Bessent Halts Argentina Crisis as US Lifeline Upends Short Bets

Speculators seeking to profit from the selloffs racing through Argentina’s markets were stopped dead in their tracks by a powerful investor willing to take the opposite side of the trade: The US government.

The strong show of support for President Javier Milei from US Treasury Secretary Scott Bessent — first by pledging to use “all options,” and then by announcing a plan to potentially provide a $20 billion lifeline and buy Argentina’s bonds — quickly halted a rout that was burning through the government’s reserves as it fended off a run on its currency.

Whether the money materializes or not, ...