US Treasury Secretary Scott Bessent on Wednesday said he was working to rally the private sector around a new $20 billion "facility" to support Argentina's embattled economy.

"We are working on a $20 billion facility that would be adjacent to our swap line, of private banks and sovereign wealth funds that I think would be more aimed at the debt market," he told reporters in Washington.

Bessent added that he had spent weeks working on the private-sector solution to Argentina's upcoming debt payments, which would come on top of the $20 billion US swap line the US Treasury recently set up.

"So that would be a total of $40 billion for Argentina," he said, in remarks that triggered a rebound in Argentine stocks with some shares on the Merval index rising by almost 10 percent.

Bessent's comm

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