US EditionUS profited from Argentina currency swap deal, Treasury chief Bessent says
The U.S. Treasury earned returns from a $20 billion currency swap to stabilize Argentina's economy and support an allied government during recent elections, officials said.
- On Tuesday, U.S. Treasury Secretary Scott Bessent said the $20 billion swap line was executed to stabilize Argentina's economy ahead of last month's midterm election.
- Framing the intervention, Bessent said, `In most bailouts you don't make money,' and noted `We used our financial balance sheet to stabilize the government, one of our great allies in Latin America, during an election,'
- The Trump administration readied the $20 billion swap to support right-wing Argentine President Javier Milei, and Bessent highlighted benefits to the American public and strengthening regional ties.
- Officials stopped short of calling it a bailout, describing it as support via the Treasury's Exchange Stabilization Fund, while the Treasury Department did not immediately respond to requests for clarification.
- Bessent said there is a "generational opportunity" to create allies in Latin America, citing upcoming elections in Chile and Colombia, underscoring a broader alliance strategy.
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U.S. Treasury Profits from Argentine Election Support
The U.S. Treasury, led by Scott Bessent, reportedly profited from providing financial support to Argentina's central bank ahead of the country's recent elections. This support was facilitated through a $20 billion swap line with the right-wing Argentine President Javier Milei, described as a strategic move to bolster economic stability and U.S.-Argentina relations.
US profited from Argentina currency swap deal, Treasury chief Bessent says
The U.S. government "made money" by giving support to the Argentine central bank ahead of last month's midterm election in the South American country, Treasury Secretary Scott Bessent said on Tuesday.
The Secretary of the Treasury of the United States, Scott Bessent, confirmed that he activated part of the swap (currency exchange) with the Central Bank of the Argentine Republic (BCRA) to collect the dollars used in the intervention of the exchange market before the elections. “We already had a profit,” the official said when responding to the criticism he received in his country for the maneuver. Different consultants detected unusual movemen…
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