On March 9, Deloitte Argentina CEO Carlos Haehnel, Regional 
Managing Partner Miguel Maxwell, and Audit Partner Alejandro Adem 
hosted Ambassador, EconCouns, and FCS Officer to lunch to review the 
impact of the global economic crisis on Deloitte corporate and bank 
clients in Argentina.  Deloitte Argentina has responsibility for the 
firms Southern Cone regional offices and, as one of the "Big Four" 
accounting/audit firms, has a broad range of U.S. and other foreign 
multinationals operating in Argentina as audit or consulting 
clients. 
 
--------------------------------------------- ---- 
Deloitte: Administration Out of Touch (But Canny) 
--------------------------------------------- ---- 
 
3. (SBU) Haenel called the GOA "autistic," neither seeking nor 
listening to advice from the business community, and "out of touch" 
with the Argentina's economic reality.  That said, he called the 
Kirchners "canny" and, as their purposefully drawn out discussions 
with agricultural sector groups over subsidies and export taxes 
demonstrate, not prone to committing political suicide.  He argued 
that, in the run-up to 2009 mid-term elections, the Kirchners 
political agenda will inevitably "re-align" in response to pressures 
building within the Peronist party, including from the entente 
reached by Peronist dissident leaders Felipe Sola, ex-Governor of 
Buenos Aires province, and Deputy for Buenos Aires Province 
Francisco de Narvaez. 
 
--------------------------------------------- ---------- 
Argentina's Economy: Decline Likely, But Some Strengths 
--------------------------------------------- ---------- 
 
4. (SBU) While Argentina was somewhat insulated form the initial 
phase of the international financial crisis due to the isolation of 
its financial sector, Haehnel said, domestic consumption and 
production are falling fast and the economic bottom is not yet in 
sight.  Nevertheless, he called the country's financial system 
healthy and liquid.  In the medium term, Argentina will be well 
served by its agricultural commodity-based export economy, with 
commodity prices down from stellar July 2008 peaks but still at 
levels which allow profits for Argentina's efficient agricultural 
sector.  "People have to eat, and Argentina produces what the world 
needs," he concluded. 
 
5. (SBU) To minimize the domestic impact of the global economic 
downturn, Haenel said, the GoA needs to take action to work with the 
agricultural sector and change their ingrained expectations of 
confrontation.  The sector, he said, is likely to respond quickly 
and positively to appropriate incentives from the GoA.  Deloitte has 
been consulted by Libya- and Dubai-based businesses interested in 
establishing long-term contracts to buy food from Argentina and in 
buying local food-producing/processing companies; but Deloitte has 
received no inquiries from US companies this year about doing new 
business in Argentina. 
6. (SBU) Haehnel said that, in an earlier meeting with former 
Spanish PM Jose Maria Aznar, Aznar told him that ex-President Bush 
had called him during the 2001 Argentine crisis to inquire about 
Spain's perception of the crisis and suggesting that the two work 
together to support Argentina in the IMF.  Haenel also offered that, 
despite the generalized Argentine perception of a hard-line U.S. 
position towards Argentina, those involved at the time, including 
Deloitte, know it was the Bush administration that supported 
Argentina's post-crisis (but pre-Kirchner) reconciliation with the 
IMF at a time when IMF's Anne Krueger wanted to use Argentina as an 
cautionary example to the world. 
 
7. (SBU) Deloitte's CEO asked Ambassador if he would be willing to 
meet with CEOs of Deloitte's top 20 clients, most of which are U.S. 
companies.  Ambassador agreed. 
WAYNE