Alejandro Fantino revealed a private conversation with Luis Caputo, it was published on social media and a controversy arose.

Alejandro Fantino revealed an off-the-record conversation he had with Minister Luis Caputo , where, between words attributed to the official and his own reflections, he addressed the state of the macroeconomy and the potential impact of projects promoted by governors to recover resources for their provinces. The host predicted a rise in the exchange rate , the return of the deficit, and an increase in country risk if the projects are approved. A clipping of the commentary, edited to omit the part about the provincial leaders and emphasize the part about future imbalances, circulated on social media and sparked controversy.

In a message on X, Caputo acknowledged that the conversation with the driver took place, but clarified that Fantino had called him "to explain the issue of the current account, how it impacts tourism, and that's it."

"I assume this will be AI or rigged in some way. Nothing surprising at this point... Here's a clarification : Alejandro called me to explain the current account issue, how it impacts tourism, and that's it, " the Minister of Economy said in the statement, where he also shared the edited video.

The altered version of Fantino's comment omits the passages referring to the economic imbalances that would arise if provincial leaders advance laws in the Senate this Thursday that would impact the fiscal surplus defended by the Casa Rosada.

" What I told him is the opposite of what this clip says. The same thing the president said today with Majul. The macroeconomic situation is in order, and no matter how much politics tries to create chaos , it won't be a problem. That's what we discussed and what we think with the president and the economic team," Caputo insisted, refuting the altered message circulating on social media.

I'm guessing this will be AI or rigged in some way. Nothing surprising at this point... Here's a clarification: Alejandro called me to explain the current account issue, how it impacts tourism, and that's it.

What I told him is the opposite of what this clip says. The same as… https://t.co/mTK4jF9RUg

— totocaputo (@LuisCaputoAR) July 9, 2025

And finally, he emphasized: "I have no doubt that this is fake, but I'm clarifying it just in case!"

Fantino also made his clarification on X, where he attached the full passage of his comment made this Wednesday on his streaming program Neura .

"This is the full video of my editorial today. They circulated something edited and set up a shoddy, textbook operation ," commented the host, who later spoke on Radio con Vos to confirm his version of events.

"What I said today is the complete opposite of what the edited video shows . Take the time to watch the full video," he added.

Later, on Radio con Vos, Fantino continued to explain. Caputo did the same on LN+ , in an interview with Luis Majul.

This is the full video of my editorial today. They circulated an edited piece and set up a shoddy, textbook operation. What I said today is the complete opposite of what the edited video shows. Take the time to watch the full video.

I also leave you the link to the program... pic.twitter.com/XOeyyI2mg2

— Alejandro Fantino (@fantinofantino) July 9, 2025

The host stated in his radio statement: "Pretend I said 'Go Boca!' and then I end up saying 'Go River!' in the edited video. It's the complete opposite of what I said, perfectly constructed to create something I didn't say . It's not AI; it's actually me saying something else, but they cut it out perfectly, so it all comes out in an edited version saying things I didn't say," he stated.

And he continues with his explanations: "I had an off-screen conversation with Caputo where he told me that they are very, very calm macroeconomically for what's coming, that they are very, very calm."

"I told Caputo that, for a country to fly macroeconomically, the numbers have to be the following: you have to have a current account deficit of between 12 and 18% - the country has 1.8% -, you have to have a strong fiscal deficit. Mauricio Macri, when he had the runs, began to fall economically and the government began to falter, he had a very high fiscal deficit and there was a mobile exchange rate. So I said 'this government has a 1.8% current account, it has a fiscal surplus and it has a fixed exchange rate, the three variables to be calm for whatever comes ," he continued with his explanation.

Fantino referred to the governors pushing a battery of projects that, according to the Casa Rosada, disrupt the fiscal surplus. "And in this war against the governors, which begins tomorrow with the first missile, the first reactor, they're going to hit them where it hurts the most, which is the fiscal surplus. Then they're going to try to break the fiscal surplus and start making the government contribute money to try to hurt it between now and October," he says.

"Now, I said it's going to move, it's going to move. Milei said it today in the note with Majul (Editor's note, the interview the President gave this Wednesday to El Observador ). It's going to be tough. You who bought a ticket to go to Buzios at the end of the year, you're going to move. The dollar, instead of being at $1,000, where it was, is going to be higher. Surely (the BCRA) is going to have to intervene no matter what because they're going to intervene in the band. The country risk is going to move above 1,200 points," he continued with his discharge, alluding to the words and examples used in the original video.

"What Javier said is that they're going to try to politically manipulate things, and when these things happen, the markets make the country's macroeconomic variables dance around ," he said, referring to the President's remarks.

Fantino concluded by saying that "all of this will be resolved in October with a very good election for Javier and with the emergence of new forces in the legislative elections in December."

"I said that, they cut the part that's sort of mine, where I say it's going to move, and they put in the part, like Toto Caputo told me that, and then it's like Toto Caputo tells me all that and confirms that the country is going to shit," he added to his explanation.