The episodes of the last month exposed the risks of enabling the financial bicycle mechanism in a context of international volatility. After amassing the equivalent of 60 billion dollars in Lebacs, generating the highest current account deficit since the 1990s and financing the flight of capital with external debt, the government could not contain the exchange rate run. He lost more than 9 billion dollars of reserves, raised the interest rate to the highest level of his management and had to validate a devaluation that brought the dollar up to 25 pesos . While the government tries to argue that the agreement with the Fund serves to “sustain” the “gradualism” that promised to implement the adjustment, there is no doubt that this will be the other way around. In all the countries where the IMF intervened, the adjustment became more fierce, and Greece is one of the most recent examples of this. . Already last week the ministers Nicolás Dujovne (Treasury) and Andrés Ibarra (Modernization) announced that there will be thousands of layoffs in public administration . On the other hand, the Tariff Emergency Law was vetoed, allowing the government to continue increasing tariffs without cap. Today, Since Macri took office, electricity rates increased by 1768% on average and gas rates by 1500% . To make matters worse, Dujovne announced on Thursday that the debt will not be used to invest in social and productive matters, but one of its objectives is to reduce the amount of Lebacs and exchange them for debt in dollars. This continues to finance the flight of capital and the financial bicycle. Another pending issue for the government is the labor reform, which various media have announced that they will try to approve it during the World Cup . This, accompanied by the pension reform and tax, ends closing the adjustment circle that the government launched at the end of last year to “restore confidence in its investors.” In it proposes greater labor flexibility and lower compensation, among other proposals linked to precarious work in our country . Even we can not rule out that they try again to reform the retirements , considering the background of the IMF in other countries. No doubt the people will pay for the dishes, but this does not guarantee an electoral defeat of Cambiemos. The dispute is open for who is really responsible for the current economic crisis and the adjustment that will deepen, and it is essential that we give it with all our tools to build a new popular majority. The agreement with the IMF is a goal against our country, but the people who fight for their rights are on the court and will not declare themselves defeated. * Itai Hagman is an economist and a reference for Ahora Buenos Aires.