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- October 23, 202613°
- BIST10011,220-3.08%
- USD49.60+0.05%
- EUR55.68+0.11%
- GOLD4,032.00-0.70%
- INTEREST36.00%-1.00
- BITCOIN81,341+0.03%
- October 23, 202613°
Argentina’s debt crisis spills onto the streets as Milei-era closures top 30,000
Thousands of shopkeepers and business owners in Buenos Aires protested the rising debt burden and difficulties accessing basic necessities. According to a Fundar report, 30,633 companies have closed since Milei took office, while the household loan delinquency rate rose from 2.5% to 12.8%.
Thousands of shopkeepers and business owners in Buenos Aires protested the debt burden and difficulties accessing basic necessities in May Square, in front of the government building Casa Rosada. Trade unions and civil society organizations also supported the demonstration.
The protest highlighted the situation of middle- and lower-middle-income households, with Argentines increasingly forced to take on more credit to meet daily needs such as food, medicine and basic services. A joint statement said the debt crisis in poor neighborhoods could no longer be postponed.
Company closures reach 30,633
A Fundar report based on data from May 2026 found that 30,633 companies had closed in Argentina since Javier Milei took office. According to the report, the figure amounts to approximately 6% of all companies in the country.
The report also described the company closures as the steepest decline recorded during the first 30 months of a government. It said 2,371 businesses closed in May 2026, bringing the daily average to 76 businesses.
The Center for Argentine Economic Policy also confirmed the data showing that 30,633 companies had closed. Trade suffered the largest loss among sectors, with 8,408 businesses shutting down. A further 6,733 businesses closed in transportation and storage, 4,098 in real estate services and 4,020 in manufacturing.
Deterioration in loan repayments
Data from the Central Bank of Argentina showed that the delinquency rate on household loans rose from 2.5% in October 2024 to 12.8% in June 2026.
Milei speaks at conference organized by US-based institution
Milei spoke at the closing of the Council of the Americas Conference, organized in Buenos Aires by the Argentine Chamber of Commerce and the US-based Americas Society. Blaming feminism for the decline in birth rates, Milei said the ideology represented by the green scarves symbolizing the feminist movement and the campaign for legal abortion had imposed a heavy cost on the country.
Milei argued that Argentina had failed to reach the growth and birth rates needed to sustain its population. He also announced that a musical event would be held to celebrate falling inflation.
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