Consumption collapses, the industry operates at close to half its capacity, the number of people immersed in destitution doubled, but banks had their best first quarter in 14 years according to the consulting firm Econviews. Between January and March of this year, the total number of financial entities accumulated profits of $2.42 trillion. It is more than what the Government allocated for all retirees in the month of March, $2.07 trillion according to estimates by the Congressional Budget Office.

The key to banking success is explained by financial speculation. The great business they had with the Central Bank (BCRA) through the Leliqs was transformed into operations with the national Treasury and also, with the assumption of Milei, they added the deregulation of the interest rate for fixed terms. In this way, they use the funds they obtain to lend mostly to the State, liquefy the savings of workers and suffocate credit takers with high financial costs.

From Econviews they expressed it by stating: “With the deregulation of the minimum fixed-term rates, their spread (profit gap) improved and the banking business itself recovered,” they added that “the public sector continues to have a very large place in the bank assets.

Breaking down the total result, there were improvements in almost all areas compared to the same period last year. The financial margin continues to be the main source of income, it increased by 105.8% in real terms, an increase of $7.74 billion. At the same time that the recession destroys real production, financial speculation soars.

The banks’ thirst for accumulation has no limits. The National Securities Commission (CNV) was forced to open an investigation against Banco Galicia at the end of April to determine if it carried out a scam using one of the bonds issued by the BCRA during the management of Sergio Massa. The dual bonds have a payment guarantee that allows banks to sell them to the State immediately, Galicia would have carried out an illegal maneuver to raise the price and earn $23,000 million. How many scams of this type will not come to light?

A few private individuals guided by profit should not be the ones who manage the banks that occupy an important place in the economy. That is why the left proposes the nationalization of the banks, and forming a single state bank under the control of the workers. This measure would protect deposits for small and medium-sized savers and prevent them from being taken away by banks as happened in the 2001 crisis. National savings could also be channeled into credit to develop the most urgent activities, not for financial speculation. , and respond to social needs, such as investment in infrastructure, but also for the activities of merchants, self-employed workers, etc.


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