The measure was carried out by decree and includes the resolution of conflicts in the New York courts and the annulment of the «immunity letter» against possible complications in the payment of the debt.
From Decree 478/2026 announced on June 19, the Argentine government will be able to take up to $5 billion of public debt.
This decree was signed by the President Mile, Manuel Adorni (who faces multiple criminal complaints for alleged illicit enrichment) and Luis Caputothe Minister of Economy who took on the largest debt in the history of the International Monetary Fund during his management in the government of Mauricio Macri: in 2017 he issued a foreign debt bond to pay in a hundred years.1
Although taking on debt with the IMF so far does not include payments in the form of territory or resources directly, the truth is that indebtedness implies obeying the economic, political and social conditions that the Washington-based organization can impose.
For example, the decree establishes that any dispute regarding debt will be resolved in the New York courtsand the »immunity letter» against possible complications in the payment of the debt will be annulled.
In fact, the last time Argentina was unable to meet the requirements requested by the Fund was during the tragic default of the crisis of 2001.2 It is an indirect domain where the disadvantaged situation of the debtor countries is camouflaged under statistics, numbers and percentages.
Champions of an unwanted world cup
Argentina is not only three-time world champion: we also took the prize for most indebted country in the world with the International Monetary Fund. Our debt with the entity is $57.25 billionand if we consider the recent measure that allows more debt, we will surely remain leading the ranking for quite some time.
Speaking in terms of total debt, we find ourselves with the highest in our history, this being 483,830 million dollars. With this givenwe are the eleventh most indebted country in the world in overall debt.3
A debt that was not elected by the people, but whose restructuring was supported by Congress in 2022 to »avoid the default», mostly with votes from Together for Change (32 positive, 1 abstention) and the Frente de Todos (20 positive, 13 negative).4
Getting into debt not only generates severe limitations when making crucial decisions for the life of the population (such as the pressure induced by the Fund to carry out labor and pension reforms that harm our quality of life), but it also leads to a loop where to get out of debt one usually resorts to increased debt takingcreating a »snowball» effect that is difficult to stop, unless there is great political will to do so.
- The Federal Justice charged Caputo with the issuance of one hundred-year debt | Paco Urondo Agency ↩︎
- PRESENTATION – DEBT – CANDELARIA BOTTO.pdf ↩︎
- Argentina is among the 11 most indebted countries in the world | Radio Profile ↩︎
- The Senate supported the agreement with the IMF to refinance Macri’s debt – Page|12 ↩︎
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