A March That Reflects the Anguish of Millions
This Thursday, August 20, 2026, a massive mobilization organized by Argentina's main labor umbrella group CGT, the two CTA union federations, the UTEP (Union of Popular Economy Workers), and other social organizations converged on the Ministry of Economy in downtown Buenos Aires to protest the growing indebtedness of Argentine families. Similar demonstrations took place in the interior, including Córdoba, where unions gathered at the iconic Patio Olmos shopping center.
The secretary general of the state workers' union ATE, Rodolfo Aguiar, was blunt: “We cannot rule out that the high level of indebtedness will become the trigger for a social explosion in this country.” Aguiar directly blamed President Javier Milei and Economy Minister Luis Caputo: “The President lies when he says they didn't put a gun to people's heads. It's his economic policies that have become a 9-millimeter pressed against the temples of millions of Argentines.”
Alarming Numbers
- More than 20 million people in debt (according to Central Bank data).
- Household delinquency has quadrupled since December 2023, reaching 17.5% of personal loans.
- A report by the CEPA economic think tank shows delinquency with digital wallets jumped from 7.3% (November 2024) to 30.1% (June 2026).
- According to the CGT, 6 million people are in a critical situation and 5 million are already in debt restructuring processes.
ATE Survey of State Workers
ATE conducted its own survey among public sector employees:
- 87% have outstanding debts, and of those, 73% owe money to multiple lenders at once.
- 40% used the loans for medical emergencies, education, or rent and utility bills.
- 37% used them to pay other debts or cover food and clothing.
- 85.4% reported deterioration in their emotional and psychological well-being: anxiety (19.5%), anguish and exhaustion (17%), discouragement (16%), and insomnia (15%).
Criticism of Digital Wallets and Mercado Pago
One of the main targets of the protest was Mercado Pago, Argentina's largest digital payments platform, accused of charging what unions call “usurious” interest rates. Osvaldo Bassano, leader of the Association for the Defense of Users and Consumers (Adduc), was scathing: “The march doesn't interest the Government because they are perverse. There are more than 20 million people in trouble and the State is complicit in usurious interest rates.” Bassano warned that if there is no response, the conflict “will end in the streets, with violence and social chaos.”
Meanwhile, Gerónimo Rossi, head of the Association of Banking Users (Acuba), described digital wallets as “virtual loan sharks” that grant credit “at the click of a button” without properly assessing people's ability to repay. He also noted that traditional banks are already offering restructurings with lower rates, which proves that “it can be done” when there is political will.
Concrete Demands to the Government
The CGT delivered a formal letter to Minister Caputo demanding three measures: Central Bank action to regulate interest rates, a debt restructuring plan for families and small businesses (pymes), and relief programs for the most vulnerable sectors. Additionally, consumer organizations will meet this Friday with lawmaker Esteban Paulón to push for legislation that regulates fintech companies and makes loan costs more transparent.
Former congressman and current head of the Users and Consumers Association, Ricardo Vago, highlighted the role of cell phones in this crisis: “There's little work, indebtedness, online gambling. The phone is magical in the sense that everything is instantaneous.”
A Context of Emergency
The march takes place amid growing social tension, with rising poverty and falling consumption. While the Government insists the economy is improving, indicators show bank delinquency rose from 2.5% (October 2024) to 12.7% (May 2026), according to the Central Bank. The CGT estimates that 20 million Argentines are in debt and that 6 million are in a critical situation. Buenos Aires Province Governor Axel Kicillof compared the situation to the 2008 subprime crisis and announced administrative proceedings against digital wallets for consumer protection violations.
Thursday's mobilization is only the beginning: the CGT has already announced new protests for September 2, Industry Day, and anticipates a sustained action plan until the Government changes its economic course.