Young Argentines’ mounting debt struggles test support for Milei
At 18, Martin Taborda began studying law at Argentina’s prestigious University of Buenos Aires, hoping to become the first in his family to graduate. Just two years later, that dream has slipped out of reach. Unemployed and US$1,300 in debt, he can no longer afford the bus fare from his suburb or the books he needs to keep studying – even at a tuition-free university that has helped generations…
Martin Taborda, at 18, had begun his legal studies at Argentina's esteemed University of Buenos Aires, envisioning a future as the first graduate in his family. Now, he is unemployed and $1,300 in debt, unable to afford the bus fare or textbooks. He is not alone; nearly half of Argentina's 45 million people owe money, and over 5 million are defaulting on payments, according to the Centre for City Studies, a non-profit tracking debt.
Borrowers under 25 have the highest delinquency rate at 37.6 percent. Taborda borrowed a mobile payment app fee of over $100 for education expenses, which ballooned to ten times its original amount due to interest. He now relies on others, feeling like a "parasite". The young Argentines who elected President Javier Milei are now questioning his policies, as the debt crisis threatens his support.
Opposition lawmakers have called for a special Congress session to address interest-rate caps and debt renegotiation. Labour unions and debtors have planned protests outside the session, challenging Milei's free-market approach. While Milei has denied government intervention, promising banks are easing repayment terms, inflation has dropped from a record 289 percent to 34 percent.
However, wage growth lags behind, and borrowing costs remain high. Young Argentines are struggling to make ends meet, with a majority of adults reporting economic problems significantly impact their mental health. If the debt crisis persists, experts warn, Milei could face a challenge in his re-election bid for the 2027 presidential election.
Written by urgent.news from South China Morning Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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