Argentines are convinced that even a flood of cash from the United States won’t be able to stop another painful devaluation of the peso.
US Treasury Secretary Scott Bessent has moved to prevent that by stepping in to buy the currency, talking it up as “undervalued,” and looking at potentially doubling the size of Argentina’s rescue to US$40 billion through a private arrangement with international banks.
But residents are continuing to dump the peso in droves, betting it’s virtually assured that President Javier Milei will need to let it tumble after the October 26 legislative elections. That conviction strengthened after the efforts to prop up the currency sent short-term interest rates skyrocketing to as much as 157 percent by pulling p
Continue Reading on Buenos Aires Times
This preview shows approximately 15% of the article. Read the full story on the publisher's website to support quality journalism.