"Javier Milei's unconditional support for Donald Trump is beginning to bear fruit. At a time when the Argentine president is going through his weakest moment politically and his economic plan is faltering, the Republican administration of the United States announced that it is willing to do whatever is necessary within its mandate to support Argentina. This support, Treasury Secretary Scott Bessent explained, could take the form of a currency swap, the purchase of foreign currency, or the purchase of Argentine debt denominated in dollars."
"A Trump bailout would bolster Milei's hopes of stabilizing the South American country's currency, reassuring the financial markets and improving his prospects for the October 26 legislative elections. The announcement came Monday, minutes before the markets opened in Argentina and on the eve of Milei's departure for New York, where she is scheduled to meet with Trump and Bessent on Tuesday before participating in the United Nations General Assembly."
U.S. Treasury Secretary Scott Bessent said the U.S. is willing to provide support to Argentina within its mandate, including currency swaps, purchases of foreign currency, or buying dollar‑denominated Argentine debt. The announcement arrived as Argentina's peso plunged and financial volatility intensified, forcing the central bank to sell about $1.11 billion of reserves over three days to defend the floating exchange rate. President Javier Milei is seeking a U.S. Treasury loan to cover $8.5 billion of maturities next year and will meet President Trump and Bessent in New York. U.S. backing could stabilize the currency, calm markets, and bolster Milei ahead of October legislative elections.
Read at english.elpais.com
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