Overview

• Treasury Secretary Scott Bessent confirmed a roughly $20 billion support effort designed to stabilize the peso and support President Javier Milei’s reform program.
• U.S. officials are negotiating with Argentina’s central bank on a swap line of about $20 billion, alongside possible direct peso operations and potential purchases of Argentine dollar bonds.
• The Exchange Stabilization Fund holds more than $200 billion but only about $30 billion is readily deployable, and its use triggers required reporting to Congress.
• Republican lawmakers and some administration officials question the rescue and repayment prospects, with Sen. Chuck Grassley and farm groups objecting to the plan.
• Argentina’s temporary suspension of export taxes accelerated about $7 billion in grain sales to Chinese buyers, and Bessent says he is working with Buenos Aires to end the exemption.