Overview
- Bessent said on Tuesday that Argentina activated a first tranche of the bilateral currency-swap line and that the United States earned money on the operation.
- He characterized the action as using the U.S. balance sheet to steady Argentina’s currency during an election period rather than a rescue.
- The swap framework totals $20 billion, with Bessent saying only a small portion has been tapped so far.
- Market estimates suggest roughly $2.7 billion has been deployed, reportedly to offset pre-election foreign-exchange interventions and to cover an IMF maturity.
- Argentine economic officials have declined to detail the draw, citing confidentiality provisions that leave timing and uses under scrutiny.