Overview

• Treasury Secretary Scott Bessent said the U.S. stands ready to support Argentina, outlining a package built on the Exchange Stabilization Fund, a potential dollar swap line and, if needed, U.S. purchases of Argentine bonds or pesos.
• Officials and reporting describe the plan as coordinated with the IMF to stabilize the currency and credit markets rather than replace multilateral support.
• Markets rallied after the announcement as the peso strengthened, country risk fell from roughly 1,500 to about 900, and the parallel dollar rate steadied near 1,350 pesos by Friday.
• Bessent signaled the backstop is a bridge tied to policy continuity and political backing, with coverage noting that disbursements could hinge on the Oct. 26 legislative elections.
• Argentina still faces a heavy IMF debt load from a 2018 program (~$45 billion) and a new April 2025 arrangement (~$20 billion), as Milei’s austerity has lowered inflation but coincided with recessionary pressures, social strain and contested corruption allegations.