Argentine union warns of social explosion from household debt

A prominent Argentine union leader has issued a stark warning: the nation's escalating household debt could ignite a "social explosion." Rodolfo Aguiar, the general secretary of ATE, stated that the current financial situation for millions of Argentine families is "dramatic." He urged the government of President Javier Milei to take action, asserting that it possesses the tools to curb predatory lending and establish a debt-relief program for those who borrowed simply to survive.

Aguiar's remarks came during a protest organized by major labor unions, including the CGT and CTA, against rising family debt and demanding measures to halt its increase. The CGT delivered a note to Economy Minister Luis Caputo, calling for the Central Bank to intervene and for policies to alleviate the burdens on small and medium-sized businesses and families.

"The President lies when he says no one put a gun to people's heads," Aguiar declared, accusing the government's economic policies of being the instrument of pressure on millions of Argentines. He contrasted the government's support for entities like Mercado Pago, which he claims received $68 billion in contributions, with the struggles of ordinary citizens needing to borrow to cover basic expenses. Aguiar lamented the existence of "two Argentinas": one privileged and subsidized, and another marked by injustice.