US Launches Financial Rescue of Argentina, Treasury Buys Pesos

The US rushed to stabilize Argentina’s economy on Thursday, offering $20 billion in financing and carrying out a rare intervention in currency markets to prop up the peso after weeks of sharp declines.

Washington has finalized a $20 billion currency swap framework with Argentina’s central bank, Treasury Secretary Scott Bessent said in a social media post. The US also directly purchased pesos, he said, a move that follows unsuccessful efforts by Argentine authorities to stabilize the exchange rate on their own.

President Donald Trump and Bessent are making a bet on a nation that’s defaulted and devalued repeatedly ...