Month: September 2025

Fernández de Kirchner Condemns Argentina’s Rising Indebtedness Amid Economic Crisis

The former president of Argentina, Cristina Fernández de Kirchner, criticized the increasing debt burden imposed by the government and its implications for ordinary citizens. She stated that the “massive indebtedness of Argentine families is the brutal flip side of the wealth of a few,” in a message directed at President Javier Milei, reports 24brussels.

Fernández voiced her concerns regarding the new debt arrangements with Washington, claiming that the financial aid from foreign powers comes at a dire cost to the populace. “The ‘help’ of ‘the forces of the north’ is bread for today and hunger for tomorrow,” she stated, emphasizing that funds entering the country often quickly leave its borders.

The context worsens as recent reports indicate that more than half of Argentine households are spending between 40 and 60 percent of their earnings on debt repayment. This comes as supermarket sales saw a decline of 2.1 percent in July compared to June 2025, and approximately 11.3 million people in the nation were living in poverty by the second half of 2024. Fernández urged Milei to acknowledge the impact of macroeconomic failures on the daily lives of millions of Argentines.

She expressed frustration at the government’s financial strategies and noted that the looming elections on October 26 have already led to an additional $20 billion in costs from the International Monetary Fund. This figure adds to nearly $30 billion in financial management issues involving loans from various international institutions.

Notably, she reflected on the consequences of former President Mauricio Macri’s government, highlighting the burdens of public debt and the IMF’s reentry into Argentina with a $45 billion loan. “You’ve never seen so many dollars burned in such a short time. The price that Argentines pay for having right-wing governments is salty!” she declared.

Milei’s Submission to U.S. Financial Interests

On the same day, U.S. Treasury Secretary Scott Bessent announced negotiations for a $20 billion currency swap with Argentina, indicating the Treasury’s involvement in bolstering the Argentine economy. Bessent emphasized that the Treasury is working closely with Argentine authorities to mitigate financial volatility.

President Javier Milei had met with U.S. President Donald Trump in New York shortly before this announcement. Trump commented on Milei’s leadership, claiming he is “advancing at all levels at record speed,” without acknowledging the grim economic realities faced by many Argentines, including rising prices for basic necessities.