Bessent Says U.S. Bought Argentine Pesos

Treasury Secretary Scott Bessent said Thursday the U.S. bought pesos in a bid to "act swiftly" to support the economic overhaul being enacted by Argentina's president, Javier Milei. The disclosure, in a post on X, shows that the White House is deploying funds in support of its political ally, whose economic reform agenda Bessent dubbed "of systemic importance." Bessent also said that the administration had finalized the “framework” for a $20 billion currency swap with Argentina’s central bank–effectively a line of credit to Argentina in which the U.S. would receive pesos as collateral.

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