Argentina sees surge in loan refinancing amid rising delinquencies and regional transport labor reforms

Argentina’s consumer credit market, which expanded sharply in 2024‑2025, is now facing a wave of delinquency that has pushed unpaid household loans to 12.7% as of May. Banks responded by dramatically increasing loan refinancing, with the stock of personal refinancings more than doubling from $1.09 trillion to $2.47 trillion between October 2025 and May 2026. Banco Galicia led the volume growth (up 98%), while BBVA, Macro, Nación and Santander posted relative increases of 288%, 259%, 235% and 146% respectively. Refinanced loans now represent 3.16% of all family loans and 26.1% of loans in arrears. Economy Minister Luis Caputo cautioned that the rise is expected after rapid credit growth but said the banking system remains stable, while the government announced flexible refinancing schemes for vulnerable borrowers.

In parallel, Argentine transport employers are preparing new regional collective bargaining agreements to replace the long‑standing national contract dominated by the Camioneros union led by Hugo and Pablo Moyano. The proposal, backed by the Federation of Argentine Freight Transport Enterprises (FADEEAC), will create province‑specific agreements for ten provinces, reduce the contract from 50 items to a 10‑point framework, and maintain guaranteed wages. The move, enabled by the Labour Modernisation Law, is expected to dilute Moyano’s influence and reshape syndical representation in the sector.