Argentina: Cristina Kirchner, Macri And Alberto Fernández – All Of Them Took On Debt

Argentina: Cristina Kirchner, Macri And Alberto Fernández – All Of Them Took On Debt

Argentina's total debt, as a percentage of GDP, from 2004 to 2020.



Ministerio de Economía

The construction of a socio-cultural narrative is one of the fundamental building blocks on which political projects are built. President Alberto Fernández, in charge of an eclectic pan-Peronist coalition that spans all the way from the left to the right, has struggled to find his origin myth and the accompanying mythology, beyond relying on the traditional Peronist fables, yet one of his recurring points is to blame the Mauricio Macri administration for the country's evils, among them excessive indebtedness. As with most thorny issues in Argentina, it's interesting that Alberto's story, which is also one of the only areas in which he is completely in tune with Vice-President Cristina Fernández de Kirchner, masks the fact that both Peronist leaders also sunk the country deeper in debt during their own tenures. In other words, the country's reckless borrowing didn't begin with Macri, but with Cristina, and endures even today, with Alberto. Macri did clearly make the problem a lot worse, but all three are guilty.

According to the figures published by the Finance Secretary, in Alberto Fernández's first 11 months