Caputo responded to a trader if Argentina will take on debt in New York in 2026

He did so through a response to a financial trader, who asked the national official: “Throw a center for those of us who stay to work at the mkt in the summer.”

“We will try to ensure that there is not one. The objective is to eliminate the dependence that the country has on Wall Street. Are we going to be able to achieve it? We believe so. Hugs and Merry Christmas,” was Caputo’s response.

The minister’s message is published in the midst of the discussion in Congress on the 2026 Budget, where the Executive proposes continuing on the path of fiscal surplus and also minimizing the need to resort to external financing.

Caputo needs authorization from Congress to borrow in dollars abroad and carry out debt exchanges with fewer restrictions, something key to returning to international debt markets and extending maturities with bondholders.

In the official project, which had half a sanction in Deputies, the Executive requests authorization to go into debt for $288 billion in 2026. And article 43 establishes that “18% of the total amount allocated to the issuance of public securities may be placed in currency and under foreign jurisdiction”, equivalent to about US$23,000 million, according to PxQ estimates.

We will try to ensure that there is not. The objective is to eliminate the country’s dependence on Wall Street. Are we going to be able to achieve it? We believe so.
Hugs and Merry Christmas 🎄🇦🇷 https://t.co/QTFhV8i7rn

— totocaputo (@LuisCaputoAR) December 23, 2025

The bet is that the country risk continues to fall from the current 556 points, the lowest level since the beginning of the year, to 300 points (equivalent to a rate above 7%).

In addition, the rise in the debt rating by S&P boosted the securities, and the market believes that the support of Congress will further improve the profile of sovereign bonds.

Article 55, in turn, enables debt exchanges with “existing securities in the markets”, despite article 65 of the Guzmán Financial Administration Law that only authorizes debt operations if 2 of 3 conditions improve (term, rates and/or amount).

In this way, the Executive could kick capital maturities, in exchange for paying a higher rate and coupon to bondholders, currently 0.75% due to the restructuring in 2020.