U.S. Treasury Finalizes $20B Swap With Argentina To Stabilize Peso

Benzinga

The U.S. finalized a $20B currency swap with Argentina to stabilize its economy, boosting the peso and bonds. Treasury’s Scott Bessent called it a strategic move, not a bailout, tied to Argentina’s pledge to limit Chinese influence.

Transcript

00:00It's Benzinga bringing Wall Street to Main Street.

00:02U.S. Treasury finalized a $20 billion currency swap with Argentina and bought pesos on Thursday,

00:07delivering on Trump's pledge to stabilize the country's economy. Treasury Secretary

00:12Scott Besson said the U.S. was prepared to take exceptional measures to call markets

00:16according to Reuters. Argentina's bonds and peso rebounded after Treasury Secretary Scott Besson

00:20announced support following four days of meetings with Argentina's finance minister and IMF officials.

00:26IMF Chief Kristalina Georgieva praised the U.S. action, saying it supports Argentina's economic plan

00:31focused on fiscal discipline and a stable currency system. Besson denied the move as a bailout,

00:37saying no funds were sent to Buenos Aires and the Exchange Stabilization Fund has never lost money.

00:42He said it's strategic benefits, including Argentina's pledge to curb Chinese influence

00:46and open its resource sector to U.S. firms. For all things money, visit Benzinga.com.

Category

Transcript

Be the first to comment

Recommended