US EditionBessent Touts Swap, Not 'Money,’ as Argentina Shores up Peso
The U.S. offers Argentina a credit swap line without direct aid to support economic stability ahead of legislative midterm elections on October 26, officials said.
- On Thursday, U.S. Treasury Secretary Scott Bessent said the United States is not putting money into Argentina but only providing a credit swap line.
- The U.S. had earlier listed at least three options including a $20 billion swap line, repurchase of Argentine debt and direct currency purchases, while Scott Bessent said the U.S. would do what is necessary.
- Markets first rallied last week on U.S. support news, then saw renewed pressure as investors digested swap line characterization and peso opened at 1,424.5 to the dollar.
- Bessent said he spoke Wednesday with Economy Minister Luis Caputo, who will travel to Washington to advance discussions, as Trump plans a meeting with Argentina's President Javier Milei in about two weeks.
- Argentina faces a vote on October 26 as the currency drop reflects concerns over Javier Milei’s support, and Bessent said other regional countries may follow after the elections.
22 Articles
22 Articles
Treasury Secretary Scott Bessent said the support will be realized through a currency swap rather than a direct loan, cooling the expectations of Milei’s government. The weight falls and the country’s risk increases.
Bessent Says US ‘Not Putting Money’ in Argentina, Touts Swaps
US Treasury Secretary Scott Bessent reiterated support for Argentina’s Javier Milei on Thursday, but warned that the aid doesn’t involve outright US investment, pushing bonds between gains and losses in a roller-coaster morning session.
WASHINGTON.- In the midst of the latest financial turbulence, U.S. Treasury Secretary Scott Bessent confirmed that the Argentine economic team, commanded by Minister Luis Caputo, will travel to Washington to advance the negotiations for the financial support promised by the Donald Trump administration for the government. The influential US government official said that he maintained with Caputo a “very positive” dialogue, which follows “close” t…
Bessent says U.S. ‘not putting money’ in Argentina, touts swaps
U.S. Treasury Secretary Scott Bessent reiterated support for Argentina’s Javier Milei on Thursday, but warned that the aid doesn’t involve outright US investment, pushing bonds between gains and losses in a roller-coaster morning session. Bessent wrote on X early Thursday that the US would do…
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