Overview

• Washington confirmed a currency-swap facility of up to $20 billion and executed initial FX operations by purchasing pesos through Citi, Santander and J.P. Morgan.
• Argentine assets jumped as the wholesale dollar eased and sovereign bonds gained, driving the country risk index down to about 900 points, though volatility persists.
• Secretary Scott Bessent linked the support to countering Chinese influence, while Argentina’s chief of cabinet Guillermo Francos rejected any requirement to exclude China.
• IMF chief Kristalina Georgieva praised the scale of the assistance and backed Argentina’s banded exchange-rate framework as appropriate for current conditions.
• Analysts estimate the first U.S. peso buys at roughly $100–$300 million, and former Treasury official Mark Sobel pressed for the legal details on ESF accounting, repayment terms and disclosure, with more specifics expected around President Javier Milei’s planned White House visit on Tuesday.