Caputo's harsh attack on Kirchnerism and Kicillof
Economy Minister Luis Caputo launched a sharp attack on Kirchnerism and Buenos Aires Governor Axel Kicillof, calling Kirchnerism hell and Kicillof the antichrist. He said this is how the situation is really seen and that people perceive it that way because it is true. The statements came during the CFO Summit 2026, where Caputo presented a comparative review of economic and social indicators over the last four administrations.[S1][S2][S3]
Caputo linked his criticism to the 2027 electoral scenario and to fears among some investors that Kirchnerism could return to power. He argued that the political fear generating retraction in investment decisions must be demystified. He added that the government does not expect 2027 to unfold as journalism or some colleagues say, but that it prepares as if it could, because that is its responsibility.[S1][S3]
Rejection of devaluation and defense of the economic program
The minister also criticized those calling for a devaluation of the peso, calling them mummies or miserable people who think only of themselves and want a poor Argentina with low wages and a closed economy. He said such a model implies that the people subsidize those sectors through prices and that its proponents play at being mega-entrepreneurs. In contrast, he defended the goal of an Argentina with competitive salaries, arguing that competitiveness does not come from devaluing but from lower taxes, fewer regulations, and a reduction in financial costs.[S1][S2]
Caputo rejected the possibility that the government would need to resort to a devaluation and said conditions exist to face eventual pressures on the dollar during 2027. He ruled out a so-called plan platita and said that type of policy does not work. He acknowledged that inflation remains high for international indices but said a stabilization process needs time to reach those levels. He also said the country is at historic lows in the monetary base and that the government extended maturities after the elections, with that proportion rising from 15% to around 45%.[S2]
Economic indicators and the 2027 electoral outlook
During his presentation, Caputo reviewed economic and social variables from the last four mandates. He said the financial result of the non-financial public sector turned positive with a surplus of 0.2% of GDP, consolidated debt fell by USD 11 billion, and remunerated liabilities dropped 98%. He added that inflation fell 84%, the CCL dollar accumulated a 38% rise, exports grew 55%, and net reserves improved by USD 23 billion. He also highlighted a 16.4% expansion in the EMAE economic activity index and a 147% increase in bank credit to the private sector relative to GDP.[S3]
On income and social indicators, Caputo said the minimum pension, expressed in constant August 2026 pesos, rose 14%, while the number of people in poverty fell by 12 million. He also cited the Universidad Torcuato Di Tella's Government Confidence Index at 1.94 points over the first 33 months of the administration. Based on these data, he rejected the idea that most Argentines want to return to the past in the 2027 elections, saying that believing so is almost a mockery or a high underestimation of Argentines, and added that Argentines are not fools and some people want to take them for fools.[S3]
Caputo also compared the current situation with previous governments, including those of Cristina Kirchner, Mauricio Macri, and Alberto Fernández, arguing that some current economic problems stem from imbalances accumulated over years and that Milei's program aims to correct them through fiscal balance, deregulation, and monetary stability. Regarding the political future, he said the government must be prepared even for scenarios it considers undesirable, stating that this is the responsibility of public officials. He also said the government will continue approving laws and that people cannot imagine the reforms President Milei has in mind if he has four more years in office.[S1][S2]
