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In order to elucidate the role of financial capital in the dynamics of the Argentine economy between 2002 and 2012, this paper analyzes several aspects of the relationship between financial capital and the State. "Debt reduction" partially dismantled public debt as the backbone of speculative activity, although it maintained its profitability and priority position in economic policy decision-making. On the other hand, financial regulation contributed to keeping the mechanism of debt and did not significantly alter the central role played by financial capital. [ABSTRACT FROM AUTHOR]