Economy Minister Luis Caputo provided a defense for Chief of Staff Manuel Adorni amidst allegations of possible illicit enrichment, alongside various government officials who have been accused of securing multimillion-peso mortgages from the national public bank Banco Nación under preferential terms. During an interview, the Economy Minister refuted the allegations directed at Adorni, who is currently under investigation for purportedly unjustified wealth accumulation and the questionable purchase of a residence. The multiple contracts held by his wife with the state are currently subject to examination. Caputo expressed a favorable view of Adorni when queried about the Chief of Staff, who serves as president Javier Milei’s spokesperson and enjoys the support of the entire administration. He stated that Adorni will need to “defend himself before the judiciary,” yet the government remains “calm” about the allegations. The minister refuted allegations of misconduct concerning public officials who secured substantial loans from Argentina’s largest public bank. Caputo stated, “There has been nothing illegal about this, and much less anything immoral. It is quite disheartening to observe that [journalists] are discussing this matter as if a crime has been committed.”
The minister stated that he advocated for public officials to pursue those loans. “I advise everyone, from officials to acquaintances, to secure mortgages as there exists a distinctive opportunity to do so,” he stated, alluding to the reality that such loans had been notably challenging to obtain prior to Milei’s ascension to power. The allegations emerged following the release of data, indicating that various government officials and legislators from the ruling party La Libertad Avanza secured mortgages reaching AR$510 million (approximately US$360,000) and were among the recipients of some of the largest loans from the public bank. Opposition lawmakers have called upon the Executive power and Banco Nación to provide reports containing information regarding this matter, amid suspicions that individuals affiliated with the government may have received preferential terms for loans or that the credits do not align with their reported income. Banco Nación issued a statement asserting that the procedure for obtaining mortgages is uniform for all clients “without exceptions.” In 2024, a distinctive credit line was established specifically for public administration employees and government officials, offering advantages that are not available to others. Caputo asserts that loans “are the main engine for reactivating the economy” and represent a form of “social justice,” as they enable individuals to acquire a home “without having to save money for 40 years.”
The minister confirmed that individuals currently under investigation were not afforded any preferential treatment. “The interest rates and repayment terms remain consistent.” The loan amounts are determined by income, and it is entirely customary for them to seek a mortgage at Banco Nación, given that we are government employees and our salaries are deposited there,” he stated. At the forefront of the clients who secured the most substantial loans are Juan Pedro Inchauspe, a member of the Central Bank board of directors, with a loan amounting to US$360,000; Felipe Núñez, director of the Bank for Investment and International Trade and advisor to Caputo, with US$263,000; and Federico Furiase, finance secretary at the economy ministry, with US$259,000. The three individuals secured the loans over the course of 2025. Leandro Massaccesi, another public officer, secured a mortgage nearing US$300,000. His alleged removal from the position of chief of staff at the Human Capital ministry followed the disclosure of the loans data. Caputo stated that the dismissal was “unrelated” to the loans.
In the interview, Caputo recognized that the government has yet to rein in inflation and indicated that it is expected to be “a little higher” in March, attributed to the increase in petrol prices stemming from the ongoing conflict involving Iran, Israel, and the United States. “There is no crisis, there is no stanflation, data shows the opposite,” Caputo asserted, alleging that journalists are distorting facts and manipulating information out of “hate” for the government. In previous times, individuals sought to divest themselves of pesos rapidly due to concerns over potential depreciation. The individuals visited the supermarket and acquired a variety of items. Today, access to credit allows individuals the opportunity to save for three months and purchase a motorbike,” he noted, highlighting that motorbike sales increased by 44%.