30/06/2026 15:50 - Politica
In a surprising turn of events, President Javier Milei has doubled down on his criticism of former President Mauricio Macri, specifically targeting the 2018 peso debt restructuring. Milei didn't mince words, calling it a "swindle" (una estafa) against the Argentine people. This verbal escalation occurs amidst a fragile political alliance with Macri's party, the PRO, following the appointment of Diego Santilli as the new Cabinet Chief and the controversial resignation of Manuel Adorni.
For international observers, this conflict highlights the deep-seated economic grievances in Argentina. Milei's main point of contention is a historical event: the "reperfilamiento" (re-profiling or restructuring) of the debt in pesos that occurred under Macri's administration in 2018.
During an interview on the program Neura, Milei argued that Macri's government "swindled Argentines" by defaulting on peso-denominated debt. He stated, "Later the Kirchners also swindled Argentines... Or Mauricio Macri's own government, which swindled Argentines by defaulting on the debt in pesos. Or what was the re-profiling?"
He defended his strong language by framing it as historical fact, not political attack. "It's a polite word for default," Milei asserted. He also criticized the financial income tax and currency controls ("cepo") implemented during Macri's term, insisting these were detrimental actions: "These are facts."
The context is crucial. The statements come after Macri demanded the resignation of Manuel Adorni due to a patrimonial scandal. The PRO party (Macri's party) then celebrated the naming of their own leader, Diego Santilli, as the new Cabinet Chief. Milei's sharp critique serves to assert his independence and economic narrative, even while incorporating a PRO member into his government.
The new Chief of Staff, Diego Santilli, is set to be sworn in on June 30, 2026 at 17:30 in the White Hall (Salón Blanco), replacing Adorni who resigned on June 27, 2026.
To understand this news, one must grasp the local concept of "reperfilamiento de deuda". In 2018, under Macri's presidency, Argentina faced a severe financial crisis. To avoid a total default, the government unilaterally extended the maturity dates of its short-term peso-denominated bonds.
Milei argues this was a "disguised default" because investors could not collect their money on the original agreed dates. "If you lend money to someone and they don't return it, what do you call it?" he asked rhetorically. This historical event is central to Milei's argument about why Argentina lacks an "investment grade" rating internationally.
Key Concept: A "re-profiling" is a form of debt restructuring where the terms (like maturity dates) are changed, often forcibly, to give the debtor (the state, in this case) more time to pay. Creditors often see this as a default because they cannot access their funds as originally promised.
Despite calling Macri's policies a "swindle," Milei insisted he is open to collaboration. "All those who want to support this change are always welcome. But that doesn't mean denying history," he clarified.
He maintained that his comments were not a political reversal but an economic diagnosis. "Am I lying? I am describing a reason why Argentina's ratings are not investment grade," he concluded. This creates a complex scenario: a political alliance with the PRO for governance, but a fierce ideological dispute over past economic management.
| Event | Date | Details |
|---|---|---|
| Resignation of Manuel Adorni | 27/06/2026 | Triggered by a patrimonial scandal (+775% wealth increase). |
| Macri's Demand | Weekend of 28-29/06/2026 | Public call for Adorni's resignation. |
| Swearing-in of Santilli | 30/06/2026 at 17:30 | New Cabinet Chief from the PRO party. |
| Milei's "Swindle" Declaration | 29/06/2026 | Labeling the 2018 debt move as a fraud. |
Alfredo S. Quiroga
