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2h ago

U.S. Signals Forceful Support for Argentina Ahead of Trump‑Bessent Meeting With Milei

Decisions on possible ESF-backed measures will follow talks in New York after Washington’s public pledge sparked a market rebound.

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

  • U.S. Treasury Secretary Scott Bessent said all options are being considered, citing swap lines, direct currency purchases, and ESF buys of Argentina’s dollar debt.
  • Argentine assets rebounded, with U.S.-traded stocks up roughly 10% on Monday, international bonds gaining more than 6 cents, and the peso strengthening by about 2% to 5%.
  • Bessent and President Donald Trump are set to meet President Javier Milei on Tuesday, with details of any intervention to be decided after the talks.
  • Argentina moved to bolster dollar inflows by suspending export taxes on all grains through October 31, while officials rejected reports of a $30 billion U.S. loan and said discussions involve a smaller sum.
  • The backdrop remains fragile as the central bank sold over $1 billion last week to defend the peso, bonds remain down for the year, and analysts warn that ESF support could raise creditor‑ranking and moral‑hazard concerns.