AMERICAS DISTRESS DAILY: Argentina Bonds Surge After Milei Win

Argentine Assets are set to rally as President Javier Milei’s strong showing in legislative elections beat even the most bullish of forecasts. The peso was already posting gains in the crypto market Sunday as the results were announced.

• The US had previously signed a $20 billion swap line with Argentina’s central bank to help stabilize the peso, and was in talks with a group of banks for an additional $20 billion financing package.
• Direct US intervention has kept the peso within the trading boundaries agreed to as part of Argentina’s latest deal with the International Monetary Fund back in April. ...