Argentine Markets Soar as US Steps In to Buy Pesos (2)

Argentina’s markets rallied as the US swept in to prop up the nation’s currency and said it arranged a $20 billion lifeline to prevent a crisis from engulfing President Javier Milei ahead of a crucial midterm election this month.

The move, announced by Treasury Secretary Scott Bessent on social media, confirmed the US’s commitment to support Milei, an ideological ally who has slashed spending and regulations in a bid to turn around an economy that’s been upended by crisis for decades.

The aid promises to at least temporarily halt the waves of selling that have battered Argentina’s markets since Milei’s ...