Under Milei’s austerity drive, Argentines trapped in 1,000pc interest rate debt crisis
BUENOS AIRES, Aug 19 — Andrea feels deep shame when she thinks about the loan she took out a year ago in Buenos Ai...
Under President Javier Milei's austerity drive, Argentina is grappling with a severe debt crisis as debt delinquency among families has tripled in the past year and reached its highest level in two decades. The Central Bank of Argentina reported that 5.8 million people are more than 90 days behind on their debt payments, with 21 million out of Argentina's 46 million population having some form of debt.
Milei's radical free-market policies have curbed inflation but left many struggling to make ends meet due to stagnant incomes and a cost of living crisis. Personal loans and credit cards account for over 70% of unpaid loans, with interest rates soaring to 1,000%, creating a perfect storm for families as longer repayments and higher bills coincide with stagnant wages.
Brief written by urgent.news from Malay Mail's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
