Argentina faces rising external debt and massive peso maturities

Argentina is facing significant debt challenges, with external debt reaching USD 327.8 billion as of June 2026, according to INDEC data. This represents an increase of approximately USD 42 billion since December 2023. The debt includes obligations from the central government, provinces, and international organizations, with the International Monetary Fund being the largest individual creditor.

In addition to external liabilities, the country faces a massive volume of peso-denominated debt. Consultancies like Quantum estimate that approximately 176 trillion pesos in debt will mature between late 2024 and 2027. A significant portion of this must be refinanced with the private sector, creating pressure on the Treasury to maintain investor confidence in the local currency.

The macroeconomic strain is also reflected in the real economy. Household delinquency rates have reached their highest levels since 2004, and more than 57,000 companies are reportedly experiencing payment difficulties. While the government defends its management by citing different net debt metrics, official figures show a contraction in GDP, private consumption, and investment during the second quarter of the year.