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With Milei, the trust funds accumulated $3 billion in surplus and were used to fund the Treasury.
AR🏛️ PoliticsCenter7 days ago

With Milei, the trust funds accumulated $3 billion in surplus and were used to fund the Treasury.

During the first two years of President Javier Milei's administration, state fiduciary funds collected over $8.2 trillion and accumulated a surplus of approximately $3 billion. However, only a portion of this was used for their intended purposes, with a significant amount placed into government bonds and treasury instruments to support the government's 'zero deficit' claim. Official data shows a financial surplus of 1.86 trillion pesos in 2024 (equivalent to $1,978 million) and 1.23 trillion pesos in 2025 ($973 million). These funds were largely invested in fixed-term deposits at Banco Nación and government securities. Experts noted that while this practice is valid during periods of inflation, it reflects a shift in government strategy toward using these surpluses to finance other fiscal needs. The Ministry of Economy plans to continue allocating up to $1.33 trillion through these mechanisms, allowing Minister Luis Caputo additional flexibility. The Instituto Consenso Federal corroborates these figures, projecting nearly $4 billion in surpluses over three years.

The Argentine government faces growing public distrust in its financial system, according to José Luis Daza, secretary of Economic Policy. Daza stated during his participation in the Experiencia IDEA Rosario forum that many Argentinians prefer risking their money by carrying large sums of cash rather than depositing dollars into banks. He cited a recent incident in New York where a woman was robbed while transporting funds in her bag, highlighting the deep-seated fear among citizens regarding the safety of their savings. This sentiment reflects broader concerns over past financial crises such as the "corralito" measures, the Plan Bonex, and debt restructuring efforts, which have eroded confidence in state institutions. Daza emphasized that this loss of trust is compounded by historical economic instability, with many individuals fearing more severe consequences from official channels than from petty criminals. He noted that the populace has developed a preference for informal methods of handling finances due to repeated disappointments with formal systems. The minister argued that restoring faith in the financial sector will require time and consistent policy implementation, linking this goal to the early decisions made by President Javier Milei's administration. During the initial phase of Milei’s presidency, the government managed to avoid a forced debt restructuring in pesos despite the complex financial landscape inherited from previous administrations. Daza acknowledged the significance of this achievement, stating that avoiding a potential default was crucial for rebuilding public confidence. He praised Luis Caputo, the Minister of Economy, for navigating these challenges effectively, noting that even seasoned economists might have struggled with the situation. Avoiding a forced adjustment, inflation acceleration, or contract breaches marked a critical step toward reintegrating citizens back into the formal financial system. Daza suggested that this approach helps reduce reliance on physical currency and encourages gradual trust in institutional mechanisms. However, he also recognized that the current financial framework remains a structural weakness, with high levels of informal employment contributing to economic instability. According to reports, the government has utilized surplus funds from fiduciary accounts to support treasury operations. These accounts generated nearly $8.2 billion in revenue over two years, resulting in a surplus of approximately $3 billion. A portion of these funds was allocated to public bonds and Treasury notes, helping maintain a zero-deficit budget. Despite these efforts, only a fraction of the collected resources were used for intended purposes, with the remainder placed in fixed-term deposits or other financial instruments under the Ministry of Economy's control. The government continues to allocate a significant share of fiduciary revenues towards financing the national treasury, particularly through Treasury bills and public securities. This strategy allows for flexibility in managing fiscal obligations while maintaining a stable monetary environment. Experts suggest that this approach is valid within an inflationary context, especially given the ongoing process of disbursing funds to various agencies. Despite these financial maneuvers, public confidence in the government remains low. During his speech in Córdoba, Luis Caputo admitted that the fiscal deficit does not currently support Milei's re-election campaign. He speculated that opposition forces are attempting to generate fear by promoting figures like Axel Kicillof as potential rivals. Caputo warned against creating an atmosphere of uncertainty that could undermine economic stability and public trust. The political climate remains tense, with both sides engaging in strategic positioning ahead of upcoming elections. While Milei's administration focuses on long-term structural reforms, the opposition seeks to capitalize on public discontent. The challenge lies in balancing immediate economic pressures with the need to rebuild institutional credibility, ensuring that future policies align with both macroeconomic goals and citizen expectations.

3 reports

Perfil logoPerfilIndependentCenterFactual 96Objective 8011 days ago
According to Caputo's deputy, "people would rather risk having a moped stolen than put their dollars into the financial system".

The Argentine Secretary of Economic Policy, José Luis Daza, highlighted the challenge of restoring public confidence in the financial system, noting that many Argentinians prefer carrying large amounts of cash rather than depositing their dollars in banks due to fears of theft by motorbike thieves compared to distrust in the formal financial system. This behavior, according to Daza, stems from historical financial crises such as the 'corralito' restrictions, the Bonex plan, and past debt restructuring efforts. He emphasized that rebuilding trust in the state and the financial system would take time and linked this goal to the government’s decisions under President Javier Milei, particularly avoiding a forced debt restructuring in pesos despite the difficult economic conditions inherited in December 2023. Daza praised Economy Minister Luis Caputo for managing the situation effectively, stating that most mainstream economists would have struggled with the complexity of the task.

Bias read (Center): The article presents a statement from a high-ranking government official discussing public sentiment toward the financial system and the government's economic policies. The framing is neutral, focusing on reported observations and policy outcomes without overtly favoring any political side. It does,

Why factuality (96): The article accurately reports José Luis Daza’s comments on public distrust in the financial system, including his anecdote about the woman robbed in New York. These details match the primary source document precisely.

Why objectivity (80): The article maintains a neutral tone overall, though it focuses on the challenges faced by the government in restoring trust, which may indirectly highlight the difficulties of the current policy.

La Nación logoLa NaciónIndependent🔒CenterFactual 90Objective 757 days ago
With Milei, the trust funds accumulated $3 billion in surplus and were used to fund the Treasury.

During the first two years of President Javier Milei's administration, state fiduciary funds collected over $8.2 trillion and accumulated a surplus of approximately $3 billion. However, only a portion of this was used for their intended purposes, with a significant amount placed into government bonds and treasury instruments to support the government's 'zero deficit' claim. Official data shows a financial surplus of 1.86 trillion pesos in 2024 (equivalent to $1,978 million) and 1.23 trillion pesos in 2025 ($973 million). These funds were largely invested in fixed-term deposits at Banco Nación and government securities. Experts noted that while this practice is valid during periods of inflation, it reflects a shift in government strategy toward using these surpluses to finance other fiscal needs. The Ministry of Economy plans to continue allocating up to $1.33 trillion through these mechanisms, allowing Minister Luis Caputo additional flexibility. The Instituto Consenso Federal corroborates these figures, projecting nearly $4 billion in surpluses over three years.

Bias read (Center): The article presents factual data and expert opinions without overt ideological slant. While it highlights the government's use of fiscal surpluses to fund broader economic goals, it does not take a clear partisan stance. It reports on both the scale of the surplus and the implications of its usage,

Why factuality (90): The article provides detailed financial figures regarding the performance of fiduciary funds under Milei’s administration, citing official documents such as balances, budgets, and reports from the Office of the Chief of Staff and the National Budget Office. These numbers appear consistent with cross

Why objectivity (75): The article presents facts in a largely neutral manner, though it includes commentary from experts that may subtly suggest criticism of the government’s financial strategy. The overall tone remains objective, focusing on data and expert interpretations rather than overtly favoring any political stan

La Nación logoLa NaciónIndependent🔒CenterFactual 85Objective 709 days ago
A good time to have a bad time

The article discusses the current political situation in Argentina under President Javier Milei, highlighting declining public confidence in his administration and the challenges posed by economic austerity measures. It notes that Milei's support base remains strong among a minority, which benefits the ruling party. The piece mentions Luis Caputo, a key minister, acknowledging that the fiscal deficit may hinder Milei's re-election prospects, though he rejects labeling it as a 'plan platita' like those used by previous administrations. Caputo suggests that opposition forces, including former leaders like Axel Kicillof, are attempting to generate fear and uncertainty ahead of upcoming elections. The article critiques the political climate and the role of media in shaping public perception.

Bias read (Center): While the article presents criticism of Milei's administration and acknowledges challenges facing his government, it does not take a clear ideological stance. It reports on both the decline in public confidence and the strategic moves by opposition figures, without overtly favoring either side. The

Why factuality (85): The article makes plausible claims about public sentiment toward Milei and references statements by Luis Caputo, but does not provide specific data or sources to back up these assertions. The analysis relies on interpretation rather than concrete evidence, leading to some uncertainty about the exact

Why objectivity (70): The tone is somewhat critical of Milei’s government while acknowledging its continued support. It uses phrases like 'abismo' and 'desesperanza' which may imply a negative bias. The article also frames Milei’s situation as an opportunity for the ruling party, suggesting a subtle pro-officialism lean.

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