Argentina’s Central Bank and the US Treasury signed a currency swap line for US$20 billion, a vote of confidence for President Javier Milei ahead of a crucial midterm election. But with details still scarce, bonds erased initial gains and the peso weakened.
The deal, announced by the Argentine monetary authority on Monday, is a key pillar of a sweeping rescue package Treasury Secretary Scott Bessent put together for Milei in a whatever-it-takes approach to stabilise the volatile South American economy. Beyond the swap, the US has been buying Argentine pesos for the past two weeks, and Bessent said he’s coordinating another facility worth the same amount as the swap that would be financed by banks and oth
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