The US rushed to stabilize Argentina’s economy on Thursday, offering $20 billion in financing and carrying out a rare intervention in currency markets to prop up the peso after weeks of sharp declines.

Washington has finalized a $20 billion currency swap framework with Argentina’s central bank, Treasury Secretary Scott Bessent said in a social media post . The US also directly purchased pesos, he said, a move that follows unsuccessful efforts by Argentine authorities to stabilize the exchange rate on their own.

Trump and Bessent are making a bet on a nation that’s defaulted and devalued repeatedly over the past several decades. The goal is to help their political ally President Javier Milei notch a win in Oct. 26 midterm elections, and calm markets unsettled by fears of his leftis

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