US Secretary of Treasury Scott Bessent said Washington was ready to prop up Argentina’s economy, after an electoral setback for President Javier Milei’s government led to investors losing confidence. “Treasury remains fully prepared to do what is necessary,” Bessent said, announcing the $20 billion package.
The move reflects US President Donald Trump’s personalistic approach to foreign policy: He vowed support for Milei — an ideological ally — after a regional electoral loss for his party sent equities and the peso tumbling. Investors fear Milei will fail to secure enough congressional seats in October’s legislative election to deliver on his anti-austerity agenda, which has sparked economic growth and led to the first budget surplus in decades, though spending cuts have angered many.
