The economic crisis once again brought thousands of Argentines onto the streets of Buenos Aires this Thursday, in a day of protests whose main demands centered on household debt, the consequences of President Javier Milei’s austerity policies, and the closure of more than 30,000 companies since late 2023.
The demonstrations took place in downtown Buenos Aires, where thousands of protesters gathered to oppose President Milei’s economic plan, which was defended at the Council of the Americas.
The day also featured an unusual element: business owners and workers shared the protest space to oppose the government’s policies. While unions and social organizations have long maintained their opposition to the austerity measures promoted by Milei, representatives of small and medium-sized businesses joined the demonstrations to denounce the deterioration of productive activity and demand measures to prevent further closures.
Argentina business leaders, unions protest Milei after 30,000 companies close
The business protest was concentrated in Mayo Square (Plaza de Mayo, in Spanish) in front of the Casa Rosada — the seat of the presidency — and coincided with National Businessman’s Day. The date provided a backdrop for numerous owners and representatives of small and medium-sized businesses to leave their businesses for a few hours and publicly demand a change in economic direction.
The demand is based on a figure that reflects the magnitude of the deterioration of Argentina’s business sector. According to data from Fundar, 30,633 companies have been lost since Milei took office, representing around 6% of the total. In May alone, 2,371 disappeared, an average of 76 per day. The number of registered companies in the country fell to 481,724, the lowest level in nearly two decades.
Commerce is the sector with the largest number of closures, with 8,408 fewer companies, followed by transportation and storage, real estate services, and manufacturing. Business organizations maintain that current economic conditions, declining consumption, financial difficulties, and economic liberalization policies are hitting small and medium-sized businesses particularly hard.
The organizations that called the demonstrations demanded specific measures to protect small and medium-sized businesses and urged Congress to move forward with an Emergency Law for Small and Medium-Sized Businesses. Their concern is not limited to companies that have already closed: some organizations warn that tens of thousands of companies could be at risk if the economic situation does not change.
“Cerraron 30 mil pymes y sabemos que van a cerraron unas 40 o 50 mil más”
El presidente de ENAC, Diego Ojeda, en @futurockOk https://t.co/J20SYCHkyV
— Asociación de Empresarios y Empresarias Nacionales (@EnacArgentina) August 20, 2026
Unions and social organizations also protest
In another demonstration held in downtown Buenos Aires, unions and social organizations denounced the growing indebtedness of households, especially among lower- and middle-income sectors.
Protesters argue that many families are increasingly turning to credit to cover basic expenses such as food, medications and utilities.
Central Bank — an organization that the president initially threatened to shut down but ultimately agreed only to reform — data reflect the deterioration in households’ financial situation. The delinquency rate on household loans reached 12.8% in June, up from 2.5% in October 2024.
For the organizations that called the protest, indebtedness has become a means of covering everyday needs amid a loss of purchasing power.
The union protest thus adds to a long list of demonstrations against Milei’s austerity policies, but the simultaneous presence of small and medium-sized business owners introduces a significant nuance to the political and economic landscape. The demands come from different sectors and for different reasons, but they coincide in questioning the impact the current model is having on consumption, employment and productive activity.
Milei defends his program
While the protests were taking place on the streets of Buenos Aires, Milei defended his administration during his appearance at the Council of the Americas, the U.S. business organization that promotes free trade and yesterday concluded the 23rd edition of its annual conference in Buenos Aires. The president once again touted the results of his economic program and responded harshly to his critics.
The contrast was evident: while the government insists that its policies are necessary to stabilize the Argentine economy, business owners, unions and social organizations warn about the costs of the austerity measures. The simultaneous presence of both sectors in the streets shows that the debate over the country’s economic direction is no longer limited to the traditional confrontation between the government and unions.
The small and medium-sized business protest also presents Milei with an additional political challenge. Some business owners who initially may have viewed the economic liberalization measures favorably are now demanding protection for domestic companies, a recovery of the internal market and conditions that will allow them to keep their businesses open.
The closure of more than 30,000 companies since December 2023 has thus become one of the main symbols of the dispute over the effects of the government’s economic model.
Confirmado: El Presidente Javier Milei (@JMilei) cerrará la edición 23.ª de nuestra conferencia anual en Buenos Aires que se llevará a cabo el 20 de agosto.
El evento, que el AS/COA organiza en colaboración con @CACteinforma, reúne a líderes de los sectores público y privado… pic.twitter.com/SYwFpoD0fC
— Americas Society/Council of the Americas (@ASCOA) August 18, 2026
