Fri, 10 Oct 2025

Fri, 10 Oct 2025 US kicks off controversial financial rescue plan for Argentina

The Trump administration will purchase pesos in a bid to calm Argentina's economic crisis.

* US Treasury Secretary Scott Bessent announced that the US has purchased Argentine pesos as part of a $20bn (£15bn) financial rescue package for Argentina.
* The move aims to calm a currency crisis hitting the South American country, with the peso's value having declined sharply in recent months.
* Critics, including Democratic Senator Elizabeth Warren, have accused the administration of using taxpayer dollars to bail out Argentina while cutting spending at home.
* The US support has been hailed by Argentine President Javier Milei as evidence of the "closest of allies" and a step towards a "hemisphere of economic freedom and prosperity".
* Argentina has defaulted on its debt three times since 2001, including most recently in 2020, but investors have taken renewed interest in the country under Milei's libertarian financial reforms.
* The US support has been met with backlash from American farmers, who are concerned that Argentina will take their biggest market for soybeans.
  >>