The Trump administration has finalized plans to provide a $20 billion lifeline to Argentina, Treasury Secretary Scott Bessent said Thursday via social media. Additionally, the United States “directly” purchased Argentine pesos, Bessent said, a rare move that marks the latest step in an attempt to stabilize the country’s financial market.
Bessent did not specify how many pesos the United States had purchased.
Representatives from the Treasury Department did not immediately respond to CNN’s request for comment.
“The U.S. Treasury is prepared, immediately, to take whatever exceptional measures are warranted to provide stability to markets,” Bessent wrote.
The $20 billion lifeline framework Bessent announced is known as a “currency swap,” which gives Argentina’s central bank the ability to exchange pesos for US dollars with the Treasury. Doing so can help stabilize its financial markets by injecting more liquidity.
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