Argentina: Argentinians' debt problem fuels anger towards Milei
Many Argentinians go into debt in order to make ends meet. But an increasing number are having trouble paying back the loans. Is this going to be a problem for the President?
Buenos Aires - Amid soaring inflation and reduced government support, a growing number of Argentinians are taking to the streets to demand relief from their mounting debts. Oscar, an Argentinian worker, was among hundreds of protesters gathered outside the capital's Parliament building on a sunny Wednesday in September.
Oscar, who owes nearly a million pesos (over 500 euros) to cover basic necessities like food, laments the exorbitant interest rates. He currently pays 200,000 pesos a month, which rose to 400,000 pesos in September. For someone earning minimal wages from construction work, the debt is overwhelming. He is not alone; over 20 million of Argentinians, out of a population of 46 million, officially have debts recorded against them.
Critics of President Javier Milei argue that his administration's decision to eliminate subsidies for essential services like electricity and public transportation has exacerbated the financial burden on the populace. Many Argentinians see no way out but to demand aid from the government, hoping for a reprieve from their crippling debts.
Written by urgent.news from Handelsblatt's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
