Caputo backs Adorni and government officials who got multimillion loans

Economy Minister Luis Caputo defended Chief of Staff Manuel Adorni following accusations of potential illicit enrichment, as well as several government officials accused of obtaining multimillion-peso mortgages from national public bank Banco Nación under preferential conditions. In an interview on LN+ on Sunday, the Economy Minister dismissed the accusations against Adorni, who is being investigated over alleged unjustified wealth growth and the improper acquisition of a house. His wife’s multiple contracts with the state are also under scrutiny. “I have a great opinion about Adorni,” Caputo said when asked about the Chief of Staff, who is also president Javier Milei’s spokesperson, and has the backing of all the government. He added that Adorni will have to “defend himself before the judiciary,” but that the government is “calm” regarding the allegations. The minister also denied any wrongdoing regarding public officials who took out large loans at Argentina’s biggest public bank. “There has been nothing illegal about this, and much less anything immoral,” Caputo said. ”I find it pathetic that [journalists] are talking about this like they committed a crime.” In fact, the minister said that he encouraged public officials to take those loans. “I tell everyone, from officials to friends, to get mortgages because there is a unique opportunity to do so,” he said, referring to the fact that those types of loans had been very difficult to access until Milei came into power. The accusations came after data from Banco Nación was published on social media last week, that appeared to show that several government members and lawmakers from ruling party La Libertad Avanza took mortgages of up to AR$510 million (around US$360,000) and were among the clients who had been granted some of the highest loans at the public bank. Opposition lawmakers have requested the Executive power and Banco Nación to issue reports with information about this, under suspicion that those close to the government were given preferential conditions for the loans or that the credits don’t match their declared income. Banco Nación released a statement saying that the process to access mortgages is equal for all clients “without exceptions.” However, in 2024 a special credit line was created for public administration workers and government officials that provides benefits others can’t access. According to Caputo, loans “are the main engine for reactivating the economy” and are a form of “social justice,” because they allow those who work to buy a home “without having to save money for 40 years” to purchase one. The minister assured those currently under scrutiny were not given special benefits. “The interest rates and repayment terms are all the same. The loan amounts are based on income, and it’s also perfectly normal for them to request a mortgage at Banco Nación because we’re government employees and our paychecks are deposited there,” he said. Among those who appear at the top of the list of the clients who took the largest loans are Central Bank board of directors member Juan Pedro Inchauspe (with a loan equivalent to US$360,000); Felipe Núñez, director of the Bank for Investment and International Trade and advisor to Caputo (US$263,000); and Federico Furiase, finance secretary at the economy ministry (US$259,000). The three took the loans throughout 2025. Another public officer who took out a mortgage of close to US$300,000 was Leandro Massaccesi, who was allegedly removed from his role as chief of staff of the Human Capital ministry following the release of the loans data. However, Caputo said the dismissal had “nothing to do” with the loans. The economy In the interview, Caputo acknowledged that the government has still not controlled inflation and that it will likely be “a little higher” in March due to the rise in petrol prices amid the war between Iran, Israel and the United States. “There is no crisis, there is no stanflation, data shows the opposite,” Caputo assured, accusing journalists of lying and manipulating information out of “hate” for the government. “In the past, people tried to get rid of pesos as fast as possible because they feared they would lose value. They went to the supermarket and stocked up on anything. Today we have credit, people have the option to save up money for three months and buy a motorbike,” he said, mentioning that motorbike sales went up by 44%.