Bessent insists US ready to help Argentina

Friday, October 3rd 2025 - 10:55 UTC

Full article

Under heavy flak for his crumbling economic policies, Milei likened Bessent to footballer Lionel Messi

US Treasury Secretary Scott Bessent publicly reiterated his strong support for Argentine President Javier Milei's government, confirming that his agency was prepared “to do whatever it takes” to stabilize the South American country's economy and was working on a currency swap package believed to be around US$20 billion.

Bessent announced that a team led by Economy Minister Luis Toto Caputo would travel to Washington in the coming days to make “significant progress” on options for providing financial support.

The official of the President Donald Trump administration also noted that the G7 (Group of 7) finance ministers emphasized the importance of the success of Milei's economic policies for Argentina, the region, and the G7 itself.

In addition, Bessent clarified that the US was “not putting money into Argentina,” indicating the financial support would be structured as a swap, loan, or similar mechanism rather than a direct cash bailout.

After these announcements, Milei likened Bessent to Argentine footballing legend Lionel Messi: “Bessent is Messi,” Milei stressed while publicly thanking him for his support.

Milei also praised International Monetary Fund (IMF) Managing Director Kristalina Georgieva's “superlative” work and confirmed his “important meeting” with Trump on Oct. 14.

The Libertarian leader also stood behind Congressman José Luis Espert, currently under heavy criticism for his confirmed ties with a notorious drug trafficker wanted in the US State of Texas.

The President chose to focus on the so-called “Kuka Risk,” the risk of a return to Kirchnerist economic policies, which is a real factor affecting the economy.

The government is under intense pressure due to a significant loss of foreign currency reserves, with the Treasury intervening heavily in the exchange market to defend an imaginary exchange rate “pre-ceiling” of around $1,424.50. The need to slow the sharp increase in the dollar's value (which jumped AR$98.50 this week) amid low supply from the agricultural sector has rushed the government's negotiations for the US swap.

These negotiations are taking place with only 15 market days remaining before the Oct. 26 midterm elections, making currency control a key political asset for the ruling party.