The US bet big with Argentina bailout – is it paying off?
OCT 31 - US Treasury Secretary Scott Bessent has been the point-person entrusted with selling financial markets on some of President Donald Trump's Kenya breaking news | Kenya news today |..
✨ Key Highlights
The US made an unusual intervention in Argentina's economy, buying pesos and establishing a $20 billion currency swap line to stabilize the currency and aid Trump ally President Javier Milei ahead of midterm elections.
- Despite US commitments, the Argentine peso has fallen roughly 30% this year, including approximately 4% in the last month.
- US Treasury Secretary Scott Bessent, a former currency trader, defended the move, contrasting it with his past speculation against the British pound.
- The intervention, which Democrats and some Republicans have criticized as contrary to "America First", helped Milei's party secure significant wins in midterm elections, but financial success remains uncertain.
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US Acts on Tariffs and Argentina's Currency as Russia Warns on LNG Market - October 2025
The U.S. Senate voted 51-47 to eliminate the national emergency cited by President Donald Trump for imposing global tariffs, a vote described as largely symbolic. In a direct economic intervention, the US bought pesos and established a $20 billion currency swap line with Argentina to stabilize the currency and aid President Javier Milei. Meanwhile, Leonid Mikhelson, CEO of Russia's Novatek, stated that excluding Russian liquefied natural gas (LNG) from the global market will inevitably lead to higher gas prices. He noted that Russia contributes over 10 percent of global LNG production, making its removal from the gas balance unrealistic.
