The US Treasury said Monday it stood ready to "do what is needed" to support Argentina's economy, as President Javier Milei battles to calm jittery financial markets.

Self-declared "anarcho-capitalist" Milei, a close ally of President Donald Trump, has been faced with a run on the peso, having to sell off dwindling foreign reserves in the aftermath of a provincial election trouncing for his party.

As he seeks a US loan to cover debts reaching maturity, Milei is due to meet Trump and Treasury Secretary Scott Bessent on the sidelines of the UN General Assembly in New York on Tuesday.

Bessent wrote on X Monday that "all options for stabilization are on the table."

These may include "swap lines, direct currency purchases, and purchases of US dollar-denominated government debt from Treasury

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