Argentina continues to face significant bleeding of its accounts due to interest payments. According to official figures, in two years under President Javier Milei's government, the country's obligations have increased by nearly USD 30 billion. Compared to November 2023, when Milei's administration began, the gross debt rose from USD 425.556 billion to USD 455.067 billion. This growth was driven by the capitalization of interest, inflation-adjusted bond adjustments, loans from international financial institutions, and the issuance of foreign currency bonds. In December 2025 alone, the gross debt stock in foreign and local currency increased by USD 9.070 billion compared to November. This brought the total debt to USD 455.067 billion. The Ministry of Finance stated that this variation 'is explained by the increase in foreign currency debt by USD 10.865 billion and the decrease in local currency debt by an equivalent amount of USD 1.795 billion'.
