Argentina's government is betting a new wave of bank credit will power its recovery, but record loan defaults and weak wages leave the market unconvinced.
Key Facts
—The bet. The government hopes a new expansion of bank credit will spark a broad recovery in spending and activity.
—The snag. Household loan delinquency hit a record 12.7% in May, meaning about 5.8 million people are behind on debt.
—The cost. Rates on personal loans and cards still run near 65% to 85% a year, against expected inflation below 30%.
—The young. Nearly 40% of all delinquent borrowers are under 35, one study found, a lasting mark on their credit.
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