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2h ago

U.S. Pledges Support for Argentina, Triggering Market Rebound

A fragile window opens with thin reserves ahead of the Oct. 26 vote.

A general view of the Obelisk in Buenos Aires, Argentina November 15, 2023. REUTERS/Agustin Marcarian/File Photo
US Treasury Secretary Scott Bessent attends a press conference held by U.S. President Donald Trump and UK Prime Minister Keir Starmer at Chequers at the conclusion of a state visit on September 18, 2025 in Aylesbury, England. Leon Neal/Pool via REUTERS/File Photo
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Overview

  • Treasury Secretary Scott Bessent said the U.S. stands ready to stabilize Argentina with options that include swap lines, direct currency purchases and ESF purchases of dollar‑denominated government debt.
  • Argentine assets jumped after the statement, with U.S.-traded stocks up roughly 10–12%, international bonds gaining more than 6 cents, and the peso strengthening around 2–3%.
  • President Javier Milei is set to meet President Donald Trump and Bessent in New York on Tuesday, with U.S. officials indicating further details would follow those talks.
  • Buenos Aires suspended export taxes on all grains through Oct. 31 to spur dollar inflows, a move officials said was aimed at increasing supply in the near term.
  • Argentine officials rejected reports of a $30 billion U.S. loan request, saying discussions cover a smaller amount, as the country contends with recent reserve sales of about $1.1 billion and heavy IMF obligations from earlier programs.