The aim of this paper is to show that the interpretivist account of propositional attitudes fails even at the most plausible reading that treats this theory as a version of the deflationary approach to existence coupled with a metaphysical claim about the judgement-dependence of propositional attitudes. It will be argued that adopting a deflationary reading of interpretivism allows this theory to avoid the common charge of fictionalism, according to which interpretivists cannot maintain realism about attitudes as their theory becomes a covert form of mental fictionalism. However, as will be shown, the deflationary version of interpretivism faces a fatal dilemma: either it becomes indistinguishable from generic deflationism about the mental,...