European Network on Debt and Development 55d ago

The global debt crisis continues to deepen in 2026, with devastating consequences for people in the Global South. Argentina is one of the many countries across the world in a deep debt crisis. The current far-right government policies, hand in hand with the IMF, prioritise creditors over citizens, deprioritising social and environmental protection as well as public services. Aylén Tapia, a young Mapuche-Telhueche activist, finds herself on the frontline of this extreme deregulation, fighting to defend her ancestral lands from oil and gas exploitation that the government in Buenos Aires are incentivising, following advice from the IMF. This has resulted in repression from security forces, prosecution under newly amended laws, and threats to the very existence of their communities as their water sources are privatised. In this #RealCostOfDebt story, Aylén explains how sovereignty is affected when debt repayments dictate policy choices and spending, the continued use of fossil fuel capital to repay or secure more debt, and the impact of decades of often fraudulent debt on indigenous communities and their way of life.