00:00It's Benzinga bringing Wall Street to Main Street.
00:02A planned $20 billion bank-led bailout for Argentina has been shelved as J.P. Morgan,
00:07Bank of America, and Citigroup shift their focus to a smaller $5 billion short-term repo facility,
00:12according to The Wall Street Journal. Treasury Secretary Scott Besson and the Trump administration
00:16sought to support President Javier Malay's pro-reform party with a $20 billion treasury
00:21currency swap and a planned $20 billion bank-led debt facility. Banks had waited for Treasury
00:26Department guidance on acceptable collateral for the original package. The proposal is no longer
00:31under consideration. The new plan would provide Argentina with dollars to cover a $4 billion
00:35debt payment in January, with repayment expected once the country raises funds through new bond
00:40issuance. Discussions remain preliminary and could change. For all things money, visit Benzinga.com.
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