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Bessent vows that US won't lose taxpayer money aiding Argentina
The U.S. Treasury uses its $211 billion Exchange Stabilization Fund to support Argentina’s currency and government stability ahead of parliamentary elections, ensuring no taxpayer losses, officials said.
- Treasury Secretary Scott Bessent said on Sunday the U.S. will not lose taxpayer funds in support for Argentina, backing a Latin American ally during a key election.
- Earlier this month, the United States finalized a $20 billion currency swap framework with Argentina's central bank after talks between top finance officials in Washington.
- Support comes from the Treasury's $211 billion Exchange Stabilization Fund, which has backed Federal Reserve lending and holds IMF reserve assets known as Special Drawing Rights.
- Market interventions have been carried out with limited public details as the Treasury buys Argentine pesos to support its value despite traders and economists calling the currency overvalued.
- Bessent told `Meet the Press` there will be no taxpayer losses, emphasizing the aid is from the Exchange Stabilization Fund to support Latin America and prevent a Venezuela-like collapse.
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10 Articles
Bessent Vows That US Won't Lose Taxpayer Money Aiding Argentina
·New York, United States
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In early October, U.S. bought Argentine weights and ended US$ 20 billion swap agreement
·Brazil
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Total News Sources10
Leaning Left1Leaning Right4Center3Last UpdatedBias Distribution50% Right
Bias Distribution
- 50% of the sources lean Right
50% Right
13%
C 37%
R 50%
Factuality
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