The magnitude of government indebtedness is difficult to dimension, especially when Caputo and Milei make drawings with numbers to celebrate assumptions triumphs of guaranteeing surplus, when in reality they are accounting maneuvers and the debt is for the sky. The economist Christian Buteer ironized the trick of libertarian management: “It’s like cheating the lonely.”
Perhaps someone believes that the choice of instruments that capitalize on interest has been chance?
Interests exist, they are only recorded differently.
In the year they already represent 3 points of GDP approx, not adding it to the analysis and keeping the box base is cheating the lonely.-– Christian Buteler (@cbuteler) August 19, 2025
According to the data published by the Ministry of Finance, in regards to capitalizable debt interest – the invention of Caputo to draw the financial surplus – so far this year already accumulate more than 40,947 million dollars. With a qualitative leap in July that represented more than 14,000 million dollars, after the disarmament of the Lefi and the failure of the financial engineering of Caputo.
The commitment to contain the dollar as it led to pay rates that tripled annual inflation. They issued debt increasingly at higher rates to offer a large business to speculators in exchange for not buying dollars and thus trying that the price of the currency does not shoot.
This money of capitalizable interests transferred to pesos (to the monthly average of the BCRA) represents $ 17.8 billion in the month, while the retirement spending – according to the Congress Budget Office (OPC) – was just $ 4.6 billion. That is, the in debt spending was almost 4 times greater than what is intended for retirees and pensioners.
In the accumulated of the year the debt also took more than retirements. Adding the former represented more than 47.6 billion pesos, while spending on retirement and pensions was 30.1 billion.
At the same time that Milei vetoes an increase for minimal retirements just exceeding $ 50,000, the Ministry of Economy is delivering bonds with capitalizable interests, such as LECAP, with interest rates that triple projected inflation. Thus it generates an almost non -existent business in the world for investment funds and all kinds of speculators, only to try to sustain the price of the dollar, at the expense of multiplying indebtedness to the point that accumulated interests exceeded what is intended for the set of the pension system.
The Government argues that the adjustment is guaranteeing that there is financial surplus (more income than expenditures for the set of state operations), an affirmation that can only be sustained using a method that invisible capitalizable interests. Bonds such as LECAP, instead of paying their owners a monthly amount for interest, adds that rate to the total price of the bonus that must be paid by the State at maturity. Specifically, the treasure is not paying the interest month by month, but is generating an exponential debt ball.
Putting the speculators first over retirees, it is not a novelty of this government, but it is taking it at levels rarely seen. According to the Congress Budget Office, the annual fiscal impact of laws voted in Congress involving the increase of 7.2% for assets and $ 40,000 pesos for bonds to the minimum is 0.68% of GDP in 2026 (0.42% and 0.26% respectively). It has no comparison, with respect to the mass of resources for the payment of debt interest, which reaches almost 3% of GDP annually, while the sum of the interests of interest and debt capital averages 12% of GDP.
The retirees are giving an exemplary struggle, with their courage facing the repression of Bullrich, and becoming a coordination pole of all struggles, in contrast to the fragmentation and complicity of the union bureaucracies. It is key to support them and follow their example to advance in facing the government adjustment plan and IMF. The fight continues against Milei’s veto and for the conquest of all its claims: a retirement that allows the end of the month, which recognizes the effort of a lifetime, 82% mobile and access to health and medicines.
For this, it is also necessary to end the debt scam that generates a bleeding resource and gives juicy profits to speculators, non -existent in the world. Nationalize the bank under a single state bank can be a big step to avoid capital escape, where banks are the big channel. Also to cut with their negotiated and put national savings at the service of guaranteeing soft loans for small businesses, for housing and protecting the entry of the small saver.
Source: www.laizquierdadiario.com
