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America bought directly silver Pesos on Thursday finalized a $20 billion currency swap framework with Argentina’s central bank, the Treasury Secretary scott betting Said in a social media post.
intends to provide assistance on behalf of latin american Economic turmoil of the country.
“The U.S. Treasury stands ready immediately to take whatever extraordinary measures are necessary to provide stability to the markets,” Bessant said. He said the Treasury Department held four days of meetings with Argentina’s Finance Minister Luis Caputo. Washington DC. has to bring the deal.
Besant has stressed that the Argentina credit swap is not a bailout. Last month, President Donald Trump failed to keep a promise to Argentina’s president xavier miley Financial relief from the economic turmoil of the Latin American country.
Still, American farmers and Democratic lawmakers have criticized the deal, calling it a bailout for a country that has benefited from soybean sales to China but has hurt American farmers.
Argentina is one of the largest Latin American economies and the largest borrower from the International Monetary Fund – its total outstanding debt as of August 31 is $41.8 billion.
The offer to help Argentina economically comes as Trump has frequently promoted his “America First” agenda. Critics argue the planned intervention is a way to reward a personal friend of Trump who faces a crucial midterm election next month.
Miley celebrated Besant’s announcement on social media, praising her Economy Minister Luis Caputo as “the best economy minister in the entire history of Argentina…!!!”
Caputo was in Washington last week for talks with Besant about the swap lines.
Argentina’s Regulation Minister Federico Sturzenegger also congratulated Caputo and the rest of the economic team. “Let us keep working so that our children want to live in Argentina,” he wrote. He appealed to voters to support Miley in the crucial midterm elections later this month.
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Associated Press writer Isabel Debray in Buenos Aires contributed reporting.