Overview
- Treasury Secretary Scott Bessent said the U.S. completed a $20 billion currency-swap framework with Argentina’s central bank and confirmed direct peso purchases after four days of talks in Washington.
- Officials described the action as coordinated with the IMF and “not a bailout,” while declining to disclose the size of the purchase or the swap’s structure.
- Markets rallied on the announcement, with the peso strengthening before the close and Argentine dollar bonds climbing sharply.
- Backlash grew in the U.S. as senators introduced a No Argentina Bailout Act and farm groups warned the support harms American soybean producers after Argentina suspended export taxes and sold to China.
- Next steps include a Trump–Milei meeting on Oct. 14 and Argentina’s Oct. 26 legislative elections, with further operational details expected next week.