Speculators seeking to profit from the sell-offs racing through Argentina’s markets were stopped dead in their tracks by a powerful investor willing to take the opposite side of the trade: the US government.
The strong show of support for President Javier Milei from US Treasury Secretary Scott Bessent – first by pledging to use “all options,” and then by announcing a plan to potentially provide a US$20-billion lifeline and buy Argentina’s bonds – quickly halted a rout that was burning through the government’s reserves as it fended off a run on its currency.
Whether the money materialises or not, inves
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